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Enforcement Directorate makes this announcement on Nirav Modi

The seizure is to the tune of Rs. 637 crore and is spread across India and abroad.

The Enforcement Directorate made the big announcement to have seized wealth and properties of fugitive jeweler Nirav Modi.

The seizure is to the tune of Rs. 637 crore and is spread across India and abroad.

It is learnt that high-priced jewellery, deluxe apartments and bank accounts stowing hundreds of crores have been taken over by investigators, in India and four other countries including UK and New York.

It need be mentioned that Nirav Modi is wanted in a Rs. 13,000 crore fraud.

The fraud involves fake guarantees in the name of the state-run Punjab National Bank (PNB) were used to extract overseas loans.

Nirav Modi’s jewellery had been shipped abroad after the CBI filed the first FIR against him.

It is also said that the Enforcement Directorate’s haul features exquisite diamond jewellery worth Rs. 22.69 crore brought back to India from Hong Kong in 23 shipments.

The stock value of the jewellery was declared around Rs. 85 crores but an independent assessment brought it down to around Rs. 22.7 crores.

Two luxury apartments worth $29.99 million or Rs. 216 Crores in New York’s Central Park area have been seized.

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