ED attaches gems, bank deposits worth over Rs 253 cr of Nirav Modi group in Hong Kong
New Delhi, Jul 22: The Enforcement Directorate Friday said it has attached gems, jewellery and bank deposits worth Rs 253.62 crore of some Hong Kong-based companies of fugitive diamond merchant Nirav Modi as part of a money laundering probe.
Some assets of Nirav Modi group of companies in Hong Kong were identified in the form of gems and jewelleries lying in private vaults and bank balances in accounts maintained there and these have been provisionally attached under sections of the Prevention of Money Laundering Act (PMLA), the federal probe agency said in a statement.
The amount kept in banks amounts to USD 30.98 million and Hong Kong dollars 5.75 million, which is equivalent to Rs 253.62 crore (as on July 22, 2022), it said.
Nirav Modi, 51, is presently lodged in a UK jail and has lost his extradition plea to India in connection with the USD 2-billion PNB fraud case that is also being investigated by the CBI.
The ED said the extradition proceedings are at "final stage in London, UK."
It said that with the latest attachment, the total seizure of assets against Nirav Modi stands at Rs 2,650.07 crore.
"Also, movable and immovable assets of Nirav Modi and his associates amounting to Rs 1,389 crore have been confiscated under provisions of the Fugitive Economic Offenders Act, 2018 on the orders of a special court in Mumbai," it said.
Some of the confiscated properties have already been physically handed over to victim banks, the agency added.
Nirav Modi and his uncle Mehul Choksi, both prime accused in the case, along with others are being probed by the ED on money laundering charges for allegedly perpetrating a fraud in connivance with bank officials and by issuance of fraudulent Letters of Undertaking (LoUs) at the Brady House Punjab National Bank (PNB) branch in Mumbai.
He (Modi) was declared a fugitive economic offender by a Mumbai PMLA court in December 2019. He was arrested the same year in London.
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Karnataka Minister directs officials to expedite integration of 28 services in various depts
Bengaluru (PTI): Karnataka Minister for Large and Medium Industries M B Patil on Thursday directed officials to expedite the integration of the remaining 28 services in various departments under the SWS.
The direction was issued at a review meeting on EoDB and Single Window Committees held at Vidhana Soudha, attended by senior officials from various departments.
In a statement, Patil said, "We face intense competition from neighbouring states. We have studied their policies and regulations and are determined to establish a system that is even more efficient and industry-friendly," he said.
Under the Single Window System, 115 services across 20 departments have already been integrated, the minister said, adding the remaining 28 services have been prioritised for time-bound implementation.
Patil said Revenue, Forest, Home, Environment, Primary Education, Fire Services and Energy departments are among the services.
According to the minister, the goal is to ensure that investors do not lose valuable time and are encouraged to invest in Karnataka.
He sought cooperation of all the government departments to make it happen.
Referring to emerging challenges, he said Karnataka has long been a frontrunner in the IT sector but the rapid rise of Artificial Intelligence (AI) has introduced new uncertainties.
He stressed that all departments, including KIADB, must ensure swift approvals for industrial projects.
Patil underlined that entrepreneurs should not be subjected to "unnecessary delays," he said, adding that clearances for electricity connections, Fire Department NOCs and Pollution Control Board approvals must be issued promptly.
Detailing the reforms, the minister said the time limit for Fire Department NOCs has been reduced from 60 days to 21 days, while electricity connection approvals have been cut from 25 days to 10 days. Permission for lift and escalator operations has been brought down from 40 days to 20 days, and new water connection approvals from 42 days to 30 days, he said.
The Labour Department will now issue industrial licences and boiler registrations within 14 days instead of 30 days, he said, noting that necessary notifications have already been issued.
"These amendments will soon be placed before the Cabinet and formalised through legislation on a fast-track basis," Patil said.
He further stated that timelines at the State Pollution Control Board have been significantly reduced.
Change-of-land-use permission within Bengaluru city limits, which earlier took up to 120 days, will now be granted within 45 days.
With 32 data centres currently operating in the state, Patil underscored the importance of uninterrupted power supply and called for the development of dedicated data centre clusters with exclusive power lines.
A ministerial-level meeting will soon be convened to identify suitable locations and ensure essential infrastructure, including power connectivity, he said.
