PNB scam: ED attaches 134-acre Nirav Modi solar power plant

The Enforcement Directorate (ED) today provisinally attached a power plant and 134 acres of land belonging to billionaire jeweller Nirav Modi, key accused in the over Rs 13,000 crore Punjab National Bank (PNB) scam.

The profits emanating from the solar power plant will go to the government coffers.

The ED, which has provisionally attached the land, and can attach the land only after the adjudicating authority confirms the attachment of the land.

The attachment can take upto six months to be confirmed. Till then, the ED cannot take any legal step.

Farmers had also tried to capture the 134 acres of land, alleging that Nirav Modi had bought the land at a low price.

Last month, the ED attached 21 properties of the Nirav Modi group, including flats and farmhouses, worth over Rs 523 crore.

The Central Bureau of Investigation (CBI) has alleged that the firms controlled by Nirav Modi and his uncle Mehul Choksi had obtained fraudulent letters of understanding (LoUs) and letters of credit (LCs), worth over 13,000 crore from the PNB in connivance with some officials of the bank.