India’s law enforcement and economic intelligence agency, Enforcement Directorate (ED) is planning to attach foreign assets worth one billion rupees (£10.47 million) of absconding Indian jeweller, Nirav Modi.
The move came in connection with alleged £1.54bn Punjab National Bank (PNB) fraud case, said CNBC TV 18 in its report quoting the sources close to the development. According to the news report, the attachments of the properties in Dubai and Hong Kong will be done within next week by the ED officials.
“We have already identified these properties. The information came to us after both the countries responded on the letter rogatory sent by us”, CNBC TV 18 quoted as one of the sources say.
“These are mostly consignments sent by Nirav Modi in these countries and also some properties which have been attached”, the source mentioned above noted.
As of now, the investigation agency, ED has attachments worth of around Rs 45bn combined in the case of Nirav Modi and his close relative Mehul Choksi. According to the ED, by the end of November 2018, it will add more assets of Modi to its attachment list.
The ED has started gathering information about movable, immovable properties including consignments of jewellery in foreign countries owned by Modi.
Following a request by the ED to declare Modi and Choski as fugitive offenders, an Indian court has given time to both Modi and Choksi to present themselves before the judge latest by October 26. If they fail to present before the court, they can be declared as fugitive offenders and their properties and other attachments will be confiscated by the government.
Modi and others are being investigated by Indian investigators under various criminal laws after the fraud at PNB came to light in 2018 following a complaint filed by PNB. The PNB in its complaint alleged that Modi and others cheated the lender to the tune of over Rs 130bn, with the intended involvement of some of its employees.