Sun Feb 02 08:55:25 UTC 2025: ## ED Freezes ₹16,000 Crore in Overseas Assets Linked to Major Fraud Cases

**New Delhi, February 2, 2025** – The Enforcement Directorate (ED) has attached or frozen nearly ₹16,000 crore in assets located across 16 foreign jurisdictions, as part of ongoing investigations into over 30 major financial fraud cases. These cases involve prominent business figures and companies, including Lalit Modi, Nirav Modi, and Mehul Choksi.

The seized assets, encompassing residential and commercial properties, land, and bank accounts, are spread across the United States, United Kingdom, UAE, Japan, France, Spain, Switzerland, Australia, Singapore, Sri Lanka, China, Hong Kong, Mauritius, Bermuda, Comoros, and the Isle of Man.

The largest single attachment, amounting to ₹9,778 crore, relates to the Sterling Biotech Limited bank loan fraud case. Investigations uncovered the use of over 350 shell entities in multiple countries to launder funds. Other significant cases include the Dewan Housing Finance Corporation Limited (DHFL) case (₹1,246 crore attached), the Nirav Modi case (₹915 crore), and the Jet Airways bank loan case (₹503 crore).

The ED utilized provisions under Chapter IX of the Prevention of Money Laundering Act (PMLA) to secure these overseas attachments, often employing Letters Rogatory to obtain assistance from foreign courts. The agency’s actions highlight a significant crackdown on financial crimes and the recovery of illicitly obtained funds. Several cases involve alleged Ponzi schemes, online gaming fraud, and bank loan defaults. While some accused individuals are facing extradition proceedings, others have sought refuge in foreign countries. The ED continues its investigations across multiple jurisdictions to recover further assets and bring those responsible to justice.

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