The Enforcement Directorate (ED) has attached ₹29.75 crore worth of assets belonging to Nirav Modi and his companies in connection with the Punjab National Bank (PNB) fraud case. These assets, including land, buildings, and bank balances, were identified as proceeds of crime. The attachment comes as Nirav Modi, currently in a UK jail, faces extradition proceedings.
Fugitive businessman Nirav Modi’s latest bail application was denied by a UK judge on Tuesday. The judge ruled that Modi, who is accused of fraud and money laundering in India, continues to pose a significant flight risk. Modi has been in prison in London for over five years. He failed in his extradition battle to face the charges in India and has made numerous bail attempts over the years, all of which have been unsuccessful. The judge acknowledged that Modi’s mental health has deteriorated due to his extended incarceration, but he noted that this did not outweigh the risk of absconding. The prosecution emphasized that Modi remains at the heart of the fraud allegations and highlighted his substantial resources and previous attempts to evade justice.
