According to the agency, the wind farm was owned by M/s Solar Exports, M/s Stellar Diamonds, M/s Diamond RUS, and M/s Neeshal Merchandising Private Limited
The Enforcement Directorate (ED) provisionally attached a 9.6 Mega Watt capacity wind farm worth Rs 52.80 crore in Jaisalmer, Rajasthan, on Wednesday, under the Prevention of Money Laundering Act (PMLA) in the Nirav Modi case.
According to the agency, the wind farm was owned by M/s Solar Exports, M/s Stellar Diamonds, M/s Diamond RUS, and M/s Neeshal Merchandising Private Limited. Three of these four entities — M/s Diamond RUS, M/s Solar Exports, and M/s Stellar Diamonds got their Letter of Undertaking (LOU) issued fraudulently by the Punjab National Bank (PNB).
On February 15, 2018, the ED had registered a money laundering case against Nirav Modi and others under the provisions of the PMLA on the basis of an FIR registered by the Central Bureau of Investigation. It is alleged that Nirav Modi and others had cheated PNB in connivance with certain bank officials by getting LOUs issued fraudulently without following due procedure, making the bank incur a huge loss.
In the same month, the ED had provisionally attached 21 immovable properties belonging to Nirav Modi and companies under him. The said properties included six residential flats and 10 office premises in Mumbai, two residential flats in Pune, one farm house in Alibaug, one solar power plant, and a 135 -acre land in Karjat, Maharashtra. The present market value of these properties is Rs 523.72 crore.
In May, the agency had provisionally attached four commercial premises in Mumbai and Surat (present market value of which stands at Rs 72.87 crore), 106 bank accounts (account balance of Rs 55.12 crore), 15 demat accounts (Rs 35.86 crore), and 11 cars (worth Rs 4.01 crore), totaling nearly Rs 167.86 crore, in the form of movable and immovable properties.
On May 24, the ED had filed a prosecution complaint against Nirav Modi and others.
PROPERTIES ATTACHED
In May, the ED attached four commercial premises in Mumbai and Surat (present market value of which stands at Rs 72.87 crore), 106 bank accounts (account balance of Rs 55.12 crore), 15 demat accounts (Rs 35.86 crore), and 11 cars (worth Rs 4.01 crore), totaling nearly Rs 167.86 crore, in the form of movable and immovable properties.
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