• Monday, May 16, 2022

Business

PNB Fraud: Indian Investigators Attach £27.00 Million Assets of Nirav Modi In Hong Kong

All the properties including diamonds and jewellery items were kept in a logistic firm vault in Hong Kong, Enforcement Directorate said. (Photo: INDRANIL MUKHERJEE/AFP/Getty Images).

By: Radhakrishna N S

India’s federal investigation agency, Enforcement Directorate (ED) has attached jewellery and other valuable assets in Hong Kong worth Rs 2.55 billion (£27.00 million) of absconding Indian diamond merchant Nirav Modi. According to the investigation agency on Thursday (25) the attachment was made in connection with the £1.55bn alleged fraud case in the state-run Punjab National Bank (PNB). ED added that it has issued a provisional order under India’s Prevention of Money Laundering Act (PMLA) for the attachment of the properties. The valuable assets were exported through 26 shipments by the Middle East-based firms of Nirav Modi to the Hong Kong-based companies…

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