Fraud-accused jeweller Nirav Modi’s properties value Rs 330 crore, together with flats in Mumbai, London and UAE have been seized by the Enforcement Directorate beneath the Fugitive Economic Offenders Act. The probe company had earlier seized properties value Rs 2,348 crore of Nirav Modi.
Flats at Samudra Mahal in Mumbai’s Worli, a sea facet farm home in Maharashtra Alibaug, a wind mill in Rajasthan’s Jaisalmer, a flat in London and flats in UAE are among the many properties confiscated now.
Further course of for confiscating the remaining connected properties of 48-year-old Nirav Modi is at present underway.
A particular court docket in Mumbai had on June eight authorised the company to confiscate the belongings.
Nirav Modi was declared a fugitive financial offender by the identical court docket on December 5 final yr.
The company had final month imported round 108 packages of jewelry and gems belonging to corporations managed by Nirav Modi and his uncle Mehul Choksi from Hong Kong. These embody polished diamonds, pearls, pearl and silver jewelry. Investigators say the whole cargo is valued at round Rs 1,350 crore and weighs 2,340 kg.
Nirav Modi, 48, and his uncle Mehul Choksi, 60, are accused in a rip-off involving pretend ensures within the title of state-run Punjab National Bank (PNB) to safe abroad loans. Both fled India in 2018, earlier than the Central Bureau of Investigations started investigations.
Both the businessmen are being investigated by the Enforcement Directorate beneath the Prevention of Money Laundering Act.
Nirav Modi was arrested final yr in London and is combating extradition to India from jail. Mehul Choksi is now residing in Antigua and holds its citizenship. He has cited well being causes for not returning to India.