Alibaug: Preparations of demolishing Nirav Modi’s 30,000 sq ft bungalow situated in the Kihim beach, Alibaug on Friday are underway. The bungalow has the estimated cost of over Rs 100 crore. The 33,000 square foot luxurious bungalow has been illegally build and violates coastal regulation zone (CRZ) norms and the state’s regulations as well, according to the authorities.
The Enforcement Directorate, is investigating Nirav Modi as the main accused in the Rs. 13,000 crore Punjab National Bank scam case. He is currently on the run. The ED had first approached the High Court to stop the demolition as the bungalow was among the properties attached by the agency after scam saw the light.
An official said, “The HC observed that the collector owed an obligation to state how several cases of illegal constructions have been simply referred to Maharashtra Coastal Zone Management Authority.”, as quoted by the Times of India.
The Enforcement Directorate (ED) earlier had said that it has attached properties of absconding diamantaire Nirav Modi and his associate companies to the tune of Rs 147 crore in connection with its ongoing probe into the Punjab National Bank (PNB) fraud case. The agency in a statement had said that the action was taken under sections of the Prevention of Money Laundering Act (PMLA) 2002.
“The ED has provisionally attached movable and immovable properties located in Mumbai and Surat, having market value of Rs 147.72 crore consisting of eight cars, plant and machinery, consignments of jewellery, paintings and immovable property, owned by Nirav Modi and his group companies, namely Firestar Diamond International Private Limited, Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited,” the statement had said.
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