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  Metros   Mumbai  28 May 2018  ED to seek nod for seizing Nirav Modi's assets

ED to seek nod for seizing Nirav Modi's assets

THE ASIAN AGE.
Published : May 28, 2018, 1:42 am IST
Updated : May 28, 2018, 1:42 am IST

The agency will also seek for Modi to be officially declared a fugitive with the chargesheet filed against him.

Nirav Modi
 Nirav Modi

Mumbai: To tighten its grip around absconding diamond businessman Nirav Modi, the Enforcement Directorate (ED) is set to move the Prevention of Money Laundering Act (PMLA) court seeking confiscation of his assets, to the tune of around Rs 7,000 crore, as per provisions of Fugitive Economic Offenders Ordinance (FEOO).

The agency will also seek for Modi to be officially declared a fugitive with the chargesheet filed against him.

 

The likely move of ED comes in the backdrop of the fresh attachment of Rs 170 crore last week to improve and speed up the recovery process from the diamond businessman. "The move will be made soon to take custody of the attached assets, which is the procedure," said an officer. The FEOO will also arm the ED to confiscate his assets in India and overseas, where his business interests exist.

The ED took possession of assets of his worth Rs 170 crore in connection with the multi-crore Punjab National Bank (PNB) fraud case on May 21.  The attached assets include several of his bank accounts, properties and shares in his name and that of his associates and extended firms. A provisional order was issued for attaching properties of the  businessman.

 

Tags: enforcement directorate, nirav modi