Guwahati: The Directorate of Enforcement (ED) has attached moving property worth Rs 253.62 crore from the group of firms owned by fugitive diamond trader Nirav Modi in Hong Kong in accordance with the Prevention of Money Laundering Act (PMLA).
The action was taken against the Nirav Modi group of companies based on a FIR filed under sections 420 (cheating and dishonestly inducing delivery of property), 467 (forgery of valuable security), 471 (using as genuine a forged document), 120-B (criminal conspiracy), and other pertinent sections of the Prevention of Corruption Act.
The connected assets, according to the ED statement, comprised jewels and jewellery as well as bank balances totaling USD 30.98 million and HKD 5.75 million, or Rs 253.62 crores.
Prior to this investigation, the ED had attached Nirav Modi and his accomplices’ moveable and immovable assets worth a total of Rs 2,396.45 crore in both India and abroad.
With this latest attachment, the ED’s case against Nirav Modi has resulted in the attachment or seizure of assets totaling Rs 2,650.07 crore.
According to the ED, the process of physically handing over confiscated assets is ongoing, and some of the confiscated assets have already been physically delivered to the victim banks.
Earlier in this case, the ED has already filed two Prosecution Complaints under the PMLA, 2002, against Nirav Modi and related businesses (PMLA) before the Special Court in this matter.