The Enforcement Directorate Friday stated it has connected gems, jewelry and financial institution deposits value Rs 253.62 crore of some Hong Kong-based corporations of fugitive diamond service provider Nirav Modi as a part of a cash laundering probe.

Some belongings of Nirav Modi group of corporations in Hong Kong have been recognized within the type of gems and jewelleries mendacity in non-public vaults and financial institution balances in accounts maintained there and these have been provisionally connected beneath sections of the Prevention of Cash Laundering Act (PMLA), the federal probe company stated in a press release.

The quantity saved in banks quantities to USD 30.98 million and Hong Kong {dollars} 5.75 million, which is equal to Rs 253.62 crore (as on July 22, 2022), it stated.

Nirav Modi, 51, is presently lodged in a UK jail and has misplaced his extradition plea to India in reference to the USD 2-billion PNB fraud case that can also be being investigated by the CBI.

The ED stated the extradition proceedings are at “closing stage in London, UK.”

It stated that with the most recent attachment, the whole seizure of belongings towards Nirav Modi stands at Rs 2,650.07 crore.

“Additionally, movable and immovable belongings of Nirav Modi and his associates amounting to Rs 1,389 crore have been confiscated beneath provisions of the Fugitive Financial Offenders Act, 2018 on the orders of a particular court docket in Mumbai,” it stated.

A number of the confiscated properties have already been bodily handed over to sufferer banks, the company added.

Nirav Modi and his uncle Mehul Choksi, each prime accused within the case, together with others are being probed by the ED on cash laundering costs for allegedly perpetrating a fraud in connivance with financial institution officers and by issuance of fraudulent Letters of Enterprise (LoUs) on the Brady Home Punjab Nationwide Financial institution (PNB) department in Mumbai.

He (Modi) was declared a fugitive financial offender by a Mumbai PMLA court docket in December 2019. He was arrested the identical yr in London.

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