11 September 2024

On September 11, 2024, the Directorate of Enforcement (ED) in Mumbai announced the provisional attachment of assets worth Rs. 29.75 crore linked to Nirav Modi, in connection with the Punjab National Bank (PNB) fraud case. This action follows a Central Bureau of Investigation (CBI) FIR related to a Rs. 6498.20 crore bank fraud.

The ED's investigation, conducted under the Prevention of Money Laundering Act (PMLA) of 2002, has previously led to the attachment of assets worth Rs. 2596 crore both domestically and internationally. Additionally, assets totaling Rs. 692.90 crore were confiscated under the Fugitive Economic Offenders Act (FEOA) of 2018, and Rs. 1052.42 crore have been returned to the victim banks, including PNB.

Nirav Modi, who is currently in custody in the UK after his bail was denied for the seventh time, faces ongoing extradition proceedings. His appeal against the bail denial was withdrawn. Further investigations are continuing.