ED attaches wind farm in Nirav Modi case

Posted on May 30, 2018 from Delhi, National ι Report #200467

New Delhi, May 30 (IANS) The Enforcement Directorate (ED) on Wednesday attached a wind farm in Rajasthan valued Rs 58.80 crore in connection with its ongoing probe in the multi-crore Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi.

The agency attached the 9.6 MW wind farm the under Prevention of Money Laundering Act.

An ED statement said the wind farm was owned by Nirav Modi's three firms -- Solar Exports, Stellar Diamonds, Diamond RUS -- and his brother Neeshal's company Neeshal Merchandising Private Limited.

On May 21, the ED attached Rs 171.26 crore worth of properties -- including four commercial premises in Mumbai and Surat valued Rs 72.87 crore, 106 bank accounts with balance of Rs 55.12 crore, 15 demat accounts worth Rs 35.86 crore and 11 cars valued at Rs 4.01 crore -- belonging to Nirav Modi.

The ED had in February also attached 21 immovable properties belonging to the businessman and the companies controlled by him with market value of Rs 523.72 crore.

The agency is probing money laundering fraud committed by the diamond jeweller and his uncle Mehul Choksi of the Gitanjali Group for cheating PNB to the tune of over Rs 13,400 crore. The fraud was committed during 2011-17 by illegally issuing Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs).

Till date, the ED has carried out searches at over 251 properties across the country and seized diamond, gold, precious and semi precious stones, pearls.

The ED has also attached immovable properties belonging to Nirav Modi Group and Mehul Choksi group to the tune of Rs 7,638 crore.

Nirav Modi, his family and Choksi fled in January around a month before the PNB filed first complaint against them about the fraud and they are still at large.