The ED said that some properties of Nirav Modi group companies in Hong Kong were identified during the PMLA probe. These assets were in the form of gems and jewelery lying in private safes. Also bank balances in accounts maintained in Hong Kong, which are temporarily attached via instant attachment. According to the statement, certain assets of the Nirav Modi Group in Hong Kong have been identified as gems and jewelery kept in private ‘vaults’.
Decrease in banking fraud cases
There has been a reduction in fraud cases of more than Rs 100 crore in the banking sector. The amount stuck in such cases stood at Rs 41,000 crore in 2021-22, as against Rs 1.05 lakh crore in the previous financial year. This information was given in official figures. It was informed that the cases of fraud in private and public sector banks have come down to 118 in 2021-22 from 265 in 2020-21.
Banks’ losses reduced
The number of cases of embezzlement of more than Rs 100 crore in public sector banks has come down from 167 to 80, while in private sector banks such cases have come down from 98 to 38. The amount involved in fraud cases in respect of public sector banks has come down to Rs 28,000 crore from Rs 65,900 crore in 2020-21. For private sector banks, this amount came down to Rs 13,000 crore from Rs 39,900 crore.