ED to start the process of identifying and seizing Nirav Modi’s overseas assets in 6 countries

The Enforcement Directorate was allowed a plea to seize Nirav Modi’s properties located in six different countries on Monday. The ED had approached a special Prevention of Money Laundering Act (PMLA) court to attach properties of the PNB bank Fraud accused spread in six countries. The court has allowed the plea seeking the Letter Rogatory (LRs) to the relevant authorities in six countries to aid the ED to identify and seize the properties.

The six countries are Hong Kong, USA, UK, South Africa, Singapore and UAE. Lawyer Hiten Venegaokar appealed to the PMLA court on behalf of ED. The ED has reasons to believe that certain parts of the proceeds of the PNB Fraud or even property involved in money laundering are located in these six countries.

Special Judge M S Azmi allowed the plea. The ED will also collect documents and other evidence pertaining to the Nirav Modi’s fraud case with this authorisation. The LRs will now be sent to the competent authorities of the countries through the Ministry of External Affairs. By the LRs the ED is also authorised to hold inquiries in the respective countries.

- Advertisement - - Article resumes -

The PNB Fraud came to light two weeks ago when the Punjab National Bank issued a letter highlighting unauthorised LoUs being issued and Nirav Modi and his uncle Mehul Choksi were believed to have cheated the bank of about 1.7 billion US dollars. Earlier today news reports came that stated the total amount might be 1300 crores rupees more than the initial estimates.

The ED has been swift in attaching Nirav Modi’s properties and accounts in this case. Several of his showrooms and offices have been raided in the past two weeks and most of his properties and those belonging to his wife and brother have been attached by the agency. The CBI has also arrested the bank employees involved in the scam and several high officials in Nirav Modi’s companies.

With the court’s authorisation, the ED is now expected to move to the six countries to further seize Nirav Modi’s properties there. Nirav Modi and Mehul Choksi are still absconding. Their passports have been revoked by the Ministry of External Affairs.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

Nitin Gadkari at the receiving end: Is there a pattern?

Indian Express has a massive interview of Union Minister Nitin Gadkari in its March 23, 2019 edition.
AM Sheikh Dawood promised of offering 10 litres of free liquor monthly to the families in his constituency on his victory

Independent candidate from Tamil Nadu promises 10 litres of free liquor every month on winning elections

An independent candidate from Tamil Nadu has come up with a strange promise of offering 10 litres of free liquor every month to every family in his constituency

Shunned by the BJP, jilted Shatrughan Sinha goes on a rampage against the party, rumoured to join Congress

Shatrughan Sinha was visibly irked and had a Twitter meltdown after the BJP declared Ravi Shankar Prasad's candidature from Patna Sahib constituency

Rahul Gandhi’s lucrative and seemingly clandestine means of income and his links to scam accused FTIL, Unitech

How does Rahul Gandhi earn to buy land and other properties? A mystery we try to unravel
Sapna Chaudhary denies rumours of her joining Congress

Embarrassment for Congress: Sapna Chowdhury says she never joined Congress, picture with Priyanka Gandhi old

Denying rumours, Sapna Chaudhary said that the photos in circulation on Internet were old
'Rahul Gandhi is running away from Amethi, not me': Smriti Irani on rumours BJP might field her from Wayanad

‘Rahul Gandhi is running away from Amethi, not me’: Smriti Irani on rumours BJP might field her from Wayanad

Smriti Irani rubbishes rumours that have surfaced about BJP thinking about fielding Smriti Irani from the Wayanad constituency too, to counter Rahul Gandhi. 
PM Modi’s blog on Lohia: Opposition parties and their friendly media in damage control mode

PM Modi’s blog on Lohia: Opposition parties and their friendly media in damage control mode

Media chose to cover reactions of opposition leaders rather than Prime Minister Narendra Modi's scathing blog on Ram Manohar Lohia's 110th birth anniversary

Congress starts desperate efforts to shift Rahul Gandhi away from Amethi, third unit writes in few days

The Congress Amethi Unit has reportedly written to Rahul Gandhi urging him to contest from the Wayanad constituency from Kerala too
Smriti Irani to stay in amethi before the elections

Amethi praises Smriti Irani for working despite 2014 loss, talk about rail electrification, WiFi for Kalikan Dham devotees and more

Smriti Irani will be staying in Amethi among people and prepare her campaign strategy for the upcoming Lok Sabha elections

BJP’s ‘Main Bhi Chowkidar’ campaign a silver bullet against a formidable ecosystem

I predict that once the dust on 2019 General Elections is settled in May, the BJP’s tagline of 'Main Bhi Chowkidar' would be a textbook study on how to run a successful social media campaign.

Latest articles

Connect with us

148,934FansLike
120,561FollowersFollow
31,425SubscribersSubscribe

Don't miss these


Share This Post and Support: