Lucknow Press
New Delhi. The Enforcement Directorate (ED) on Wednesday seized immovable properties and bank balance worth Rs 29 crore 75 lakh of fugitive Nirav Modi in the money laundering case. The ED took this action against fugitive Nirav Modi in the PNB Bank Scam case. In this bank fraud case of Rs 6498 crores, the ED had started investigation by filing an ECIR on the FIR of CBI. During the investigation, the ED found out about land and bank accounts worth crores of rupees of Nirav Modi and his group of companies.
Earlier also, ED has attached movable and immovable assets worth Rs 2596 crores belonging to Nirav Modi. ED has started investigation in the PNB bank fraud case on the basis of FIR registered by CBI, BS and FC branch, Mumbai under sections of Indian Penal Code 1860 and Prevention of Corruption Act, 1988.
The Rs 29.75 crore of Nirav Modi and his companies lying in India has been identified as money lying in land and buildings and bank accounts which have been seized in the money laundering case.
Nirav Modi’s extradition proceedings begin
Rs 692.90 crore has been seized by the Special Court (FEOA), Mumbai under the provisions of the Fugitive Economic Offenders Act, 2018. Rs 1052.42 crore has been successfully restored to the victim banks. A complaint has already been filed by the ED against Nirav Modi and related entities before the Special Court (PMLA) under PMLA, 2002. Simultaneously, extradition proceedings have been initiated against the arrested fugitive Nirav Modi and are in progress in London, UK.
Nirav Modi is currently lodged in a British jail
Earlier this year, Nirav Modi had applied for bail in the UK Court. The UK Court rejected his bail for the seventh time. An appeal was filed by Nirav Modi before the UK High Court against the bail order, which was later withdrawn. He is currently lodged in a UK jail and further investigation is underway.
According to the information received, the Indian government is trying to extradite Nirav Modi to India so that legal action can be taken against him for the scams as per Indian law. In this case, the Indian government had also appealed to the British government for extradition.
