The ED has hooked up movable properties like gems, jewelry and financial institution balances amounting to Rs 253.62 crore beneath the PMLA.
Nirav Modi is being probed by the CBI within the PNB fraud case and by the ED for cash laundering associated to the PNB rip-off | PTI
The Enforcement Directorate (ED) has hooked up properties, jewelry and financial institution balances, amounting to Rs 253.62 crore, belonging to fugitive jeweler Nirav Modi beneath the Prevention of Cash Laundering Act (PMLA).
The motion was taken in opposition to Nirav Modi group of firms based mostly on an FIR filed beneath sections 420 (dishonest and dishonestly inducing supply of property), 467 (forgery of priceless safety), 471 (utilizing as real a cast doc), 120-B (prison conspiracy) of the Indian Penal Code and different related sections of Prevention of Corruption Act.
Nirav Modi is at present lodged in a UK jail and has misplaced his extradition plea to India in reference to the Punjab Nationwide Financial institution fraud case. He’s being probed by the Central Bureau of Investigation (CBI) within the PNB fraud case and by the ED for cash laundering associated to the PNB rip-off.
Ruling that Nirav Modi could be extradited to India to face fees of fraud and cash laundering amounting to an estimated $2 billion, a UK court docket on February 25 stated that prima facie there’s proof in opposition to the diamond service provider.
Nonetheless, the court docket additionally added that there was no proof to counsel that Nirav Modi wouldn’t get a good trial if he was extradited to India.
CASES AGAINST NIRAV MODI
Nirav Modi is needed in India for fraud and cash laundering in reference to the Rs 14,000 crore PNB rip-off.
The PNB fraud case in opposition to Nirav Modi is being probed by the CBI and pertains to fraudulent acquiring of letters of undertakings (LoUs) or mortgage agreements. The ED case pertains to laundering of the proceeds of that fraud.
Other than these instances, Nirav Modi additionally faces two further fees of “inflicting the disappearance of proof” and intimidating witnesses or “prison intimidation to trigger demise”, which had been added to the CBI case.
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