The ED has churned out another blow to the absconding Nirav Modi, accused in the Punjab National Bank scam case. The ED has seized assets valued at ₹329 crores from Nirav Modi.
In the Punjab National Bank fraud case, Modi has defrauded the bank to the tune of ₹14,000 crores. He was declared a fugitive financial criminal overnight. The new law, therefore, allowed for the confiscation of all his properties.
The Directorate of Enforcement had disclosed information about Nirav Modi's assets in court a few days back. Nirav Modi has properties in Mumbai, Delhi, Jaipur, Alibag and Surat. It was announced that the Government of India would now own the ₹1,400 crore assets. These cities have Nirav Modi's luxurious houses, flats, apartments worth crores of rupees, luxurious offices and several plots of land.
Nirav Modi has six apartments in a building called Samudra Mahal in Worli, Mumbai. The cost of each apartment around happens to be approximately ₹100 crores. Before fleeing India, Nirav Modi was living in this apartment with his family. He has been known to have jewellery worth crores of rupees and a large amount of cash. All of these assets were to be confiscated. Accordingly, the ED has seized all these assets which include four luxury flats in Worli, beach farmhouse in Alibag, a windmill in Jaisalmer, a flat in London, flats in the UAE, shares and bank deposits, as per sources.
The value of all these assets is approximately ₹329.99 crores. Nirav Modi's auctioned property included Rolls Royals cars, paintings by MF Hussain and Amrita Shergill and designer handbags. Earlier, SaffronArt had also auctioned some of Nirav Modi's artworks in March 2019, earning ₹55 crores. Nirav Modi is accused of defrauding the Punjab National Bank of more than ₹14,000 crores. He has been absconding from the country since and his extradition will be heard in a British court in September.
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