ED to hand over Nirav Modi, Vijay Mallya properties to NBCC

PSU to rent out commercial properties attached by directorate

The Enforcement Directorate (ED) could soon hand over attached properties, including Nirav Modi and Vijay Mallya's, to state-owned construction company National Buildings Construction Corporation (NBCC), which will rent these out for commercial or residential purposes.
 
Business Standard has learnt the decision was taken earlier this week at a meeting in the finance ministry. Finance secretary Hasmukh Adhia chaired the meeting. ED director Karnal Singh and NBCC chairman Anoop Mittal attended the meeting.
 
The ED manages attached properties. There is no provision under the Prevention of Money Laundering Act (PMLA) for renting out of seized properties to earn revenue.