ED confiscates over Rs 329-cr assets of Nirav Modi under fugitive law

The Enforcement Directorate (ED) on Wednesday said it has confiscated assets worth Rs 329.66 crore of diamond merchant Nirav Modi under the fugitive economic offenders law.

The businessman and his uncle Mehul Choksi among others are being probed by the ED on money laundering charges in connection with an over USD 2 billion alleged bank fraud at a PNB branch in Mumbai.

“The confiscated properties are in the form of four flats at the iconic building Samudra Mahal in Worli Mumbai, a sea-side farm house and land in Alibaug, a wind mill in Jaisalmer, a flat in London and residential flats in UAE, shares and bank deposits,” the central probe agency said in a statement.