Enforcement Directorate Attaches ₹29.75 Crore Assets of Nirav Modi in PNB Scam Investigation
The Enforcement Directorate (ED) has attached assets worth ₹29.75 crore belonging to Nirav Modi as part of its ongoing investigation into the ₹6,498 crore Punjab National Bank (PNB) fraud case. The assets, which include immovable properties and bank balances in India, were identified as proceeds of the crime. This move follows a probe initiated under the Prevention of Money Laundering Act (PMLA), 2002, by the ED’s Mumbai Zonal Office.
The investigation stems from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) related to one of the largest banking frauds in India. Nirav Modi, alongside his uncle Mehul Choksi, allegedly defrauded PNB by obtaining fraudulent Letters of Undertaking (LoUs) that allowed them to secure loans abroad without proper collateral. The scam, uncovered in 2018, involved PNB officials issuing unauthorized LoUs to Modi’s firms, enabling them to access credit from foreign banks. The total loss to PNB was estimated at ₹6,498 crore, with fraudulent transactions going unnoticed for years due to the alleged collusion of certain bank officials.
As of now, the ED has attached movable and immovable assets worth ₹2,596 crore linked to Modi and his associates in India and overseas. Additionally, assets worth ₹692.90 crore have been confiscated under the Fugitive Economic Offenders Act (FEOA), 2018, following a Special Court order in Mumbai. The ED has also successfully restored ₹1,052.42 crore in assets to PNB and consortium banks.
The ED has filed prosecution complaints under the PMLA against Modi and his associates in a special court. Modi, who was arrested in the UK in 2019, has been fighting extradition to India, with proceedings ongoing despite multiple legal challenges.
