Fraud-accused jeweller Nirav Modi’s properties worth Rs 330 crore, including flats in Mumbai, London and UAE have been seized by the Enforcement Directorate under the Fugitive Economic Offenders Act. The probe agency had earlier seized properties worth Rs 2,348 crore of Nirav Modi.
Flats at Samudra Mahal in Mumbai’s Worli, a seaside farmhouse in Maharashtra Alibaug, a windmill in Rajasthan’s Jaisalmer, a flat in London and flats in UAE are among the properties confiscated now.
Nirav Modi was declared a fugitive economic offender by the same court on December 5 last year.
The agency had last month imported around 108 packages of jewellery and gems belonging to firms controlled by Nirav Modi and his uncle Mehul Choksi from Hong Kong. These include polished diamonds, pearls, pearl and silver jewellery. Investigators say the entire shipment is valued at around Rs 1,350 crore and weighs 2,340 kg.
Nirav Modi, 48, and his uncle Mehul Choksi, 60, are accused in a scam involving fake guarantees in the name of state-run Punjab National Bank (PNB) to secure overseas loans. Both fled India in 2018 before the Central Bureau of Investigations began investigations.
Both the businessmen are being investigated by the Enforcement Directorate under the Prevention of Money Laundering Act.
Nirav Modi was arrested last year in London and is fighting extradition to India from jail. Mehul Choksi is now residing in Antigua and holds its citizenship. He has cited health reasons for not returning to India.
