After CBI, ED files chargesheet against Nirav Modi under PMLA

Nirav Modi. File Pic

Following in the footsteps of the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED) on Thursday filed a chargesheet against Nirav Modi and 23 others under the Prevention of Money Laundering Act. The ED had earlier filed a case against Modi and the others based on the FIR registered by CBI to investigate the money-laundering angle.

The over 12,000-page chargesheet has been filed against Modi, Purvi Modi, Maiank Mehta, Neeshal Modi, Nehal Modi, Deepak Modi and 18 other accused. During the investigation, ED had conducted searches at over 250 locations across the country. On February 24, 2018, they attached 21 immovable properties worth Rs 523.72 crore, belonging to Modi and companies controlled by him. The properties included six apartments, 10 offices, a farmhouse in Alibaug, a solar power plant and 135 acres of land in Karjat and Ahmednagar.

Earlier this month, the ED also attached four commercial premises in Mumbai and Surat valued at Rs 72.87 crore, apart from 106 bank accounts and 15 demat accounts, which had balance of Rs 55.12 crore and Rs 35.86 crore respectively, and 11 cars valued at Rs 4 crore. The ED along with the CBI had also attached jewellery, paintings and watches worth Rs 26 crore from the Worli residence of Modi in March this year.