The Enforcement Directorate (ED) and the CBI’s action are continuing for the eighth day continuously. On Thursday, in the PNB scam, Neerav Modi was raided on the farmhouse in Alibag. Apart from this, Nirav’s 9 luxury cars, including 7.80 crores of mutual funds and shares also seized. On the other hand, many mutual funds and shares of Gitanjali Group of Rs 86.72 crore of Mehul Chowk were also taken by the investigating agency. At the same time, the ED has sealed Gilli India Company director Aniyath Shivraman’s house in Mumbai.
Advocate Subodh Kumar Pathak said that the action of ED is taking place under the Prevention of Money Laundering Act (PMLA). This is a criminal case. There is a provision in the Act that the accused can be confiscated if the property or asset has been created from the tainted (wrongly earned) money. But until a lawsuit is settled, its auction or sale can not be done.
If on the basis of a supplier’s documents on seized diamonds and jewelry, it claims that he had given Nirav Modi to sell these diamonds and jewelery, then the matter would be intriguing. If that person’s claim is right, then he may have to return it to the diamond-jewelery.