Mumbai: Punjab National Bank (PNB) made several applications before a special PMLA court here on Wednesday, seeking restoration of assets of two firms owned by the fugitive diamond trader. Nirav ModiWho is accused of cheating the bank.
The bank submitted applications under relevant provisions of the Prevention of Money Laundering Act (PMLA) before Special Judge VC Barde.
The Enforcement Directorate (ED) had earlier attached assets worth over Rs 329.66 crore of Nirav Modi under the Fugitive Economic Offenders Act. The seized assets include the assets of Firestar Diamond International Pvt Ltd and Firestar International Ltd, a firm owned by Modi.
Nirav Modi and his uncle Mehul Choksi, both prime accused in the case, along with others carried out a $2 billion (over Rs 13,000 crore) bank fraud allegedly in connivance with the Enforcement Directorate (ED) on money laundering charges. To be examined. By issuing fraudulent Letter of Undertaking (LoU) with bank officials and at Brady House PNB branch in Mumbai.
The court has asked the ED to file its reply on July 28.
Nirav Modi (49) was declared a fugitive economic offender by the PMLA court in December 2019. Thereafter, the court had authorized the ED to confiscate the property under the provisions of the Act. He is currently lodged in a UK jail after being arrested in London in March 2019 and is currently fighting extradition to India.
The bank submitted applications under relevant provisions of the Prevention of Money Laundering Act (PMLA) before Special Judge VC Barde.
The Enforcement Directorate (ED) had earlier attached assets worth over Rs 329.66 crore of Nirav Modi under the Fugitive Economic Offenders Act. The seized assets include the assets of Firestar Diamond International Pvt Ltd and Firestar International Ltd, a firm owned by Modi.
Nirav Modi and his uncle Mehul Choksi, both prime accused in the case, along with others carried out a $2 billion (over Rs 13,000 crore) bank fraud allegedly in connivance with the Enforcement Directorate (ED) on money laundering charges. To be examined. By issuing fraudulent Letter of Undertaking (LoU) with bank officials and at Brady House PNB branch in Mumbai.
The court has asked the ED to file its reply on July 28.
Nirav Modi (49) was declared a fugitive economic offender by the PMLA court in December 2019. Thereafter, the court had authorized the ED to confiscate the property under the provisions of the Act. He is currently lodged in a UK jail after being arrested in London in March 2019 and is currently fighting extradition to India.
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