New Delhi [India], Feb 24 (ANI): The Enforcement Directorate (ED) on Saturday provisionally attached 21 immovable properties of noted jewellery designer Nirav Modi and companies controlled by him, in connection with the 1.77 billion dollar Punjab National Bank (PNB) fraud.
As per an official release, the properties, attached as per the provisions of the Prevention of Money Laundering Act, 2002, possess a total market value of Rs.523.72 crore.
The said properties include a farm house in Alibaug, a solar power plant, 135 acres of land in Ahmednagar, along with residential and office properties in Mumbai and Pune.
For the unversed, PNB detected a 1.77 billion dollar (Rs 11,400) scam earlier this month, in which noted jewellery designer Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.
Choksi, Modi's uncle, is also being probed for his involvement in the fraud.
On Thursday, the Income Tax (IT) Department attached the special economic zone (SEZ) property of Mehul Choksi's Gitanjali Group in Hyderabad, sources at the department said.
As per the assessee's own valuation, the property is worth about Rs 1200 crore.