The Enforcement Directorate on Thursday attached properties worth Rs 255 crore in Hong Kong belonging to absconding businessman Nirav Modi, media reports said. With this, the total value of attached assets in connection with the fraud at Punjab National Bank has reached Rs 4,744 crore, ANI reported.
Modi and his uncle Mehul Choksi are accused of defrauding the Punjab National Bank of over Rs 13,000 crore. Earlier this month, the Enforcement Directorate attached assets worth Rs 637 crore belonging to Modi and his family in India and four other countries.
The fraud came to light in February when the Punjab National Bank informed the BSE that it had detected “fraudulent and unauthorised transactions” worth Rs 11,380 crore at a branch in South Mumbai. A few officials of the public sector bank had allegedly issued fraudulent Letters of Undertaking to Modi’s companies. Modi had already fled the country a few days before the bank’s exchange filing.
On October 5, an appellate tribunal against money laundering ordered Modi and others not to dispose of 21 immovable properties.
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