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.
Mortgage taken on the apartment from HSBC bank was paid by Firestar, a beneficiary of the stolen fund, the Enforcement Directorate said.
The beneficiary of "The Ithaca Trust" is Nirav Modi's wife Ami Modi and her children and the settler is his sister Purvi Modi. The other home was also purchased on the name of The Ithaca Trust last year.
The stolen fund was "layered extensively involving multiple juridictions like Dubai, Bahamas, USA, Singapore etc. The consideration was paid from a fiduciary account of Commonwealth Trust Company, Singapore and the deal was carried out by a lawyer firm based in US," the investigating agency said.
The other seized property is in London, worth Euro 6.25 million or nearly Rs. 57 crores and owned by Purvi Modi.
Flat no 103, Marathon House on 200 Marylebone Road, London was bought in the name of Belvedere Holdings Group Limited last year.
Belvedere Holdings Group Limited which is managed by Trident Trust , Singapore, has been established by Monte Cristo Trust, which has Purvi Modi as settler and beneficiary.
"During investigation, it has been revealed that the ultimate source of the funds used to purchase this property was stolen fund from PNB," the Enforcement Directorate statement said.