ED's New Odinance To Seize Nirav Modi's Assets

July 09, 2018 11:29
ED's New Odinance To Seize Nirav Modi's Assets

(Image source from: Expressindian.in)

ED's New Odinance To Seize Nirav Modi's Assets:- The Enforcement Directorate (ED) has been working hard to seize the assets of jeweller businessman Nirav Modi who flew from the country after Rs 13600 crore fraud. ED is now in plans to move to a special court this week for “immediate confiscation” of the attached assets which have been valued at Rs 3500 crores. This will be the second case under the new ordinance where ED will approach the court. They will seek an official declaration to categorize Modi and his uncle Mehul Choksi 'fugitives'. All the cases have been filed under Prevention of Money Laundering Act.

Nirav Modi and Mehul Choksi are wanted by multiple investigating agencies after cheating through fraudulent letters. If the court declares them fugitives, their assets across the globe will be liable for confiscation and can be sold even before the trial begins. The Fugitive Economic Offenders Ordinance has been cleared by the cabinet in April. Once ED moves to the court, Modi and Choksi will have six weeks to be present before the court. They will be declared as  “fugitive economic offenders” if they miss attending before the court in the expected time. A PMLA court in Mumbai has already issued non-bailable warrants against Modi and Choksi. Red Corner look out notices have been issued recently.

If you enjoyed this Post, Sign up for Newsletter

(And get daily dose of political, entertainment news straight to your inbox)

Rate This Article
(0 votes)
Tagged Under :
Nirav Modi  Enforcement Directorate