ED Seizes Nirav Modi's Assets Worth Rs 29.75 Crore in PNB Scam Investigation

Fugitive businessman Nirav Modi, who defrauded Indian banks of thousands of crores of rupees, has suffered a major setback. The Enforcement Directorate (ED) has seized Nirav Modi's immovable assets and bank balance worth Rs 29 crore 75 lakh. This action has been taken in the PNB bank scam case against fugitive Nirav Modi. In this bank fraud case of Rs 6498 crore, the ED started its investigation on the CBI's FIR. During the investigation, the ED came to know about the land and bank account of Nirav Modi and his Group of Companies.

These properties have been temporarily seized under the Prevention of Money Laundering Act (PMLA), 2022. During the PMLA investigation, the ED had earlier seized movable and immovable properties of Nirav Modi and his associates in India and abroad worth about Rs 2596 crore.

Earlier this year, Nirav Modi had applied for bail in the UK court and the UK court rejected his bail for the seventh time. An appeal was filed by Nirav Modi before the UK High Court against the bail order, which was later withdrawn. At present, he is lodged in a UK jail and further investigation is going on.

According to the information received, the Indian government is trying to extradite Nirav Modi to India, so that legal action can be taken against him as per Indian law for the scams. In this case, the Indian government had also appealed to the UK government for extradition.