India

PNB Scam, Enforcement Directorate to confiscate Nirav Modi’s assets

PNB Scam, Enforcement Directorate to confiscate Nirav Modi’s assets
Written by Abhishek Rana

Enforcement Directorate is going to confiscate Nirav Modi’s assets worth Rs 7,000 crores under the Fugitive Economic Offenders Ordinance. Nirav Modi is going to be considered a fugitive by the agency, as the Union government permits it to act against the offender, and the official compliant which has been submitted under the Prevention of Money Laundering Act (PMLA). Enforcement Directorate submitted its chargesheet in May 24, in which the named of Nirav Modi, his father, brother Neeshal Modi, brother in law Mayank Mehta and companies Ms Solar Exports, Stellar Diamonds and Diamonds R Us. CBI had previously filed a charge sheet against Mehul Choksi, and others, in the case of fraud.

The court is going to take cognizance of the 12,000 page charge sheet tomorrow. The court has already issued a non-bailable warrant, and ED has asked the interpol to obtain a global arrest warrant against the fugitive, who ran away from the country in the beginning of January (6th) with his family, and Mehul Choksi.

 Before that, Modi had attended the World Economic Forum on January 23 in Switzerland, and was photographed with Prime Minister Narendra Modi, and other Indian CEOs, only six days ahead of the filing of the compliant against him by the Punjab National bank. Priyanka Chopra, who was the brand ambassdor of the firm, also filed a case against the company for not paying her appropriate fees and also terminated the contact with the company. Nirav Modi founded his global diamond jewelry brand in 2010, and has attired some famous celebrities, from Priyanka Chopra, to Kate Winslet. But in March this year, he applied for Bankruptcy protection, from Manhattan, United States. His brother, Neeshal Modi, is married to the niece of Mukesh and Anil Ambani.

About the author

Abhishek Rana

Since my early childhood, I’ve loved writing, watching movies and having an opinion. Now, I do it professionally. Always looking for new ways to challenge myself.

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