The Enforcement Directorate (ED) has provisionally attached properties worth over Rs 147.72 crore of accused diamantaire Nirav Modi in Mumbai and Surat.

The Enforcement Directorate (ED) under the Prevention of Money Laundering Act 2002 (PMLA) provisionally attached movable and immovable properties, including eight cars, plant and machinery, consignments of jewellery, paintings and immovable property, owned by Nirav Modi and his group companies, namely, Firestar Diamond International Pvt Ltd, Firestar International Pvt Ltd, Radheshir Jewellery Company Pvt Ltd and Rhythm House Pvt Ltd, an ED press note said.

ED investigations have revealed that substantial proceeds of crime obtained fraudulently by the Nirav Modi-owned group of firms, Solar Exports, Stellar Diamonds and Diamond RUS, from Punjab National Bank were diverted to Nirav Modi, his relatives and entities controlled by Nirav Modi.

The ED had registered a money laundering case against Nirav Modi and others last year on February 15 under the provisions of PMLA, on the basis of an FIR registered by the Central Bureau of Investigation under Sections 120-B r/w 420 of IPC, 1860 read with Section 13(2) read with 13(1)(d) of PC Act, 1988. It was alleged that Nirav Modi and others had committed the offence of cheating against Punjab National Bank, in connivance with certain bank officials, by fraudulently getting Letters of Undertaking (LOUs) issued without following prescribed procedure and caused a wrongful loss to the bank.

Several properties in India and abroad totalling Rs 1,725.36 crore were also attached earlier. In addition to the aforementioned attachments, gold, diamond, bullion, jewellery and other valuables worth Rs 489.75 crore, belonging to the Nirav Modi group have also been seized. Prosecution complaint has been filed in this case against Nirav Modi and others for the offence of money laundering. Further investigations are in progress, the note said.

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