Fugitive Biz Man, Nirav Modi’s, Properties Seized Under FEO Act 2018

08-07-2020 18:44:31
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The attached properties of the fugitive businessman, Nirav Modi, have been seized by the union government under the scope of the Fugitive Economic Offenders Act, 2018 (FEOA). The net worth of the four confiscated properties amounts to Rs 329.66 crores.

These properties include the iconic Samudra Mahal building in Mumbai's Worli, a seaside farmhouse, and adjoining land in Maharashtra's Alibaug, a windmill in Rajasthan's Jaisalmer, along with one apartment in London and several residential flats in the UAE as well as shares and bank deposits. Recently, the Enforcement Directorate (ED) had seized properties worth Rs 2,348 crores owned by Nirav Modi. The former diamond trader is a key accused in a Rs 14,000 crore fraud involving the Punjab National Bank (PNB). Other accused include his uncle Mehul Choksi, some other relatives, and a few PNB staffers.

The ED's preliminary investigation had revealed that fake Letters of Undertakings (LoUs) issued by bankers enabled Nirav Modi's shell companies to receive fraudulent PNB LoUs.

On January 29, 2018, a written complaint was filed with the CBI in this regard. India's second-largest public sector bank (PSB), the PNB had named three diamond firm in its complaint - Diamonds R Us, Solar Exports, and Stellar Diamonds.


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