Order to release valuable properties of Nirav Modi worth Rs 71.16 crore to PNB
Mumbai: The special court hearing the fraud case against Nirav Modi has ordered the release of 18 properties of Modi worth Rs 71.16 crore to Punjab National Bank, which lost huge money in the LoU fraud by Modi and his uncle Mehul Choksi. Was. These properties were attached by the Enforcement Directorate and were to be confiscated under the Fugitive Economic Offenders Act.
The properties seized by ED
These 18 properties include valuables belonging to Modi’s firms recovered from Hong Kong, worth ₹22.69 crore, valuables recovered from Dubai, worth ₹18.76 crore, display stock of 16 pieces of jewelery at Four Seasons Hotel, worth ₹35.52 lakh, an office space with a covered car parking space in the lower basement at Kohinoor city in Kurla priced at ₹24.63 crore, and 8 vehicles including a Bentley priced at ₹26 lakh, a Force Motor Traveler priced at ₹9.80 lakh and an Alto at The price is ₹2.25 lakh.
The bank had filed a petition before the special court seeking exemption of these 18 properties from all other seized properties that the Enforcement Directorate intends to seize under the FEO law. The bank claimed that it had suffered huge losses and these properties were part of the mortgaged properties.
How did Modi defame PNB?
The court said that the ED complaint described a series of events through which Nirav Modi and certain firms/companies/entities controlled by him, including Solar Exports, Diamonds R US and Stellar Diamonds, defrauded PNB of more than ₹7029 crore. Has committed fraud. 06,87,950.
65 By obtaining multiple LOUs from PNB in an unauthorized manner. Besides this the agency also claimed a previous order to release properties which were not mortgaged or presented as security to the bank. However, the court said that the existing properties were mortgaged by Modi’s companies and hence, they could be released to the bank to cover its losses.
Modi became a fugitive economic criminal!
After Modi was declared a fugitive economic offender, the ED had sought to seize properties worth ₹1,396.07 crore, which it claimed were purchased or owned by him using the proceeds of crime. Was. The court was now hearing parties who could claim these properties before they were confiscated to the national treasury.
Modi was declared an FEO under the new law on December 5, 2019, following which the court initiated the process of confiscating his properties. The court refused to allow them to intervene in the process, but allowed the banks to be heard.
