Today, the Enforcement Directorate (ED) seized 21 properties of Nirav Modi, the key accused in the Punjab National Bank (PNB) scam. The 21 properties includes 6 residential, 10 office premises, 2 flats in Pune, a solar power plant, a farmhouse and 135 acres of land worth over Rs. 523. 72 crores. The CBI said, “21 immovable properties of Nirav Modi and companies controlled by him, with a market value of Rs 523.72 crore, have been provisionally attached. These include 6 residential properties, ten office premises, two flats in Pune, a solar power plant, a farmhouse in Alibaug and 135 acres of land in Karjat in Ahmednagar district.”
The residential flats include a penthouse worth Rs. 81.61 crore and a Samudra Mahal flat in Mumbai worth Rs. 15.45 crores. The seized 2 office properties in Lower Parel area of Mumbai worth Rs. 80 crores are under the name Mark Business Enterprises Pvt Ltd. The total number of Modi’s assets seized till date amounts over Rs. 6,393 crores. Modi’s properties are seized under the Prevention of Money Laundering Act (PMLA.) The PMLA, started by the National Democratic Alliance to prevent money laundering and confiscation of properties derived from the same.
