Enforcement Directorate has taken a big action against diamond trader Nirav Modi. The ED has attached assets worth around Rs 250 crore belonging to Nirav Modi, wanted in the PNB case.
Under the provisions of the Prevention of Money Laundering Act, the ED has attached property, jewelery and bank money worth Rs 253.62 crore of Nirav Modi.
This action against Nirav Modi’s companies has been done on the basis of FIR registered under several sections of the Indian Penal Code. An FIR has been lodged against Nirav Modi under Section-420, Section-467, Section-471 and Section-120-B of IPC.
ED has seized assets worth Rs 250 crore of fugitive diamond trader Nirav Modi. ED officials said that the seized assets are worth about Rs 253.62 crore, which includes his company’s bank accounts, jewelery and diamonds and jewellery. All this property was in Hong Kong, which has been attached with the help of the local administration.
Nirav Modi is accused of digesting 14 thousand crore rupees by taking a loan of about 14 thousand crores. ED is probing money laundering in this case under PMLA. Nirav, who has been declared a fugitive, is currently lodged in a UK jail, where he is facing trial for extradition to India. Nirav has also lost in this case.