PNB fraud case: ED attaches Nirav Modi’s Rs 58-crore wind farm

Indian Express: May 31, 2018

The Enforcement Directorate (ED) on Wednesday attached a Rs 58.80 crore wind farm owned by fugitive diamond jeweller Nirav Modi in connection with its investigation into the Rs 13,400 crore Punjab National Bank scam case.

The agency has provisionally attached the 9.6 mega watt wind farm, located in Rajasthan’s Jaisalmer, the under Prevention of Money Laundering Act.

A statement issued by the ED said the wind farm was owned by three firms owned Modi — Solar Exports, Stellar Diamonds and Diamond RUS — and the Neeshal Merchandising Private Limited, which is owned by his brother Neeshal.

On May 21, the ED had attached Nirav Modi’s properties worth Rs 171.26 crore, including four commercial premises in Mumbai and Surat valued at Rs 72.87 crore, 106 bank accounts with balance of Rs 55.12 crore, 15 demat accounts worth Rs 35.86 crore, and 11 cars valued at Rs 4.01 crore.

In February, the ED attached 21 immovable properties belonging to the diamantaire and the companies controlled by him with market value of Rs 523.72 crore.

So far, the ED has carried out searches on more that 251 properties across the country and seized diamond, gold, precious and semi-precious stones, and pearls. It has also attached immovable properties belonging to Nirav Modi Group and Mehul Choksi group to the tune of Rs 7,638 crore.

The two accused had fled from India in January, around a month before the PNB filed first complaint against them in the fraud case and are still at large.

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