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Indian Diamond jeweler and businessman Nirav Modi fled from the country after he owes massive money for the Indian banks. The Enforcement Directorate yesterday revealed that Rs 253.62 crore worth assets of Nirav Modi are seized in jewelry, bank deposits and gems. All these movable assets are in Hong Kong told the Enforcement Directorate. Some of them are traced from private vaults and bank accounts that are maintained by Nirav Modi in Hong Kong. They are seized as per the Prevention of Money Laundering Act (PMLA). The 50-year-old businessman is lodged in a jail in the United Kingdom. He also lost his extradition plea recently and he will soon be extradited to India.
The case is investigated by the CBI and Nirav Modi owes Rs 6498.20 crore for the Punjab National Bank. The total seized and attached assets in Nirav Modi's case reached Rs 2650.07 crores. The Enforcement Directorate has seized movable and immovable assets in India worth Rs 2396.45 crores in the past. Some more assets worth Rs 1389 crores are confiscated under the Fugitive Economic Offenders Act, 2018 by a Special Court. Some of the assets are handed over the banks by the agencies. The CBI officials filed a fresh case against Nirav Modi's uncle Mehul Choksi for defrauding Canara Bank and its consortium of banks.
By Siva Kumar