Nirav Modi’s jewelery showroom (symbolic photo)
Fugitive businessman Nirav Modi, who defrauded Indian banks of thousands of crores of rupees, has suffered a major setback. The Enforcement Directorate (ED) has seized Nirav Modi’s immovable property and bank balance worth Rs 29 crore 75 lakh. This action has been taken against fugitive Nirav Modi in the PNB bank scam case. ED had started its investigation on the basis of CBI’s FIR in this bank fraud case of Rs 6498 crore. During the investigation, ED found out about the land and bank accounts of Nirav Modi and his group of companies.
ED has so far attached assets worth Rs 2596 crore
These properties have been provisionally seized under the Prevention of Money Laundering Act (PMLA), 2022. During the PMLA investigation, the ED had earlier seized movable and immovable properties worth about Rs 2596 crore of Nirav Modi and his associates in India and abroad.
Nirav Modi is lodged in a British jail
Earlier this year, Nirav Modi had applied for bail in the UK court and the UK court rejected his bail for the seventh time. An appeal was filed by Nirav Modi before the UK High Court against the bail order, which was later withdrawn. He is currently lodged in a UK jail and further investigation is underway.
According to the information received, the Indian government is trying to extradite Nirav Modi to India so that legal action can be taken against him for the scams as per Indian law. In this case, the Indian government had also appealed to the British government for extradition.
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