• Thursday, May 26, 2022

Business

PNB Fraud: 11 Properties Worth £5.87 Million Of Indian Jeweller Nirav Modi Attached In Dubai

The federal investigation agency has issued a provisional order for the attachment of these assets under India’s Prevention of Money Laundering Act (PMLA) (Photo: INDRANIL MUKHERJEE/AFP/Getty Images).

By: Radhakrishna N S

India’s law enforcement and economic intelligence agency, Enforcement Directorate (ED) on Tuesday (6) said that it had attached 11 properties in Dubai valued at Rs 560 million (£5.87m) of Indian celebrity jeweller Nirav Modi in connection with £1.53 billion Punjab National Bank (PNB) fraud case. ED has said that the properties were in the name of “Modi and his group company M/s Firestar Diamond FZE and they bear a market value of $7.79 million…”.  The federal investigation agency has issued a provisional order for the attachment of these assets under India’s Prevention of Money Laundering Act (PMLA). In October 2018,…

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