Mumbai/Surat: The Enforcement Directorate (ED) has attached properties worth Rs 177.72 Crore belonging to absconding businessman Nirav Modi. The attached property consists of eight cars, plant and machinery, consignments of jewelry, paintings and immovable property from Mumbai and Surat.
The provisionally attached property is owned by Nirav Modi and his group Companies namely, M/s Firestar Diamond International Private Limited, M/s Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited. It may be recalled that ED had registered money laundering case against Nirav Modi and others on 15 February last year under the provisions of Prevention of Money Laundering Act (PMLA) on the basis of FIR registered by Central Bureau of Investigation (CBI).
It was alleged that Nirav Modi and others have committed the offence of cheating against Punjab National Bank in connivance with certain bank officials by fraudulently getting the Letter of Understanding’s (LOUs) issued without following prescribed procedure and caused a wrongful loss to the bank. Further investigation is in progress.