New Delhi: Enforcement Directorate (ED) has taken major action against the fugitive diamond trader Nirav Modi. The Enforcement Directorate has informed that Nirav Modi’s assets worth 329.66 crore have been seized under the Fugitive Economic Offenses Act. Significantly, in the early week of June, the PMLA court ordered that all the assets of Nirav Modi be confiscated. After this order, now the Government of India has the right over all the properties of Nirav.
This property has been seized
The Enforcement Directorate has stated that the seized assets of Nirav Modi include four flats in Mumbai, land in Alibaug, a farmhouse, flats in London, flats in UAE, a windmill in Jaisalmer, along with money deposited in banks and shares. It is being said that Nirav Modi has suffered a lot due to this big action by ED. However, before this, the seizure action has been taken by the ED on Nirav Modi.
The auction was held in March
51 crore was received from the auction of his properties held in March 2020. These assets were confiscated by the ED. The properties auctioned included Rolls Royce cars, MF Hussain and Amrita Sher-Gill paintings and designer handbags. Earlier, SaffronArt auctioned some artifacts owned by Nirav Modi in March 2019, raising Rs 55 crore.
Case of fraud of more than 14 thousand crores
Nirav Modi is accused of fraud (Fraud) of more than Rs 14,000 crore with Punjab National Bank (PNB). Nirav Modi is absconding from the country and is currently imprisoned in a London jail.