ED attaches 41 Choksi assets worth Rs 1217 crore

Mae Harvey
March 2, 2018

Disgraced billionaire jeweller Nirav Modi, a key accused in India's biggest-ever bank fraud of 1.8 billion USA dollars, has reportedly given a "concrete proposal" to state-owned Punjab National Bank to refund the money.

Meanwhile. CBI has directed Nirav Modi to approach the Indian mission in the country where he is residing so that immediate arrangement can be made for his travel to India.

CBI had emailed the summons to Modi last month and asked him to appear for an interrogation.

It is alleged that LoUs and LCs worth close to United States dollars 2 billion were issued to the companies of uncle-nephew duo of Choksi and Modi from the Brady Road branch of the bank through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages.

"He has been given time to join investigation till next week", he said.

An ED official said, "At least 41 properties worth Rs 1217.20 crore of Choksi and companies controlled by him has been attached which includes 15 flats and 17 office premises in Mumbai, Hyderabad Gems SEZ in Andhra Pradesh, Shopping Mall in Kolkata, farm house in Alibaug and 231 acres of land in Maharashtra and Tamil Nadu".

Enforcement Directorate issued a provisional order for attachment of the properties in PNB case under the Prevention of Money Laundering Act.

To date, 12 persons have been arrested by the CBI in connection with the case.

In another development. The Income Tax Department has attached Nirav Modi's four immovable assets, including a farmhouse and a solar power plant, worth Rs 70 crore.

The CBI, however, has yet to track down billionaire jeweller Nirav Modi and his uncle Mehul Choksi, whose firms are accused of securing unauthorised loans using fraudulent letters of undertaking from India's second-biggest state lender.

The Central Bureau of Investigation (CBI) on Tuesday said that PNB has informed the agency about a further scam involving Rs 1,251 crore.

Nirav Modi, his family and Choksi left the country in early January.

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