<p>The Enforcement Directorate has started detaching the assets of the companies owned by fugitive diamantaire Nirav Modi, according to the official liquidator Santanu T Ray.</p>.<p>Rhythm House, the iconic music store at Kala Ghoda in Mumbai, is the first asset to be detached as per the order of the special Prevention of Money Laundering Act (PMLA) court and will be auctioned once the valuation process is completed, the senior partner at AAA Insolvency Professionals told DH.</p>.<p>“We are now in the process of getting the valuation done for Rhythm house and will then put it out on sale as per norms under the insolvency and bankruptcy code,” Ray said.</p>.<p>Modi was accused of an alleged $2 billion loan fraud at a Mumbai branch of Punjab National Bank and ED attached his assets in 2018 when he fled the country.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/national/national-politics/rs-13109-cr-recovered-from-defaulters-such-as-nirav-modi-vijay-mallya-fm-sitharaman-tells-ls-1062785.html" target="_blank">Rs 13K cr recovered from defaulters like Nirav, Mallya</a></strong></p>.<p>As and when the assets are released, Ray will action them to complete the liquidation process.</p>.<p>The ED was not immediately available for comment late on Wednesday evening.</p>.<p>Mahindra Group Chairman Anand Mahindra had tweeted back in 2018 that the Rhythm house should be revived.</p>.<p>Rhythm House was founded in 1948 by Suleman Nensey, but eventually Mehmood Curmally’s father Mammoo became a partner in it.</p>.<p>After selling music equipment, they got into selling vinyl records. Nirav Modi bought this property in 2017. </p>.<p>The ED, under the PMLA, had attached assets including silver, gold and precious and semi-precious stones. 21 Rhythm House is one of the 21 properties owned by Nirav Modi that were attached by the Enforcement Directorate.</p>.<p>According to reports, Rhythm House and four flats in Samudra Mahal building, Worli are collectively worth Rs 524 crore.</p>.<p>Firestar Diamond International, Nakshatra World and Firestar International are some of Nirav Modi’s companies that were sent for liquidation by the National Company Law Tribunal (NCLT).</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>The Enforcement Directorate has started detaching the assets of the companies owned by fugitive diamantaire Nirav Modi, according to the official liquidator Santanu T Ray.</p>.<p>Rhythm House, the iconic music store at Kala Ghoda in Mumbai, is the first asset to be detached as per the order of the special Prevention of Money Laundering Act (PMLA) court and will be auctioned once the valuation process is completed, the senior partner at AAA Insolvency Professionals told DH.</p>.<p>“We are now in the process of getting the valuation done for Rhythm house and will then put it out on sale as per norms under the insolvency and bankruptcy code,” Ray said.</p>.<p>Modi was accused of an alleged $2 billion loan fraud at a Mumbai branch of Punjab National Bank and ED attached his assets in 2018 when he fled the country.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/national/national-politics/rs-13109-cr-recovered-from-defaulters-such-as-nirav-modi-vijay-mallya-fm-sitharaman-tells-ls-1062785.html" target="_blank">Rs 13K cr recovered from defaulters like Nirav, Mallya</a></strong></p>.<p>As and when the assets are released, Ray will action them to complete the liquidation process.</p>.<p>The ED was not immediately available for comment late on Wednesday evening.</p>.<p>Mahindra Group Chairman Anand Mahindra had tweeted back in 2018 that the Rhythm house should be revived.</p>.<p>Rhythm House was founded in 1948 by Suleman Nensey, but eventually Mehmood Curmally’s father Mammoo became a partner in it.</p>.<p>After selling music equipment, they got into selling vinyl records. Nirav Modi bought this property in 2017. </p>.<p>The ED, under the PMLA, had attached assets including silver, gold and precious and semi-precious stones. 21 Rhythm House is one of the 21 properties owned by Nirav Modi that were attached by the Enforcement Directorate.</p>.<p>According to reports, Rhythm House and four flats in Samudra Mahal building, Worli are collectively worth Rs 524 crore.</p>.<p>Firestar Diamond International, Nakshatra World and Firestar International are some of Nirav Modi’s companies that were sent for liquidation by the National Company Law Tribunal (NCLT).</p>.<p><strong>Watch latest videos by DH here:</strong></p>