ED Provisionally Attached Gems, Bank Deposits worth over Rs.253.62 Crore of Nirav Modi Group in Hong Kong

The Directorate of Enforcement (ED) has provisionally attached proceeds of crime in the form of movable properties i.e. Gems and Jewelleries and Bank Balances amounting to USD 30.98 million and HKD 5.75 million, equivalent INR value Rs.253.62 Crore (as of today) in the case of Nirav Modi group of companies in Hong Kong, SAR, China.

The PNB Bank Fraud of Rs. 6498.20 Cr. was the subject of an ECIR under the Prevention of Money Laundering Act, 2002 (PMLA), which was recorded by ED on the basis of a FIR under Sections 420, 467, 471, and 120-B of the Indian Penal Code, 1860, as well as Section 13 of the Prevention of Corruption Act, 1988.

Some assets of the Nirav Modi group of companies in Hong Kong, including gems and jewellery hidden in private vaults and bank balances in accounts maintained in Hong Kong, were discovered during the course of the PMLA investigation. These assets were provisionally attached via an instant attachment order for Rs. 253.62 Crore under Section 5 of the PMLA, 2002. Previously, during PMLA investigations, ED attached Nirav Modi and his accomplices’ movable and immovable assets worth a total of Rs. 2396.45 Crore in India and abroad. With this latest attachment, the ED has now attached or seized assets worth a total of Rs. 2650.07 Crore in the case against Nirav Modi.

Additionally, Nirav Modi and his colleagues’ movable and immovable assets worth Rs. 1389 Crore have been seized by Special Court (FEOA), Mumbai, in accordance with the terms of the Fugitive Economic Offenders Act, 2018. A portion of the confiscated assets have already been physically delivered to the victim banks, and the process of physically giving over the remaining assets is ongoing. The Directorate has already brought two prosecution complaints under the PMLA, 2002 against Nirav Modi and related organisations before the Special Court in this case (PMLA). In parallel, Nirav Modi’s extradition case is nearing its conclusion in London, United Kingdom.

Further investigation in this case is under progress.