New Delhi: Launching fresh round of action in the alleged $2 billion PNB scam, the Enforcement Directorate Monday said it has attached assets worth Rs 637 crore of absconding jeweller Nirav Modi and his family in India and four other countries.
The agency said the properties, jewellery, flats and bank balances are in India, UK and New York among others. There are only very few cases where Indian agencies have attached assets abroad in a criminal probe.
- The Enforcement Directorate’s features diamond jewellery worth Rs 22.69 crore brought back to India from Hong Kong in 23 shipments. The jewellery had been shipped abroad after the CBI filed the first FIR against the celebrity jeweller in January. The jewellery which was allegedly stashed on behalf of Nirav Modi has a stock value of Rs 85 crores but an independent assessment brought it down to around Rs 22.7 crores.
- An apartment in London worth Euro 6.25 million or Rs 57 crores and owned by Nirav Modi’s sister Purvi Modi has been taken over. The property, Flat no 103, Marathon House, 200 Marylebone Road, was bought in 2017 in the name of Belvedere Holdings Group – which is linked to Purvi Modi. The money used to buy the flat was stolen funds from the Punjab National Bank (PNB), said the Enforcement Directorate.
- Two lavish apartments worth $29.99 million or Rs 216 Crores in New York’s Central Park area have been seized. The apartments were bought in the name of The Ithaca Trust for $25 million and 4.99 million. The beneficiary of “The Ithaca Trust” is Ami Modi (Nirav Modi’s wife) and her children.
- Back home, a flat in south Mumbai worth Rs 19.5 crore in the name of Purvi Modi has been attached. The deed for the flat was signed by Neeshal Modi, her brother.
- Five accounts with Rs 278 crores have been attached. These accounts belonged to Nirav Modi, Purvi Modi and their companies.
- A bank account belonging to an investment company registered in British Virgin Island and owned by Purvi Modi and Maiank Mehta in Singapore, with Rs 44 crores balance, has been taken over.
Action under PMLA
- The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act (PMLA), the investigating agency said.
- The agency, a senior official said, also got issued an Interpol Red Corner notice (global arrest warrant) against Aditya Nanavati, an accused in the same case, on charges of money laundering.
Money in multiple jurisdictions
- The money swindled from PNB, say investigators, was layered extensively and kept tied up in multiple jurisdictions like Dubai, Bahamas, USA, Singapore.
- During investigation, it was found that most of the money was transferred to these accounts after the scam has been booked.
Nirav Modi and his uncle Mehul Choksi are the main accused in the case where it is alleged that the two diamond jewellery businessmen allegedly duped and defrauded the Brady House branch of the Punjab National Bank in Mumbai for an amount of $2 billion (about 13,000 crore) in purported connivance with bank officials.