New Delhi, 8 July: The Enforcement Directorate (ED) seized hundreds of crores of assets by taking strict action against Nirav Modi, the main accused in the Punjab National Bank scam and fugitive Nirav Modi.
The Enforcement Directorate (ED) said that about Rs 329.66 crore worth of property of fugitive and economic offender Nirav Modi has been seized, ED said that this action has been taken against Nirav Modi under Fugitive Economic Offenders (FEO) Act. , This is the first time that property has been seized under this law.
Let me tell you that in the year 2018, the Modi government had brought with the goal of preventing economic criminals from exempting the process of law in which they could do so by remaining outside the jurisdiction of Indian courts. Nirav Modi became the first victim of this law.
The assets of Nirav Modi seized by the ED under the FEO Act, will now be considered as confiscated by the Central Government. The seized property is put up for auction 90 days after the order is issued. And the amount deposited from it is deposited in the government fund or account, it is worth mentioning that Nirav Modi has escaped from the country after fraudulently cheating thousands of crores of rupees from Punjab National Bank. Indian agencies are involved in extradition of these two fugitives, soon to be successful.