The properties were attached by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA), 2002.
Investigation revealed that substantial proceeds of crime obtained fraudulently by the Nirav Modi-owned group of firms Solar Exports, Stellar Diamonds and Diamond RUS from the Punjab National Bank (PNB) were diverted to him, his relatives and entities controlled by him.
On the basis of an FIR registered by Central Bureau of Investigation, the ED had earlier registered a money laundering case against Modi and others on February 15 last year under the provisions of the PMLA, another official said
It was alleged that Modi
and others committed the offence of cheating PNB in connivance with certain bank officials by fraudulently getting Letter of Undertakings issued without following the prescribed procedure and caused a wrongful loss to the bank.
Several properties in India and abroad, totalling to Rs 1,725.36 crore were also attached earlier.In addition, gold, diamond, bullion, jewellery and other valuables worth Rs 489.75 crore belonging to the Nirav Modi Group were also seized.
The official said a prosecution complaint has been filed in this case against Modi and others for the offence of money laundering.