The Enforcement Directorate (ED) has taken another significant step in its investigation into the massive Punjab National Bank (PNB) fraud case involving fugitive businessman Nirav Modi. On Wednesday, the agency announced the provisional attachment of assets worth ₹29.75 crore, identified as “proceeds of crime.” These assets include immovable properties, such as land and buildings, as well as bank balances held by Nirav Modi and his group of companies.
The ED initiated its probe based on an FIR filed by the Central Bureau of Investigation (CBI) under the Indian Penal Code (IPC) and the Prevention of Corruption Act. The CBI’s investigation focused on a staggering ₹6,498.20 crore bank fraud.
The ED’s statement explained that “during the course of investigation, assets worth ₹29.75 Crore of Nirav Modi & his group of companies lying in India were identified in the form of land & building and amount lying in bank accounts, which are being provisionally attached under PMLA, 2002.”
This latest attachment adds to the previous seizures made by the ED. Earlier, the agency had attached assets belonging to Nirav Modi and his associates, both in India and abroad, amounting to approximately ₹2,596 crore.
Nirav Modi is currently imprisoned in the UK, facing extradition proceedings. He and his uncle, Mehul Choksi, are the primary suspects in the PNB fraud case. Both are accused of money laundering, allegedly perpetrating the fraud in collusion with bank officials and through the issuance of fraudulent Letters of Undertaking (LoUs) at the Brady House PNB branch in Mumbai.
Nirav Modi’s attempts to secure bail in the UK have been unsuccessful. He has been denied bail seven times and his appeal to the UK High Court against the bail order was subsequently withdrawn.
The ED’s actions are part of a broader effort to recover the funds lost due to the PNB fraud. In line with the Fugitive Economic Offenders Act 2018, a special court in Mumbai has already confiscated movable and immovable assets of Nirav Modi and his associates totaling ₹692.90 crore. Furthermore, the ED has successfully restored assets worth ₹1,052.42 crore to the victim banks – PNB and the consortium banks – marking a significant step towards rectifying the financial losses incurred in this major financial crime.
