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The Enforcement Directorate (ED) has taken another significant step in its pursuit of fugitive diamond trader Nirav Modi, seizing additional assets worth Rs 29.75 crore under the Prevention of Money Laundering Act (PMLA). This latest development adds to the growing list of assets attached by the ED in connection with the alleged USD 2 billion fraud against Punjab National Bank, a case that has been under investigation for over five years. This seizure includes bank deposits, land, and buildings, further tightening the financial grip on Modi and his alleged criminal activities.
The ED's relentless pursuit of Modi underscores the seriousness of the charges against him. He is currently incarcerated in a UK jail, having lost his extradition appeal to India. The extradition proceedings, initiated in London, continue to progress, with Modi's attempts to secure bail repeatedly rejected. This relentless pursuit for justice extends beyond the borders of India, demonstrating the ED's commitment to holding Modi accountable for his alleged role in the bank fraud.
The magnitude of the alleged fraud and the extensive investigation undertaken by the ED are evident in the sheer volume of assets already seized. The agency has previously attached assets worth Rs 2,596 crore in both India and abroad, representing a significant portion of the alleged illicit gains from the fraudulent scheme. The confiscation of assets under the Fugitive Economic Offenders Act, amounting to Rs 692.90 crore, further highlights the severity of the charges and the ED's determination to recoup the losses suffered by the victim banks.
The case against Modi and his associates, including his uncle Mehul Choksi, centers around allegations of fraud perpetrated in connivance with bank officials. The issuance of fraudulent Letters of Undertaking (LoUs) at the Brady House Punjab National Bank branch in Mumbai is at the heart of the scheme. Modi's designation as a fugitive economic offender in December 2019 underscores the gravity of his alleged actions and the international ramifications of the fraud.
The ongoing extradition proceedings and the continued pursuit of assets by the ED signal a strong determination to bring Modi to justice. The relentless pursuit of justice across national borders sends a clear message that individuals suspected of financial crimes will face the consequences of their actions, no matter where they may try to hide. The outcome of this case will have significant implications for the fight against financial crime, reinforcing the importance of international cooperation and accountability.