5.5 C
London
Wednesday, March 27, 2024
HomeNewsIndia NewsSetback For Nirav Modi As Probe Agency Attaches Assets In Hong Kong

Setback For Nirav Modi As Probe Agency Attaches Assets In Hong Kong

Date:

Related stories

All 12 outlets of McDonald’s in Sri Lanka shut over poor hygiene

McDonald’s stores across Sri Lanka shut Sunday after the...

Indian woman dies in car accident in US

A 24-year-old Indian professional died in a car accident...

Trader fined for selling illegal tobacco

An Asian-origin trader in Hillingdon was recently fined more...

Indra Nooyi’s advice to Indian students in US: ‘Be watchful’

AMID a string of tragic and concerning incidents involving...

Bhutanese artists perform Hindi songs during Modi’s visit

India and Bhutan share a unique and exemplary bilateral...

The Enforcement Directorate or ED said today that it has attached Nirav Modi’s jewellery and valuables worth Rs. 255 crore in Hong Kong in connection with the USD 2 billion alleged Punjab National Bank fraud. The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets belonging to Nirav Modi. “The said valuables were exported through 26 shipments by Dubai based companies of Nirav Modi to the Hong Kong based companies controlled by him after the registration of the case (PNB money laundering) in India,” it said.
These valuables, diamonds and jewellery were lying in a logistics company vault in Hong Kong, the agency said. “Details like value, consignee, shipper, ownership among others of these shipments were obtained during investigation and after gathering the evidences of ownership and value of the goods, the same have been attached,” it said. The value of the attached assets is USD 34.97 million or about Rs. 255 crore at present, it said.
A court issued order will soon be sent to Hong Kong to formalise the PMLA attachment order, they said. With this latest order, the total attachment in this case against the fugitive diamantaire is about Rs. 4,744 crore. Nirav Modi has been hiding overseas (in the UK) since the alleged bank fraud, the highest in the country in terms of value, came to light early this year. An Interpol arrest warrant has been notified against him even as India is working to get him extradited from the United Kingdom, where he was last reported to have been based.
The Enforcement Directorate has also filed a charge sheet against him alleging that he laundered and diverted over Rs. 6,400 crore of bank funds abroad to dummy companies that were under his and his families’ control. Nirav Modi, his uncle Mehul Choksi and others are being investigated under various criminal laws after the fraud came to light this year following a complaint by the Punjab National Bank (PNB) that they allegedly cheated the nationalised bank to the tune of over Rs. 13,000 crore, with the purported involvement of a few employees of the bank.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here

one × 2 =