According to officials, under the provisions of the Fugitive Economic Offenders Act, 2018 (FEOA), attached assets of fugitive businessman Nirav Modi stand confiscated from the Central Government. The net worth of the four properties confiscated is 329.66 crores in Rs.
These properties include the iconic Samudra Mahal building in Mumbai's Worli, a seaside farmhouse, and adjacent land in Maharashtra's Alibaug, a windmill in Rajasthan's Jaisalmer, together with one London apartment and several UAE residential flats, as well as shares and bank deposits.
Earlier, Nirav Modi owned properties worth Rs 2,348 crores which were seized by the Enforcement Directorate ( ED). The former diamond dealer is a key accused in a Punjab National Bank (PNB) Rs 14,000 Crore scam. Other defendants include his uncle Mehul Choksi, some other relatives and some PNB employees.
Preliminary investigation by the ED had revealed that fake Letters of Undertakings (LoUs) issued by bankers enabled shell companies of Nirav Modi to obtain fraudulent PNB LoUs.
A complaint was first lodged with the CBI on 29 January 2018 in this regard. In its complaint, India's second-largest public sector bank (PSB), the PNB named three diamond companies-Diamonds R Us, Solar Exports and Stellar Diamonds. Following a preliminary probe, investigators claimed on May 18, 2018, that the scam had amounted to Rs 14,000 crores.
A designer, businessman and luxury diamond jeweller, Nirav Modi had featured at number 57 on the Forbes list of billionaires in 2017. He is the chairman of Firestar International with stores in India and abroad.