PNB seeks release of fugitive Nirav Modi's property to recover dues
Punjab National Bank (PNB) on Wednesday moved an application before a special court seeking the release of the ₹71 crore worth of property owned by fugitive diamond merchant Nirav Modi, who is accused of duping the bank, to recover a part of its dues, according to PTI reports. Nirav Modi was declared a 'fugitive economic offender' in December 2019, and his uncle Mehul Choksi is accused of committing a ₹14,000 crore scam by obtaining credit facilities fraudulently from the PNB and several of the former's properties, as well as that of his kin, were attached by the Enforcement Directorate under the provisions of the Prevention of Money Laundering Act. Currently, only ₹1,066.41 crore of properties have been released from attachment under the PMLA and this value is grossly insufficient to meet the quantifiable loss, it said. It added that there is an immediate need for the speedy disposal of the assets to realize their best value.
Some of the properties are valuables owned by Firetstar Diamond Ltd, jewelry worth ₹35.52 lakh, and 8 cars, including a Bentley owned by Nirav Modi. The total value of properties sought to be restored is ₹71.16 crore. The court asked the prosecution to file its reply by July 25, PTI reported. In March this year, Nirav Modi claimed that he has left with no money and will have to borrow some amount to pay the fine to the UK Court.
He reportedly claimed that he has no funds and is resorting to borrowing money to pay the court-ordered legal costs amounting to more than 150,000 pounds ( ₹1,48,05,222). The former billionaire last year lost his legal battle in the highest UK court against being extradited to India in the estimated $2 billion Punjab National bank (PNB) loan scam.
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