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PNB fraud: ED attaches pricey houses, land worth Rs 523cr of Nirav Modi group

  •   Sat, Feb 24 2018 03:27:52 PM

Mumbai/New Delhi, Feb 24 (PTI): The Enforcement Directorate (ED) today attached 21 properties, including a penthouse and a farmhouse, of Nirav Modi and his group worth over Rs 523 crore in fresh action against the beleaguered jeweller in the alleged Rs 11,400 crore fraud in the PNB.

The central probe agency said it has issued a provisional order for attachment of the assets, under the Prevention of Money Laundering Act (PMLA), and seized a Rs 81.16 crore valued penthouse (created by joining three flats) and a flat worth Rs 15.45 crore in the sea-facing Samudra Mahal apartments in the Worli area of Mumbai. "21 immovable properties of Nirav Modi and companies controlled by him, with a market value of Rs 523.72 crore, have been provisionally attached.

"These include 6 residential properties, ten office premises, 2 flats in Pune, a solar power plant, a farmhouse in Alibaug and 135 acres of land in Karjat in Ahmednagar district," the agency said. While the agency had earlier seized gems, diamonds, jewellery, shares, bank deposits and costly cars in this case since it registered a criminal case under PMLA on February 14, this is the first major action to seize immovable assets. While the Samudra Mahal properties and two other flats in Pune's Hadapsar area are in the name of Modi and his wife Ami, the assets attached in the pricey Kalaghoda and Opera House area in the Maharashtra capital are in the name of Modi's diamond firm-- Firestarter Diamond International Private Limited.

A farmhouse and adjoining land, worth over Rs 42.70 crore, in the Kihim area of beach-side Alibaug of the Nirav Modi Trust, has also been attached. Similarly, a 53-acre solar power plant, valued at Rs 70 crore, in the Karjat area of Ahmednagar district of the state has also been brought under the same action. Two office properties, worth about Rs 80 crore, in the name of Mark Business Enterprises Private Limited in the Lower Parel area of Mumbai, have also been attached. With the latest action, the total assets seized by the ED, in this case, are now over Rs 6,393 crore, officials claimed, adding that this was being independently valued.

The agency has also summoned Modi, Ami and Modi's uncle and Gitanjali Gems promoter Mehul Choski for questioning in the case on February 26. Modi, Choksi and others are being investigated by the ED and other probe agencies after the fraud recently came to light, following a complaint by the Punjab National Bank that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.

The CBI and the ED have registered two FIRs each to probe the case. Both Modi and Choski are said to have left the country before criminal cases were lodged against them.
  

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Comment on this article

  • AMAR NATHAL, MANGALORE

    Sat, Feb 24 2018

    Stop this garbage information. This is nothing but damage control for their own utter failure. If one owes bank a few thousand there is a lot of drama to recover it. Here is the case of crores and all shut their eyes and mouth until one escapes, or rather facilitate his escape, them tell the public such and such action as been taken. I think one who is in a grocery shop is more efficient than these so called professional.

    DisAgree Agree [2] Reply Report Abuse

  • PeaceMaker, Udupi, Jubail KSA

    Sat, Feb 24 2018

    Last week I visit PNB ATM to withdraw money, but I received a receipt showing....

    Maa Kasam Zeher khane ke liye bhi Paise Nahin hai....

    DisAgree [1] Agree [5] Reply Report Abuse

  • SMR, Karkala

    Sat, Feb 24 2018

    Nirav Modi and Mehul Choksi have not only siphoned India’s banks of Rs 21,306 crore but the new layers of conspiracy being unearthed now disclose that India’s middle class and common people have been duped of Rs 5,000 crore or more.
    Gitanjali Gems Limited had floated three jewellery investment schemes i.e. (a) Shagun, (b) Swarna Mangal Labh (SML) and (c) Swarna Mangal Kalash (SMK). “Modus operandi of the scheme was that an ordinary person, seeking to buy jewellery as also to earn a return on investment was required to pay 11 installments of a specified amount. In return thereof, Gitanjali Group offered to pay the 12th installment as free. Tenure of these installments could be 12 months, 24 months or 36 months. At the end of the tenure, the amount so accumulated could be redeemed for jewellery with additional bonus of up to 50%.
    On 14th February this year, people of the country were shocked to know that diamond trader Nirav Modi had defrauded the Punjab National Bank through hundreds of fraudulent Letters of Undertaking worth thousands of crores of Indian rupees in the last few years. His uncle Mehul Choksi had also cheated the bank with around Rs 5,000 crore.
    Enforcement Directorate was busy raiding opposition leaders accounts, is now doing rituals with eyewash of attaching property.
    Is public money will ever be recovered from these day robbers who are given assisted escape?
    Jai Hind

    DisAgree Agree [3] Reply Report Abuse


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