ED Attaches Assets in Modi and UIL Fraud Cases

The Enforcement Directorate (ED) has provisionally attached assets worth ₹43.52 crore belonging to Ushdev International Limited (UIL) in connection with a ₹1,438 crore bank fraud. Funds granted as loans by a consortium of banks were allegedly diverted and laundered through various entities and brought back to India-based firms controlled by UIL's directors. The investigation is based on a Central Bureau of Investigation (CBI) FIR from July 2022. In a separate case, the ED has attached assets worth ₹29.75 crore of fugitive diamond trader Nirav Modi, implicated in the ₹6,498.20 crore Punjab National Bank (PNB) fraud. Modi's assets include immovable properties and bank balances, and the ED has previously attached assets worth ₹2,596 crore in India and abroad. Extradition proceedings against Modi are ongoing in the UK, where he is currently jailed.