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In a massive crackdown on Nirav Modi, the Enforcement Department seized and tied foreign and Indian assets worth Rs 637 billion.
"In the past three months, the Law Enforcement Branch has been working closely with foreign agencies to identify and attach Nirav Modi's foreign assets that have been secretly held in various locations around the world. has resulted in the seizure and provisional seizure of jewelery, bank accounts, real estate valued at Rs 637 million in India and in four foreign jurisdictions under Article 5 of the Money Laundering Prevention Act, "said the Executive Director.
ED has entered and attached the following assets:
1. Jewelry
Diamond jewelry, worth Rs 22.69 million, was brought back to India from Hong Kong in 23 shipments. During the investigation, it was found that a stock of jewelry had been shipped from India abroad after FIR registration by the CBI. The same thing had been kept in the vault of a private company in Hong Kong on behalf of Nirav Modi. ED contacted the company and its headquarters in London. After much persuasion, follow-up and necessary documentation, ED managed to bring the jewels back to India.
The market value of these jewels has been estimated at about Rs 85 million and these jewels have been sent to Hong Kong by Firestar Group of Companies. Regarding the independent valuation, the value of the jewelry amounts to 22.69 billion rupees.
2. Apartment in South Mumbai
An apartment located in South Mumbai, worth 19.5 million rupees, has also been awarded in the name of Purvi Modi. The apartment was purchased by Purvi Modi, the sister of Nirav Modi in 2017. The counterpart of this apartment was paid by Purvi Modi from her account at Barclays Bank held in Singapore.
Read also | Meet Purvi Modi, the woman who managed Nirav Modi's money
3. Bank accounts
An account belonging to an investment company registered in the British Virgin Islands and belonging to Purvi Modi and Maiank Mehta was also attached. The account balance amounts to USD 6.12 million (approximately Rs 44 crore).
Five accounts with a total balance of 278 million rupees were added. These accounts belonged to Nirav Modi, Purvi Modi and the companies controlled by them. These accounts were held in foreign banks abroad. During the investigation, it was found that the bulk of the money had been transferred to these accounts after the discovery of the scam.
4. Foreign property
A property worth 6.25 million euros (the approximate capital of which is 56.97 billion rupees) and owned by Purvi Modi in London (United Kingdom), has also been seized pursuant to Article 5 of the Money Laundering Prevention Act. The property was purchased on behalf of Belvedere Holdings Group Limited in 2017. Belvedere Holdings Group Limited, which is managed by Trident Trust in Singapore, was established by Monte Cristo Trust. Purvi Modi (sister of Nirav Modi) is a pioneer and a beneficiary of the said trust.
During the investigation, it was revealed that the ultimate source of funds used to purchase this property had been laundered by the PNB (Punjab National Bank).
Two properties worth a total of USD 29.99 million (approximately Rs 216 billion) and effectively owned by Nirav Modi in New York (United States of America) were also included in Section 5 of the law on the prevention of money laundering. The properties were purchased on behalf of The Ithaca Trust for USD 25 million and USD 4.99 million respectively.
The recipient of the Ithaca Trust is Ami Modi, the wife of Nirav Modi and their children. The settler of the said trust is Purvi Modi. The other property was also purchased on behalf of The Ithaca Trust in 2017. The money was illegally transferred from PNB.
Before paying for the property, illegal funds were widely spread among several countries like Dubai, the Bahamas, the United States and Singapore.
According to the agency, five separate interim seizure orders were issued to annex the aforementioned goods and bank accounts.
Read also | These are the 9 cars accused by the PNB swindle that owns Nirav Modi. Here is all about them
Watch | The Nirav Modi Scam of Rs 13,000 crore
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