ED seeks attachment of Nirav’s Dubai assets

Source: The Hitavada      Date: 07 Nov 2018 08:46:19



THE Enforcement Directorate (ED) on Tuesday said it has sent a request for attachment of 11 properties of fugitive diamantaire Nirav Modi and his group company Firestar Diamond FZE worth Rs 56.8 crore in connection with its ongoing probe into Rs 13,500-crore Punjab National Bank (PNB) fraud case.

A senior ED official said the financial probe agency has sought attachment of the assets by UAE authorities under the Prevention of Money Laundering Act by sending a provisional attachment order in the form of Letters Rogatory. He said it has to date attached properties worth Rs 4,800 crore in connection with the case in India and abroad.

Earlier in October, the ED had attached assets in India and sought seizure abroad of properties worth Rs 255 crore and Rs 218 crore belonging to Nirav Modi and his maternal uncle Mehul Choksi.

The two had fled the country before the scam broke. They are accused of defrauding state-run PNB of Rs 13,500 crore in connivance with certain bank officials by fraudulently getting the Letters of Undertaking and Letters of Credit issued without following the prescribed procedure.