PLUSH NIRAV FLATS IN NY, UK SEIZED

In a crackdown in India and four countries, the Enforcement Directorate has seized and attached the foreign and Indian assets of fugitive diamond merchant Nirav Modi worth Rs 637 crore.

The haul includes plush deluxe apartments, high-priced jewellery and bank accounts stashed with crores.

Among the plush apartments are two in New York's iconic Central Park, which were bought with the stolen loot from the PNB.

The flats worth $29.99 million, or Rs. 216 crores, are straight out of a catalogue with luxurious, carpeted interiors and immaculately designed rooms.

This is a rare case in which Indian agencies have seized properties abroad in a criminal investigation, said the agency. "Bringing back the proceeds of crime from a foreign jurisdiction is perhaps unique to Nirav Modi and Mehul Choksi case," said the ED in a statement.

The ED’s booty includes exquisite diamond jewellery worth Rs. 22.69 crore brought back to India from Hong Kong in 23 shipments. The jewellery had been shipped abroad after the CBI filed the first FIR against the celebrity jeweller in January. It had allegedly been stashed in the vault of a private company in Hong Kong on behalf of Nirav Modi, reports NDTV. The Enforcement Directorate was able to persuade the company to help bring back the jewellery to India.

An apartment in London worth Euro 6.25 million, or Rs. 57 crores, and owned by Nirav Modi's sister Purvi Modi has been also taken over. The beneficiary of ‘The Ithaca Trust’ which owns the New York flats is Nirav’s wife Ami and her children. The stolen money swindled from PNB was "layered extensively and kept tied up in multiple jurisdictions like Dubai, Bahamas, USA, Singapore, ED sources said.

A Rs 19.5 crore worth flat in south Mumbai, owned by Purvi Modi, has also been attached as part of ED’s order.

Five accounts with Rs. 278 crores have been attached. These accounts belonged to Nirav, Purvi and their companies. A bank account belonging to an investment company registered in British Virgin Island and owned by Purvi and Maiank Mehta in Singapore, with Rs. 44 crore balance, has been taken over. During investigations it was found that most of the money was transferred to these accounts after the scam surfaced. Forbes had estimated Nirav Modi's worth at $1.73 billion, placing him 85th on India's rich list. He has now been removed from the ranking.