ED seizes overseas assets of Nirav Modi worth over Rs 637 crore

Oct 02, 2018, 07:17 IST | Rahul Mahajani

Officials said for the past three months, the Enforcement Directorate has been working closely with overseas agencies to identify and attach Nirav Modi's assets abroad

ED seizes overseas assets of Nirav Modi worth over Rs 637 crore
Nirav Modi. File Pic

In a major development, the Enforcement Directorate (ED) and foreign agencies have attached properties of businessman Nirav Modi in New York. The agency also froze five foreign bank accounts and seized jewellery from Hong Kong, which has been brought to India. The latest seizure is worth Rs 637 crore, in the money laundering case in the PNB fraud.

Officials said for the past three months, the Enforcement Directorate has been working closely with overseas agencies to identify and attach Modi's assets abroad. The ED froze five bank accounts with a total balance of Rs 278 crore. These accounts belonged to Nirav Modi, his sister Purvi and their companies, and were maintained in overseas banks. During investigation, it was found that most of the money was transferred into these accounts after the scam broke.

The ED attached property owned by Purvi Modi in London, the United Kingdom. The property, Flat No. 103, at Marathon House, 200 Marylebone Road, is valued at Euro 6.25 mn. Two properties with a total value of $29.99 mn, owned by Nirav Modi in New York, have also been attached. A flat in South Mumbai worth Rs 19.5 crore bought by Purvi in 2017 was also attached, officials said.

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