It may be recalled that several properties in India and abroad totaling to Rs. 1725.36 crore were also attached earlier
Nirav Modi
Enforcement Directorate (ED) under the Prevention of the Money Laundering Act 2002 (PMLA), provisionally attached movable and immovable properties of Nirav Modi. The properties located in Mumbai and Surat have a market value of Rs. 147.72 crore and consists of 8 cars, plant and machinery, consignments of jewellery, paintings and immovable property. These immovable properties are owned by Nirav Modi and his group Companies namely, M/s Firestar Diamond International Private Limited, M/s Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited.
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The investigation has revealed that substantial proceeds of the crime obtained fraudulently by Nirav Modi-owned group of firms M/s Solar Exports, M/s Stellar Diamonds, M/s Diamond RUS from Punjab National Bank were diverted to Nirav Modi, his relatives and other entities controlled by him.
It may be recalled that the ED had registered a money laundering case against Nirav Modi and others on February 15, 2018, under provisions of the PMLA on the basis of FIR registered by Central Bureau of Investigation under sections 120-B r/w 420 of IPC, 1860 read with Section 13(2) read with 13(1)(d) of PC Act, 1988.
It was alleged that Nirav Modi and others have committed the cheating offence against Punjab National Bank in connivance with certain bank officials by fraudulently getting the LOUs issued without following a prescribed procedure and caused a loss to the bank.
Several properties in India and overseas totalling to Rs. 1725.36 crore were also attached earlier. In addition to the aforementioned attachments, gold, diamond, bullions, jewellery and other valuables worth Rs 489.75 crore belonging to Nirav Modi Group have also been seized. Prosecution complaint has been filed in this case against Nirav Modi and others for the offence of money laundering.
Further investigation is in progress.
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