New Delhi, Feb 24: The Enforcement Directorate (ED) has attached 21 immovable assets of jewellery designer Nirav Modi and the firms under his control, regarding the case of defrauding 1.77 billion dollars from Punjab National Bank (PNB).
The assets were attached according to the provisions given in the Prevention of Money Laundering Act, 2002. The total market value of the assets is estimated to be of Rs.523.72 crore.
The attached properties incorporate a farmhouse in Alibaug, a solar power plant, 135 acres of land in Ahmednagar, along with residential and office assets in Mumbai and Pune.
The case of money laundering at PNB was when it was detected that a 1.77 billion dollar (Rs 11,400) scam has occurred earlier this month, in which noted jewellery designer Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian banks.
Choksi, Modi's uncle, is also being probed for his role in the case.
PNB consequently filed two complaints charging financial fraud of Rs 11400 crore and Rs 280 crore against Nirav Modi, his family members and the owner of Gitanjali Gems.
Once the case was recorded, the Enforcement Directorate and the Central Bureau of Investigation (CBI) have swung into action.
According to certain reliable sources in the Enforcement Directorate, the Income Tax (IT) Department attached the special economic zone (SEZ) property of Mehul Choksi's Gitanjali Group in Hyderabad.
The attached property is worth about Rs 1200 crore, according to the assessment by the bank.
Meanwhile, the Enforcement Directorate on Friday froze assets of Nirav Modi worth Rs. 43.86 crore.