Nirav Modi’s Assets Worth Over Rs 329 Crore, Including London Flat Seized By ED Under Fugitive Law

Fraud-accused jeweller Nirav Modi's properties worth Rs 329.66 crore including flats in Mumbai, London & 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 sea side farm house in Maharashtra Alibaug, a wind mill in Rajasthan's Jaisalmer, a flat in London and flats in UAE are among the properties confiscated now, the central probe agency said in a statement as per PTI. Further process for confiscating the remaining attached properties of Nirav Modi is currently underway. A special court in Mumbai had on June 8 authorised the agency to confiscate the assets. Nirav Modi was declared a fugitive economic offender by the same court on December 5, 2019. Nirav Modi, 49, and his uncle Mehul Choksi, 61, are accused in connection with an over $2 billion alleged bank fraud at Punjab National Bank (PNB). Modi & Choksi 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 in London in 2019 and is fighting extradition to India from jail. Mehul Choksi is now residing in Antigua and holds its citizenship.