Enforcement Directorate Seizes $250,000,000 Worth of Nirav Modi's Assets

• Image Credit: Internet

• Jul 22, 2022 | Sourav Boruah

\Digital Desk: In connection with a money laundering
investigation, the Enforcement Directorate announced on Friday that it had
seized gems, jewellery, and bank deposits belonging to businesses connected to
the wanted diamond trader Nirav Modi totaling Rs 253.62 crore.

According to a statement from the agency, all of these movable
items are in Hong Kong.

It stated that certain assets of the Nirav Modi group of
companies in Hong Kong, including gems and jewellery found in private vaults
and bank balances in accounts kept there, have been identified and have been
provisionally attached in accordance with the Prevention of Money Laundering
Act (PMLA) provisions.

The CBI is also looking into the USD $2 billion PNB fraud
case, and Nirav Modi, 50, is currently being held in a UK jail after losing his
extradition request to India.