Fresh Assets of Fugitive Nirav Modi Worth ₹29.75 Crore Attached by Probe Agency
In a major development in the Punjab National Bank (PNB) fraud case, the Enforcement Directorate (ED) has attached fresh assets belonging to fugitive diamond merchant Nirav Modi. The assets, valued at ₹29.75 crore, include both movable and immovable properties linked to the disgraced businessman. This is a significant step in the agency's ongoing efforts to recover funds siphoned off in the massive ₹13,000 crore banking scam.
Nirav Modi, who is currently in the United Kingdom, has been at the center of one of India’s largest financial frauds, causing widespread losses to the banking sector. Despite multiple attempts to extradite him, Modi remains in London fighting legal battles against his return to India.
The ED's action comes as part of its continued crackdown on the fugitive businessman, who has been accused of defrauding the PNB by illegally securing letters of undertaking (LoUs) for overseas credit. The agency has already seized properties worth hundreds of crores belonging to Nirav Modi and his associates across India and abroad.
Officials say this recent attachment is part of a broader strategy to recover as much of the defrauded amount as possible. With Modi still evading extradition, the investigation remains ongoing, and further actions are expected.
The ED’s relentless pursuit of Nirav Modi reflects the government’s resolve to bring financial fraudsters to justice and recover public funds lost in major scams.
Fresh Assets of Fugitive Nirav Modi Worth ₹29.75 Crore Attached by Probe Agency
The Enforcement Directorate (ED) has attached new properties of Nirav Modi, the fugitive diamond merchant, as part of its ongoing investigation into the ₹13,000 crore PNB fraud case.
