Steadily, the government recovering the massive loot by Nirav Modi, ED attaches assets worth Rs 56.8 crore in Dubai!

Its been few months since the government started taking firm action against the crooks who have looted the country in the name of loans. The NOA mess which was blessed by Congress party and their leaders to gain personal benefit has now become the biggest problem for Indian banks.

The Modi government which promised to get these crooks to books, has now steadily started seizing and confiscating their properties in India and abroad. The banks which won the Vijay Mallya case in London are now able to seize all his properties to recover the entire loan amount. Similarly, the government has initiated process to get all these fraudsters and loan defaulters back to India.

Now the Enforcement Directorate has attached properties of Nirav Modi in Dubai. The agency, which is probing the Punjab National Bank scam, has seized and attached Nirav Modi’s property worth Rs 56.8 crore in Dubai. The ED had sent LRs(Letters rogatory) to the Dubai authorities after which the properties were attached. LR is a formal request from a court to a foreign court for judicial assistance in a criminal case.

On October 25, the Enforcement Directorate provisionally attached assets worth Rs 225 crore in Hong Kong under the money laundering case registered against Nirav Modi.

“During the investigation, it was found that certain valuables belonging to Nirav Modi’s companies are lying in the vaults of a Hong Kong-based logistics company. Further details like the value, consignee, shipper, ownership of these shipments were obtained after the investigations. After we found evidences of ownership and value of the goods, the same were attached,” the ED said. India Today Report

The ED had also seized properties worth Rs 637 crore and included diamond jewellery worth Rs 22 crore in Hong Kong, two apartments in the US worth Rs 216 crore, an apartment in London worth Rs 58 crore, six bank accounts that had Rs 322 crore.

The Modi government which is steadily recovering the loan amount has now attached properties worth Rs 4,800 crore in total.

Power Punch


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