The Enforcement Directorate after attaching most of Nirav Modi’s assets in India , is now eyeing the assets he holds abroad. After the scam of 13,500 crore rupees in the Punjab National Bank, the ED is now attaching his multi crore properties in US including residential spaces and office spaces. Sources reported that three of such properties were valued at Rs. 150 Crore Rupees. The ED will issue orders to confiscate the properties anytime next week. After this, letters rogatory (LR) will be sent to the concerned country which is an assistance request by the concerned country. The US officials would then be expected to aid the attachment process.
The ED is planning to attach NiravModi’s house in New York that he bought for five million dollars and is now sold to Ithaca Trust for 6 million dollars. However the beneficiaries of the trust are Nirav Modi’s family. The agency is also looking forward to attach Nirav Modi’s luxury apartment at Ritz Carlton and also the personal properties of his wife. He had previously laundered around 4000 crores abroad and made dummy companies to float the money. His extended family members were also involved. Since he invested the proceeds of crime that he swindled out of PNB abroad, his properties can be attached. The ED had already attached 1500 crore property in the form of diamond jewellery luxury items, apartments and other investments.
The ED claimed that his brother Nehal Modi had destroyed a number of evidence and was an accomplice in fraudulently handling the accounts. The ED chargesheet also alleged that his father Deepak Modi was guilty of money laundering and is a beneficiary of 50 million dollar companies, Link High International and Twin Square. His wife, his sister and brother are accomplices of the fraud and has fled the country.
Courtesy/By: Subhalagna Choudhury
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09 Sep 2018
