ED attaches pricey houses, land worth Rs5.24 billion of Nirav Modi group

— The Enforcement Directorate (ED) on Saturday attached 21 properties, including a penthouse and a farmhouse, of Nirav Modi and his group worth over Rs5.24 billion in fresh action against the beleaguered jeweller in the alleged Rs114 billion fraud in the PNB.

The central probe agency said it has issued a provisional order for attachment of the assets, under the Prevention of Money Laundering Act (PMLA), and seized a INR 81.16 crore valued penthouse (created by joining three flats) and a flat worth Rs150.45 million in the sea-facing Samudra Mahal apartments in the Worli area of Mumbai. “Twentyone immovable properties of Nirav Modi and companies controlled by him, with a market value of Rs5.24 billion, have been provisionally attached.

“These include 6 residential properties, ten office premises, 2 flats in Pune, a solar power plant, a farmhouse in Alibaug and 135 acres of land in Karjat in Ahmednagar district,” the agency said.

While the agency had earlier seized gems, diamonds, jewellery, shares, bank deposits and costly cars in this case since it registered a criminal case under PMLA on February 14, this is the first major action to seize immovable assets.

While the Samudra Mahal properties and two other flats in Punes Hadapsar area are in the name of Modi and his wife Ami, the assets attached in the pricey Kalaghoda and Opera House area in the Maharashtra capital are in the name of Modi’s diamond firm— Firestarter Diamond International Private Limited.

A farmhouse and adjoining land, worth over Rs420.70 million, in the Kihim area of beachside Alibaug of the Nirav Modi Trust has also been attached.

Similarly, a 53-acre solar power plant, valued at Rs700 million, in the Karjat area of Ahmednagar district of the state has also been brought under the same action.

Two office properties, worth about INR 80 crore, in the name of Mark Business Enterprises Private Limited in the Lower Parel area of Mumbai have also been attached.

With the latest action, the total assets seized by the ED in this case are now over Rs63.93 billion, officials claimed. —