ED attaches two flats in Pune connected with Nirav Modi

Sushant Ranjan
Saturday, 24 February 2018

Pune: The Enforcement Directorate (ED), on Saturday, attached 21 properties, including a penthouse, farmhouse, flats and land of Nirav Modi and his group worth Rs 523 crore in fresh action against him in the alleged Rs 11,400 crore fraud in Punjab National Bank (PNB). According to the ED, the action has been taken under the Prevention of Money Laundering Act (PMLA). The attached properties also include two flats in Hadapsar.

Pune: The Enforcement Directorate (ED), on Saturday, attached 21 properties, including a penthouse, farmhouse, flats and land of Nirav Modi and his group worth Rs 523 crore in fresh action against him in the alleged Rs 11,400 crore fraud in Punjab National Bank (PNB). According to the ED, the action has been taken under the Prevention of Money Laundering Act (PMLA). The attached properties also include two flats in Hadapsar.

A source from the ED said, "The 21 immovable properties of Nirav Modi and companies, with market value of Rs 523.72 crore, have been provisionally attached. This includes six residential properties, ten office premises, two flats in Pune, a 53 acre solar power plant and 135 acres of land in Ahmednagar, a farmhouse and land in Alibaug."

While the Samudra Mahal properties and two other flats in Pune's Hadapsar area are in the name of Modi and his wife Ami, the assets attached in the pricey Kalaghoda and Opera House area in Mumbai are in the name of Modi's diamond firm Firestarter Diamond International Private Limited.

A farmhouse and adjoining land, worth over Rs 42.70 crore, in the Kihim area of beach-side Alibaug of the Nirav Modi Trust, has also been attached.

Similarly, a 53-acre solar power plant in the Karjat area of Ahmednagar district, valued at Rs 70 crore, has also been brought under the same action.

Two office properties, worth about Rs 80 crore, in the name of Mark Business Enterprises Private Limited in the Lower Parel area of Mumbai, have also been attached.

With the latest action, the total assets seized by the ED in this case are now over Rs 6,393 crore, officials claimed, adding that this was being independently valued.

While the ED earlier seized gems, diamonds, jewellery, shares, bank deposits and costly cars in this case since it registered a criminal case under the PMLA on February 14, this is the first major action to seize immovable assets. (With PTI inputs)  

Related News