India’s authorities seize more of Nirav Modi’s assets
March 04, 19
India’s The Enforcement Directorate (ED) announced it had seized “movable and immovable properties located in Mumbai and Surat, having market value of Rs147.72 crore consisting of eight cars, plant and machinery, consignments of jewellery, paintings and immovable property, owned by Nirav Modi and his group companies, namely Firestar Diamond International Private Limited, Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited.
Modi is accused, as is his uncle Mehul Choksi, of defrauding he Punjab National Bank (PNB). The case is pursued under the Prevention of Money Laundering Act (PMLA).
Among the assets seized are a Rolls Royce, real estate, jewellery and highly-valued art, the Hindustan Times reported. Up to this date, it is reported that the ED seized property worth $240 in India and abroad. Another $68 million worth of gold, diamonds, jewellery and other valuables have also been claimed.
Neither Modi, nor Choksi currently reside in India. Choksi has acquired Antiguan citizenship while is believed that Modi is in hiding in the United Kingdom.