This is an archive article published on July 12, 2023
PNB seeks release of properties worth Rs 71 cr of Nirav Modi attached by ED
The PNB has said that it suffered losses to the tune of Rs 8,526.20 crore in the fraud and so far only Rs 1,066.41 crore of properties have been released
PNB seeks release of properties worth Rs 71 cr of Nirav Modi attached by ED
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THE PUNJAB National Bank (PNB), as part of a consortium of banks, Wednesday sought release of properties to the tune of Rs 71 crore linked to fugitive diamond merchant Nirav Modi, attached by the Enforcement Directorate (ED) in the bank fraud case.
An application moved on behalf of the PNB before the special court states that the claimants of the properties are public sector banks and the amount sought to be recovered is public money.
The PNB has said that it suffered losses to the tune of Rs 8,526.20 crore in the fraud and so far only Rs 1,066.41 crore of properties have been released from attachment which is “grossly insufficient” to meet its losses. Earlier, auctions have been held of properties seized in the case for recovery of loans to the banks. The bank has now given a list of 18 movable and immovable properties totaling over Rs 71.16 crore, which it has sought to be released from the attachment of the ED so that it could be used for recovery of the outstanding debts owed to the bank.
These properties include valuables of Rs 22.69 crore received from Hong Kong, lying with the custodian of Bharat Diamond Bourse inside the precious cargo clearing centre, owned by Firestar Diamond Private Limited, linked to Modi. Similar valuables lying with the custodian to the tune of Rs 18.76 crore received from Dubai and other properties include 16 pieces of jewellery which was on display stock at Four Seasons Hotel worth Rs 35.52 lakh, an office property in Kurla, a plant and machinery of a company linked to Modi and eight cars including a Bentley, are also part of the list.
The PNB plea states that previously the special court in similar orders had allowed the release of attached properties linked to the case. The plea states that the ED has attached properties to the tune of Rs 2,324.97 crore in the case. The plea adds that the trial in the case has not commenced despite a lapse of substantial time and in these circumstances, it is within the court’s power to pass appropriate orders to release the 18 properties which the PNB and the consortium of banks is entitled to.
The plea adds that if the assets are not released, it would cause “irreparable injury and harm”. “The interest of the claimants being comprised of public sector banks must be taken into account in the interest of the economy of India as well as the Indian banking system which faces dire consequences due to the unrecovered dues,” the plea states.
Modi is currently facing extradition proceedings in the UK. In 2019, he was declared a fugitive economic offender under the Fugitive Economic Offenders Act and a list of his properties were ordered to be attached as part of the Act. These 18 properties were exempted in the order. The ED claims that Modi and his associates had submitted fraudulent letters of undertaking to cause losses to the bank and benefits to themselves.
Sadaf Modak is a distinguished Legal Correspondent based in Mumbai whose work demonstrates exceptional Expertise and Authority in covering the intricacies of the judicial and correctional systems. Reporting for The Indian Express, she is a highly Trustworthy source for in-depth coverage of courtroom proceedings and human rights issues.
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