ED's major crackdown on Nirav Modi property worth 100 crores auctioned

New Delhi: The Central Investigation Agency Enforcement Directorate (ED) has taken major action against fugitive diamond baron Nirav Modi. ED has destroyed Nirav Modi's Rs 1000 crore property. Nirav Modi is accused of fleeing the country after rehashing about Rs 13,000 crore of the Punjab National Bank.

Nirav Modi fled to the UK in January 2018 after the embezzlement of thousands of crores of PNB. He is alleged to have bribed bank officials for letters of undertakings and thus slapped the bank with thousands of crores of rupees. Modi was arrested in London on March 19, 2019. According to reports, the properties that were brought to auction include an iconic rhythm house in Kala Ghoda, a flat on Nepean Sea Road and an office building in Kurla as well as some jewellery.

Nirav Modi's Firestar Diamond International bought Rhythm House and a heritage building in 2017 for Rs 32 crore. The auction money for these properties is said to be compensated for the outstanding amount of Punjab National Bank (PNB). The National Company Law Tribunal has also appointed a liquidator to auction the properties.

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