The Enforcement Directorate has temporarily seized assets worth approximately Rs 29.8 crore, including property and bank balance, of fugitive businessman Nirav Modi in connection with the Punjab National Bank fraud case.
The total value of assets seized in this case so far is approximately Rs 2,625.8 crore, the Enforcement Directorate posted on X.
ED, Mumbai has provisionally attached Proceeds of Crime in the form of immovable properties and Bank balances amounting to Rs. 29.75 Crore in the case of PNB Bank Fraud by Nirav Modi. Total attachment in this case till date is Rs. 2625.75 Crore (approx.).
September 11, 2024Nirav Modi was accused of cheating PNB after getting fake letters of undertaking. These documents allowed him to get foreign loans without proper security.
In 2018, the officials of the PNB Mumbai branch issued unauthorised letters of undertaking to Nirav Modi's companies, allowing them to get loans from foreign banks. The fraudulent activity remained undiscovered due to the alleged involvement of some bank officials who were supposed to prevent such activities. The estimated loss which the lender had to face was around Rs 6,498 crore.
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