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Properties of Nirav Modi Worth Over Rs 329 Crore Attached under Fugitive Economic Offenders Act

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The Enforcement Directorate on Wednesday said it has attached properties of diamond merchant Nirav Modi worth Rs 329.66 crore, which now stand confiscated to the central government under the Fugitive Economic Offenders Act 2018 (FEOA).

The businessman and his uncle Mehul Choksi, among others, are being probed by the ED on money laundering charges in connection with $2 billion alleged bank fraud at a PNB branch in Mumbai.

"The confiscated properties are in the form of four flats at the iconic building Samudra Mahal in Worli, Mumbai, one seaside farmhouse and land in Alibaug, a wind mill in Jaisalmer, a flat in London and residential flats in UAE, shares and bank deposits," said the central probe agency in a statement.

A special court in Mumbai had on June 8 authorised the ED to confiscate the assets.

Modi was declared a fugitive economic offenders by the same court on December 5 last year.

"The ED has attached the properties worth Rs 329.66 crore under the FEO Act, 2018, which now stands confiscated to central government," it said.

The agency till now has attached assets worth Rs 2,348 crore of Modi under the Prevention of Money Laundering Act (PMLA).

The 49-year-old is currently lodged in a UK jail after being arrested in London in March last year and is fighting extradition to India.