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Enforcement Directorate (ED) seeks attachment of Nirav Modi’s assets in Hong Kong

Enforcement Directorate (ED) seeks attachment of Nirav Modi’s assets in Hong Kong

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  26 Oct 2018 11:05 AM GMT

New Delhi: The Enforcement Directorate (ED) on Thursday said it has sent a request for attachment of fugitive diamantaire Nirav Modi’s Hong Kong assets worth Rs 255 crore in the multi-crore Punjab National Bank (PNB) loan default case.

The financial probe agency sought attachment of the assets by Hong Kong authorities under the Prevention of Money Laundering Act by sending a provisional attachment order in the form of Letters Rogatory. The ED said it has till date attached properties worth Rs 4,744 crore in connection with the case in India and abroad.

The ED said the valuables were exported vide 26 shipments by Dubai-based companies of Nirav Modi to the Hong Kong-based companies controlled by him after the registration of a case against him in India. The agency said it gathered information that certain valuables pertaining to Nirav Modi controlled companies are lying in the vaults of a Hong Kong-based Logistics Company. “Further details like value, consignee, shipper, and ownership of these shipments were obtained through investigation and after gathering the evidence of ownership and value of the goods, worth Rs 255 crore attached,” said the ED.

Earlier in October, the ED had attached assets in India and sought seizure abroad of properties worth Rs 218 crore belonging to Nirav Modi and his maternal uncle Mehul Choksi. The two had fled the country before the scam broke. They are accused of defrauding state-run PNB of Rs 13,500 crore in connivance with certain bank officials by fraudulently getting the Letters of Undertaking and Letters of Credit issued without following prescribed procedure. (IANS)

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