In a massive crackdown, the Enforcement Directorate has attached multiple overseas assets of Nirav Modi. According to reports, real estate properties in New York City and London have been attached and jewellery worth Rs 22.69 crores has been brought back to India from Hong Kong. The ED has also reportedly seized foreign bank accounts of the absconding Diamond tycoon. The total worth of the immovable assets, jewellery and bank accounts are reported to be around Rs 637 crores.
According to a report in the Republic world, the London apartment where Nirav Modi was traced to by their reporter a few weeks earlier has also been seized by the ED. According to the report, diamond jewellery with a declared value of Rs 85 crores was taken from India after the CBI began an investigation in the PNB scam. The jewellery had been kept in the vault of a private company on Nirav Modi’s behalf. After contacting the London headquarters of the company and extensive paperwork, the ED has finally managed to bring back the jewellery to India in 23 different shipments.
A flat in south Mumbai belonging to Nirav Modi’s sister Purvi has also been attached. The ED has reportedly attached an account in Singapore belonging to Purvi Modi worth Rs 44 crores. 5 other bank accounts belonging to Nirav Modi with an approximate total value of Rs 278 crores have been attached too.
Earlier, it was reported that just before the PNB scam was brought to light, Nirav Modi had transferred the ownership of his property at Essex House, 160 central par south to the Ithaca Trust, a trust that has Nirav Modi, his wife and children as beneficiaries. An inquiry ordered by a court in New York after three American companies owned by Nirav Modi filed for bankruptcy had found that in September 2017, the Ithaca Trust had bought another property at Ritz Carlton, 50, central park south for approximately by paying USD 25 million in cash. The authorities in the USA had suspected that the money for the purchase was money laundered from the PNB scam. Both the properties have been reportedly attached by the ED.
It is notable here that back in February, the ED had approached a special PMLA court for permission to attach Nirav Modi’s overseas properties under section 5 of the PMLA in USA, UK, Singapore, Hong Kong, South Africa and UAE. On February 26, the Ministry of Corporate Affairs had filed a petition in the USA court against the bankruptcy proceedings filed by 3 American firms controlled by Nirav Modi. In July, the court in New York City had ruled for PNB to have a claim on the assets of Nirav Modi in their country.
The ED and CBI have been in a relentless pursuit of Nirav Modi and his uncle Mehul Choksi after the 13,000 crore PNB scam was unearthed. Interpol has issued red corner notices for Nirav Modi, Mehul Choksi, Purvi Modi and Nishal Modi, Nirav’s sister and brother respectively.
In India too, the ED has already attached several of Nirav Modi’s properties and bank accounts worth thousands of crores.