The attached movable and immovable properties are located in Mumbai and Surat in Gujarat and have a market value of ₹147,72,86,651. The properties comprise eight cars; plant and machinery; consignments of jewellery; paintings and some buildings, Officials further revealed.
The Properties are owned by Fugitive Diamantarire Nirav Modi who is an accused in PNB Scam worth ₹13,000 crores and his group of companies namely Firestar Diamond International Private Limited, Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited, Official further added.
The Enforcement Directorate attached the properties under the prevention of Money Laundering Act (PMLA), 2002. ED had last year registered a case against the Nirav Modi under PMLA 2002 on the basis of FIR filed by Central Bureau of Investigation. The Official further said that the prosecution complaint has been filed in this case against Nirav Modi and others for the offence of money laundering.
It was alleged that Nirav Modi and others have committed an offence of Cheating Punjab National Bank in connivance with some bank officials by fraudulently getting Letter of Undertakings issued without following the prescribed procedure and caused a wrongful loss to the bank.
Several properties in India and abroad, totalling to ₹1,725.36 crore were also attached earlier. In addition, gold, diamond, bullion, jewellery and other valuables worth ₹489.75 crore belonging to the Nirav Modi Group were also seized.
The investigation further revealed that substantial proceeds of crime obtained fraudulently by the Nirav Modi owned group of firms Solar Exports, Stellar Diamonds and Diamond RUS from the Punjab National Bank (PNB) were diverted to him, his relatives and entities controlled by him.
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