Nirav Modi Update: The Enforcement Directorate has seized property worth Rs 29.75 crore of Nirav Modi involved in the Punjab National Bank fraud case. Apart from immovable property, the seized property includes land and bank deposits. The Enforcement Directorate said that till now property worth Rs 2625.75 crore has been seized in this case.
During its investigation, the Enforcement Directorate had found assets worth Rs 29.75 crore of Nirav Modi and his company in the country. These assets were in the form of lands, buildings and bank balances which have been seized under the PMLA Act. Earlier, the ED has seized assets worth Rs 25.75 crore in the Punjab National Bank fraud case so far.
ED, Mumbai has provisionally attached Proceeds of Crime in the form of immovable properties and Bank balances amounting to Rs. 29.75 Crore in the case of PNB Bank Fraud by Nirav Modi. Total attachment in this case till date is Rs. ₹2625.75 Crore (approx.).
— ED (@dir_ed) September 11, 2024
Under the Economic Fugitives Act 2018, the Enforcement Directorate has additionally seized assets worth Rs 692.70 crore of Nirav Modi and his associates. Out of the seized assets, assets worth Rs 1052.42 crore have been returned to Punjab National Bank and its consortium banks which were victims of fraud.
