Hyderabad: Sleuths of Enforcement directorate have attached properties of fugitive Nirav Modi totaling to Rs. 329.66 Crore under the Fugitive Economic Offenders Act, 2018 (FEOA). These confiscated properties are in the form of four flats at the iconic building Samudra Mahal in Worli Mumbai, one Seaside Farm House and land in Alibaug, Wind Mill in Jaisalmer, flat in London and Residential
Flats in UAE, shares and bank deposits.
Earlier, the Enforcement Directorate officials filed an application before the FEO Special Court to declare Nirav Modi, a Fugitive Economic
Offender. The application was also to confiscate the properties ( valued at Rs 1396 Crore approx attached at that time) belonging to Nirav Modi and the entities directly/in-directly belonging to him.
Following which the FEOA Special Court declared Nirav Modi a Fugitive Economic Offender. Further, directed ED to attach the properties. Later the Court further directed consortium to approach PMLA Special Court under Section 8(8) to claim the mortgaged/hypothecated and secured properties, which were attached by ED.
“On examination of properties attached, it was found that properties worth Rs 1000 Crore are prima facie covered under the mortgage. Also, the Bombay High Court had directed that sale proceeds of paintings (Rs 45 Crore approx.) as fixed deposit till further order’ said the Investigators.
So the sleuths of ED have attached properties (assessed value: Rs 2348 Crore) of Nirav Modi under Prevention of Money Laundering Act,2002.