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ED attaches Nirav Modi’s valuables and jewellery worth crores, heres why

seizure came about in connection with the $2 billion alleged fraud in PNB.

Amid the CBI row ongoing, the Enforcement Directorate (ED) said it has attached valuables and jewellery worth Rs. 255 crore in Hong Kong of diamond jeweller Nirav Modi.

The seizure came about in connection with the $2 billion alleged fraud in PNB.

The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets.

It is believed that the valuables were exported through 26 shipments by Dubai based companies of Nirav Modi to the Hong Kong based companies controlled by him after the registration of the case (PNB money laundering) in India.

These valuables, diamonds and jewellery were lying in a logistics company vault in Hong Kong, as per the agency reports.

The value of the attached assets is $34.97 million, it said.

A court issued order will soon be sent to Hong Kong to formalise the PMLA attachment order, they said. With this latest order, the total attachment in this case against the absconding diamantaire is about Rs. 4,744 crore.

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ED attaches Nirav Modi's valuables and jewellery worth crores, heres why
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