ED attaches Nirav Modi’s wind farm worth Rs 53 crore over his involvement in #PNBScam

New Delhi, May 31: Taking a stern action against billionaire jeweler Nirav Modi for his involvement in the Rs 13,000 crore Punjab National Bank (PNB) scam, the Enforcement Directorate (ED) on Wednesday attached a Rs 52.80 crore wind farm.

 

Notably, the ED attached a Rs 52.80 crore wind farm owned by Nirav Modi's family in Rajasthan's Jaisalmer in connection with an investigation in the Rs 13,000 crore Punjab National Bank (PNB) scam. ED also issued a provisional order for attachment under the Prevention of Money Laundering Act (PMLA) for freezing the 9.6 MW-power capacity farm that is owned by several companies of Nirav Modi including Ms Solar Exports, Ms Stellar Diamonds, Ms Diamond R US and Ms Neeshal Merchandising Private Limited.

Taking to a twitter, the central probe agency said, “ED attaches a Wind farm worth Rs. 52.80 Crores under PMLA in Jaisalmer, Rajasthan in #NiravModi case.”

With the above attachment, the Enforcement Directorate has attached NiravNSE 0.00 % Modi's assets worth over Rs 691 crore so far. The development comes nearly four months after the biggest fraudulent case hit Mumbai in the month of February where Punjab National Bank reported that it has detected fraudulent and unauthorized transactions in one of its branches in Mumbai. The cumulative fraud amounts stand to Rs 13000 crores.

After the scam was unveiled, the Enforcement Directorate and CBI registered an FIR under the Prevention of Money Laundering Act and conducted scathing raids after the surfacing of the alleged fraud by billionaire diamond trader Nirav Modi and his Mumbai-based firms Diamonds R Us, Solar Exports and Stellar Diamonds.

Recently, the ED also filed charge sheet against Nirav Modi and his several countries and many other senior bank officials for their involvement in the mega scam. Earlier, the CBI sealed Brady House branch of Punjab National Bank in Mumbai from where the Rs 11,378.68 Crores PNB scam was originated.

In March, the Ministry of External Affairs confirmed that the fugitive offender Nirav Modi, who was involved in more than Rs 13,000 PNB scam is in Hong Kong. However, Indian authorities have already sought the provisional arrest of Nirav Modi to Hong Kong. MEA has also revoked the visa of Nirav Modi and Mehul Choksi.

Importantly, Nirav Modi and his brother Nishal Modi left the country on 1st of January this year. Nirav Modi's wife, an American citizen, left India on 6 January while Mehul Choksi left the country on 4 January. CBI received a complaint from PNB on 29th Jan 2018and registered the case on 31st January.