Properties worth ₹330 crore of fugitive diamond merchant Nirav Modi were seized by the enforcement directorate (ED) on Wednesday (July 8) under the Fugitive Economic Offenders Act.
The assets include his flat in Mumbai’s Samudra Mahal, a seaside farmhouse in Alibaug, a windmill in Jaisalmer, Rajasthan, a flat in London and flats in UAE. The agency had earlier seized assets of the businessman worth ₹2,348 crore, according to a statement by ED.
Modi and his uncle Mehul Choksi among others are being probed by the ED on money laundering charges in connection with an over USD 2 billion alleged bank fraud at a Punjab National Bank branch in Mumbai.
A special court in Mumbai had on June 8 authorised the ED to confiscate the assets. Nirav Modi was declared a fugitive economic offender by the same court on December 5 last year.
“The ED has attached the properties worth ₹ 329.66 crore under the FEO Act, 2018 which now stands confiscated to central government,” it said.
The agency till now has attached assets worth ₹2,348 crore of Nirav Modi under the Prevention of Money Laundering Act (PMLA).
Modi, 49, is currently lodged in a jail in UK after being arrested in London in March, 2019 and is fighting extradition to India.
(With inputs from agencies)