NEW DELHI: Declaring a massive haul of Rs. 637 crores seized from fugitive jeweler Nirav Modi, the Enforcement Directorate said his swish apartments in New York and London were bought with "stolen fund from PNB".
Nirav Modi, whose clients included stars in Hollywood and in India, is wanted for a Rs. 13,000 crore fraud involving fake guarantees in the name of the state-run Punjab National Bank (PNB), which were used to secure loans abroad.
The Enforcement Directorate, in a statement today on the seized wealth including apartments abroad, said "the ultimate source of the funds used to purchase (the New York) property was stolen money from PNB."
Two apartments at the Central Park area in New York were worth $29.99 million or Rs. 216 crores.
Photos from investigators reveal a home straight out of a catalogue, with luxurious, carpeted interiors and immaculately designed rooms.
The properties were bought in the name of The Ithaca Trust for $ 25 million and 4.99 million. One of the properties was in the name of Central Park Real Estate LLC, a Group company of Nirav Modi's Firestar Group. This year, it was transferred to the Ithaca Trust.