PNB fraud: ED attaches fugitive Nirav Modi’s properties, bank balance worth ₹29.75 crore

The Enforcement Directorate (ED) on Wednesday said it has provisionally attached “proceeds of crime” in the form of immovable properties and bank balances amounting to ₹29.75 crore in a case related to Punjab National Bank (PNB) fraud by fugitive businessman Nirav Modi.

The ED had initiated a probe on the basis of the first information report (FIR) registered by the Central Bureau of Investigation (CBI) under IPC sections 1860 and the Prevention of Corruption Act, 1988 in the case of bank fraud of ₹6,498.20 crore.

In a statement, the ED said: “During course of investigation, assets worth ₹29.75 Crore of Nirav Modi & his group of companies lying in India were identified in the form of land & building and amount lying in bank accounts, which are being provisionally attached under PMLA, 2002.”

Earlier, the Enforcement Directorate had attached movable and immovable assets of Nirav Modi and his associates to the tune of around ₹2,596 crore in India and abroad.

Currently, Nirav Modi is lodged in a UK jail.

Nirav Modi and his uncle Mehul Choksi, both prime accused in the case, along with others are being probed by the ED on money laundering charges for allegedly perpetrating fraud in connivance with bank officials and by issuance of fraudulent Letters of Undertaking (LoUs) at the Brady House Punjab National Bank (PNB) branch in Mumbai.

Earlier this year, he had approached the UK court for bail, which was denied for the seventh time.

Then he moved to the UK High Court against the bail order, which was later withdrawn.

The extradition proceedings against Nirav Modi are underway in London.

Under provisions of Fugitive Economic Offenders Act 2018, movable and immovable assets of Nirav Modi and his associates amounting to ₹692.90 crore have been confiscated by a special court in Mumbai, said the ED.

It also said that assets worth ₹1,052.42 crore have been successfully restored to the victim banks i.e. PNB and consortium banks.