Fugitive Biz Man, Nirav Modi’s, Properties Seized Under FEO Act 2018
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The
attached properties of the fugitive businessman, Nirav Modi, have been seized
by the union government under the scope of the Fugitive Economic Offenders Act,
2018 (FEOA). The net worth of the four confiscated properties amounts to Rs
329.66 crores.
These properties include the iconic
Samudra Mahal building in Mumbai's Worli, a seaside farmhouse, and adjoining
land in Maharashtra's Alibaug, a windmill in Rajasthan's Jaisalmer, along with
one apartment in London and several residential flats in the UAE as well as
shares and bank deposits. Recently, the Enforcement Directorate (ED) had seized
properties worth Rs 2,348 crores owned by Nirav Modi. The former diamond trader
is a key accused in a Rs 14,000 crore fraud involving the Punjab National Bank
(PNB). Other accused include his uncle Mehul Choksi, some other relatives, and
a few PNB staffers.
The ED's preliminary investigation had
revealed that fake Letters of Undertakings (LoUs) issued by bankers enabled
Nirav Modi's shell companies to receive fraudulent PNB LoUs.
On January 29, 2018, a written complaint
was filed with the CBI in this regard. India's second-largest public sector
bank (PSB), the PNB had named three diamond firm in its complaint - Diamonds R
Us, Solar Exports, and Stellar Diamonds.
