PNB Scam: HUGE setback for Nirav Modi; ED attaches Rs 637 cr worth assets

The Enforcement Directorate on Monday attached properties and bank accounts of absconding businessman Nirav Modi and his family members in connection with the infamous Rs 14,600 crore Punjab National Bank (PNB) fraud scam. ED has attached properties of Nirav Modi and his family members worth 637 crore in India and four other countries. “Two immovable properties having total value of USD 29.99 Million (Rs 216 Crores Approx) and beneficially owned by Nirav Modi in New York, have also been attached by Enforcement Directorate under section 5 of Prevention of Money laundering Act,” news agency ANI reported. The report also stated that 5 foreign bank accounts belonging to Nirav Modi which have combined balance of Rs 278 crore were also attached by ED. Apart from that diamond studded jewellery worth Rs 22.69 crore has been brought back to India along with a flat in South Mumbai worth Rs 19.5 crore was also attached.

In September, shareholders of PNB cleared a proposal for selling 10 crore equity shares to the employees of the bank and Rs 2,816-crore capital infusion by the government. Both Nirav Modi and his uncle Mehul Choksi are accused of duping a Mumbai branch of PNB for an amount of over $2 billion.