The Directorate of Enforcement (ED) has attached movable properties worth Rs 253.62 crore of fugitive diamond merchant Nirav Modi's group of companies in Hong Kong under the Prevention of Money Laundering Act (PMLA).
The action was taken against Nirav Modi group of companies based on an FIR filed under sections 420 (cheating and dishonestly inducing delivery of property), 467 (forgery of valuable security), 471 (using as genuine a forged document), 120-B (criminal conspiracy) of the Indian Penal Code and other relevant sections of Prevention of Corruption Act.
According to the ED statement, the attached assets included gems and jewellery and bank balances amounting to USD 30.98 million and HKD 5.75 million, equivalent to Rs 253.62 crores.
During investigations, previously ED has attached movable and immovable assets of Nirav Modi and associates to the tune of Rs 2,396.45 crore in India and abroad.
With the present attachment, total attachment or seizure of assets of Rs 2,650.07 crore has been effected in the case against Nirav Modi by the ED.
The process of physical handing over of confiscated assets is in progress and part of the confiscated assets has already been physically handed over to victim banks, said the ED.
Earlier in this case, two Prosecution Complaints under PMLA, 2002 have already been filed by the ED against Nirav Modi and associated entities before Special Court (PMLA).