New Delhi [India], Oct 1 (NT): The Enforcement Directorate (ED) has seized assets worth Rs 637 crores belonging to fugitive diamond mechant and gems Jweller Nirav Modi in links with the one of the biggest  Punjab National Bank (PNB) fraud case. After working for three months in close dexterity with abroad agencies, the Enforcement Directorate recognized and attached ornaments, bank accounts, fixed properties of the fugitive diamantaire under Section 5 of the Prevention of Money Laundering Act (PMLA), 2002.

Reports suggested that Enforcement Directorate was brought back diamond studded jewellery worth Rs 22.69 crores from Hong Kong in 23 shipments. Inquiry in the matter exposed that the stock was shipped from India after the Central Bureau of Investigation (CBI) lodged an FIR in the matter and was kept in the burial chamber of a private company.

When the stock was shipped to Hong Kong by Firestar Group of Companies, its worth was declared at around Rs 85 crores. Two fixed properties worth Rs 216 crores owned by Nirav in New York's Central Park have also been siezed.

The aforesaid properties were bought on the name of Central Park Real Estate LLC, a group company of Firestar Group, and were later transferred to Ithaca Trust in 2018, as ANI reported.

The beneficiary of the Ithaca Trust is Nirav Modi's wife Ami Modi and his children, while the colonizer of the trust is Nirav Modi's sister Purvi. A flat worth Rs 19.5 Crore in South Mumbai was also attached. It was owned by Nirav's sister Purvi Modi and was purchased by Purvi in 2017.