Enforcement Directorate Seizes Rs 29.75 Crore in Nirav Modi’s PNB Fraud Case
The Enforcement Directorate (ED) has seized immovable properties and bank balances worth Rs 29.75 crore in connection with the Rs 6,498.20 crore Punjab National Bank (PNB) fraud by fugitive Nirav Modi. The ED’s Mumbai office initiated the investigation based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) under sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.
During the investigation, assets worth Rs 29.75 crore of Nirav Modi and his group of companies in India were identified in the form of land, buildings, and bank accounts. These assets are being provisionally attached under the Prevention of Money Laundering Act (PMLA), 2002. Previously, the ED had attached movable and immovable assets worth around Rs 2,596 crore in India and abroad.
Additionally, assets worth Rs 692.90 crore have been confiscated under the Fugitive Economic Offenders Act, 2018 by a Special Court in Mumbai. Assets worth Rs 1,052.42 crore have been restored to victim banks like PNB and consortium banks.
Prosecution complaints under PMLA, 2002 have been filed against Nirav Modi and associated entities. Extradition proceedings against Nirav Modi are ongoing in London, UK. His bail has been denied multiple times, and he is currently lodged in a UK jail.
Doubts Revealed
Enforcement Directorate -: The Enforcement Directorate (ED) is a government agency in India that investigates financial crimes like money laundering and fraud.
Rs 29.75 Crore -: Rs 29.75 Crore is a large amount of money in Indian currency, where 1 crore equals 10 million rupees.
Nirav Modi -: Nirav Modi is a businessman who is accused of committing a big fraud involving Punjab National Bank (PNB). He is currently in jail in the UK.
PNB Fraud Case -: The PNB Fraud Case is a major financial scam where Nirav Modi and others allegedly cheated Punjab National Bank of a huge amount of money.
Immovable properties -: Immovable properties are things like land and buildings that cannot be moved from one place to another.
CBI FIR -: CBI FIR refers to a First Information Report filed by the Central Bureau of Investigation, which is another important agency in India that investigates serious crimes.
Assets attached -: When assets are ‘attached,’ it means they are taken or frozen by authorities so they can’t be used or sold by the person who owns them.
UK jail -: A UK jail is a prison in the United Kingdom where people are kept when they are accused or convicted of crimes.
Bail denied -: When bail is denied, it means the court has decided not to let the person go free while they wait for their trial.
