ED now pins hopes on recovery; from properties of Modi, Choksi
Amid all concerns on the PNB multi-crore scam, the Enforcement Directorate (ED) hopes to recover Rs 3,000-4,000 crore from properties of Nirav Modi and Mehul Choksi.
Certain sections of the media reported that this is in addition to the diamonds and precious stones seized by ED.
The value of the seizure so far is estimated at Rs 5,816 crore by Gitanjali Gems.
As per the assessment of income tax paid, ED believes Choksi and Modi collectively own properties worth up to Rs 4,000 crore.
The ED has sent all seized diamonds to a laboratory for assessing their value. Along with that, ED has sought a report from income tax department detailing Nirav Modi’s properties.
As per sources, Nirav Modi owns 25 real estate properties across cities while Choksi owns four SEZs and two malls across India besides six flats in Mumbai worth over Rs 2,500 crores.
The Income tax department identified more than 200 shell companies, and it may attach these properties in Benami transaction if legitimate sources are not found.>