Nirav Modi’s property confiscated

Nirav Modi’s property confiscated

Written By: / Thursday, 09 July 2020 18:04

IT Correspondent
Mumbai, July 9:

The property of diamond merchant Nirav Modi wanted in a Rs. 11,356.84 crore fraud involving the Punjab National Bank, including four flats at “Samudra Mahal” in Worli in South Mumbai and a sea-side farm house and land in Alibaug in Konkan (Maharashtra) was confiscated by Enforcement Directorate (ED) on Wednesday. 
Modi (49), who was declared a fugitive economic offender by the special court in Mumbai on 5 December, 2019, is currently lodged in a UK jail after being arrested in London in March, 2019. He is fighting extradition to India, while his uncle Mehul Choksi, wanted in the same case, is hiding in Anitgua (West Indies). 
The case relates to fraudulent letter of undertaking worth Rs.11,356.84 crore issued by the PNB, at its Brady House branch in Fort, in South Mumbai, making the bank liable for the amount. The fraud was allegedly organized by Modi.
 Besides property in Mumbai, a wind mill in Jaisalmer (Rajasthan), a flat in London and residential flats in UAE, shares and bank deposits were also confiscated taking the total value of property seized in the last two days to Rs. 329.66 crore under the Fugitive Economic Offenders Act, 2018 (FEOA), the ED said in a statement. 
The seizure was effected based on the directions given by the Special Judge Vijay C Barde under FEOA, on 8 June, who had ordered attachment of the property within one month. That was the first order of asset confiscation passed under the FEO Act  in the country. 
Till now ED has attached assets worth Rs 2,348 crore of Modi under the Prevention of Money Laundering Act 2002(PMLA). On 10 Jun, ED had brought back 108 consignments of over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to Modi and Choksi from Hong Kong. 
Modi is second business after Vijay Mallya to be declared fugitive economic offender under FEOA, which empowers any special court, set up under PMLA, to confiscate all properties and assets of economic offenders who are charged in offences measuring over Rs 100 crore and are evading prosecution by remaining outside the jurisdiction of Indian courts. The law mainly seeks to expedite the losses incurred by banks and other entities by confiscating properties of the offender.

About the Author

Raju Vernekar

Raju Vernekar

Raju Vernekar is a Media Professional based in Mumbai and is a regular contributor of Imphal Times. He had served as Chief Reporter at Free Press Journal (1996 – 2015 ). His Activities includes writing for different news papers, script writing/production for TV channels, Films Division. Writing poems in Marathi, Hindi, English, Guiding mass media students and helping people to solve their problems. Raju may be contacted at [email protected]

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