new Delhi. On a court order, the Enforcement Directorate (ED) has taken major action against fugitive diamond trader Nirav Modi, accused in the PNB scam. The ED has seized Nirav Modi's assets worth Rs 329.66 crore. The seized assets include Nirav Modi's four flats in Mumbai, farm houses in Alibaug, flats in London and Dubai and Windmill in Jaisalmer. These assets have been seized under the Fugitive Economic Offenders Act, 2018 (Fugitive Economic Offenders Act, 2018). In June, the Mumbai court ordered forfeiture of assets worth Rs 1396 crore.
The Enforcement Directorate (ED) filed an application before the FEO special court on 10 July 2018 to declare Nirav Modi a fugitive economic offender and seize assets. Further process to seize the remaining assets of 48-year-old diamond trader Nirav is underway. Nirav Modi was declared a fugitive economic criminal by the same court on 5 December last year.
Nirav, accused in the Rs 3,700 crore PNB scam, is in London's Wandsworth Jail. London police arrested Nirav Modi on 19 March last year after the extradition warrant was issued on India's appeal. His bail application has been rejected 5 times. However, Indian agencies are trying to extradite him. The case is being heard in a London court. Last month, a Westminster court in London ordered Nirav Modi to be kept in judicial custody till further July 9.
Let me tell you that in March 2020, ED had seized and auctioned many properties of Nirav Modi. These included items such as expensive paintings, watches, purses, expensive cars, handbags. According to the ED, there were about 51 crore mills during this auction.
This post was published on July 8, 2020 7:11 pm
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