Global News

ED provisionally attaches 21 immovable properties of Nirav Modi

ED provisionally attaches 21 immovable properties of Nirav Modi

Nirav Modi and his uncle Mehul Choksi are now under scanner over their alleged role in the Rs 11,400-crore fraud at the Punjab National Bank.

Till now, CBI has arrested 12 people across the Nirav Modi group, Gitanjali Gems as well as Punjab National Bank. Modi was reportedly last seen in NY in the United States.

"Since they have not responded so far, their passports have been revoked", a senior ministry source said, noting that in its notice to Modi and Choksi, the ministry had made it clear that their passports would be cancelled if they failed to respond.

Indian authorities have seized over 10,000 imported luxury watches belonging to disgraced billionaire jeweller Nirav Modi and his firms in connection with the country's biggest-ever bank fraud of 1.8 billion USA dollars, an enforcement official said Saturday.

The central probe agency said it has issued a provisional order for attachment of the assets, under the Prevention of Money Laundering Act, and seized a Rs 81.16 crore valued penthouse (created by joining three flats) and a flat worth Rs 15.45 crore in the sea-facing Samudra Mahal apartments in the Worli area of Mumbai.

Earlier in the day, the ED provisionally attached 21 immovable properties, worth Rs. 523.72 crore, of Nirav Modi and companies controlled by him.

The lender has alleged the firm, Dwarka Das Seth International, cheated the bank with the help of some of its officials, using letters of credit (LCs) - a loan instrument similar to those used by Modi's and Choksi's firms in the alleged fraud.




As per the assessee's own valuation, the property is worth about Rs 1200 crore. "These include 6 residential properties, ten office premises, 2 flats in Pune, a solar power plant, a farmhouse in Alibaug and 135 acres of land in Karjat in Ahmednagar district", the agency said.

The agency's action on Saturday is the first attempt to attach immovable properties of beleaguered diamantaire.

A senior ED official said mutual funds and shares worth Rs 7.80 crore belonging to Modi and those worth Rs. 86.72 crore of Choksi and his group were seized from several places during Thursday's search.

A farmhouse in Alibaug.

Solar Power Plant in Ahmed Nagar.

Two office properties, worth about Rs 80 crore, in the name of Mark Business Enterprises Pvt Ltd in the Lower Parel area of Mumbai have also been attached.


  • Kiwi snowboarder Carlos Garcia Knight crashes out of Olympic medal contention

    Kiwi snowboarder Carlos Garcia Knight crashes out of Olympic medal contention

    The small room at his father's Christchurch restaurant was crammed with nervous friends and family watching back home. He crashed out in the first two runs of the day in the big air final, knocking himself out of medal contention.
    Survivors of deadly school shooting lash out at Trump

    Survivors of deadly school shooting lash out at Trump

    The husband and wife who took in suspected Florida shooter Nikolas Cruz when he needed a place to live have spoken out. Cruz, died suddenly in 2004 at the age of 67. "No", Kimberly said. "We put him on a positive path, trying to heal".

    Western Digital (WDC) Coverage Initiated at Stifel Nicolaus

    Finally, TheStreet cut shares of Western Digital from a "b" rating to a "c+" rating in a research note on Thursday, January 25th. The data storage provider reported $3.95 EPS for the quarter, topping the Zacks' consensus estimate of $3.51 by $0.44.
  • Cavium (NASDAQ:CAVM) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS

    The rating was downgraded by Morgan Stanley on Tuesday, November 21 to "Equal-Weight". $1.11 million worth of Cavium, Inc . Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company.
    PM Narendra Modi launches Rs 1000-cr development schemes for Daman & Diu

    PM Narendra Modi launches Rs 1000-cr development schemes for Daman & Diu

    The prime minister also spoke about his government's social schemes, such as building toilets, and his focus on the health sector. Businessman Nirav Modi and Mehul Choksi have been named accused in the case.
    Kylie Jenner's tweet allegedly costs Snapchat $1.3b

    Kylie Jenner's tweet allegedly costs Snapchat $1.3b

    The once popular app said in their response that their intention with the recent update was to make it easier for users to connect with accounts that they follow. "We are very excited for what's ahead".
  • Increases Holdings in Retail Properties of America Inc (RPAI)

    ValuEngine cut shares of Retail Properties of America from a buy rating to a hold rating in a report on Sunday, December 31st. The stock of The Home Depot, Inc. (NYSE:HD) has "Sell" rating given on Tuesday, August 25 by SEB Equity Research.
    EPL: Conte identifies future Chelsea captain

    EPL: Conte identifies future Chelsea captain

    And Conte reckons the display is just the boost his players needed before Sunday's trip to face Manchester United at Old Trafford. Under this aspect, I must be very pleased because I have a group of players who work very well.

    BLB&B Advisors LLC Has $362000 Holdings in Gilead Sciences, Inc. (NASDAQ:GILD)

    Morgan Stanley stated it has 8.97 million shares. (NASDAQ:PAYX) on Thursday, October 1 with "Underperform" rating. The stock of Rite Aid Corporation (NYSE:RAD) has "Neutral" rating given on Thursday, October 29 by Goldman Sachs.
  • Mahira Khan reacts to viral video in which she winces away from Javed Sheikh's kiss

    Mahira Khan reacts to viral video in which she winces away from Javed Sheikh's kiss

    Her followers are still unimpressed and are asking her why she flinched away if things are so healthy between the two. It's good to be aware and has an opinion but for God's sake don't use anything and everything to make the news .

    Capital Fund Management SA Takes Position in Orion Engineered Carbons SA (OEC)

    KeyBanc Capital Markets has "Buy" rating and $29.0 target. $26.11's average target is -7.90% below currents $28.35 stock price. Dalton Greiner Hartman Maher & Co. boosted its stake in shares of Orion Engineered Carbons by 14.9% during the 4th quarter.

    Encore Capital Group (ECPG) Sees Strong Trading Volume Following Strong Earnings

    Janney Montgomery Scott restated a "hold" rating on shares of Encore Capital Group in a report on Saturday, November 18th. Also, there are 1 buy, 0 sell and 0 strong sell ratings, collectively assigning a 1.88 average brokerage recommendation.