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Tuesday, August 03, 2021

PNB moves court, seeks release or restoration of Nirav Modi’s properties attached by ED

The bank, which is a complainant in separate cheating cases filed against Modi, his uncle Mehul Choksi and others in 2018, has claimed that it has suffered losses of Rs 13,500 crore. The ED has attached properties belonging to Modi and the companies connected with him.

By: Express News Service | Mumbai |
Updated: July 15, 2021 1:00:32 am
Nirav Modi has been declared a fugitive economic offender in 2019. He is currently contesting extradition proceedings in UK.(File photo)

The Punjab National Bank (PNB) on Wednesday moved a special court seeking the release or restoration of properties of fugitive diamond jeweller Nirav Modi, attached by the Enforcement Directorate (ED).

The bank, which is a complainant in separate cheating cases filed against Modi, his uncle Mehul Choksi and others in 2018, has claimed that it has suffered losses of Rs 13,500 crore. The ED has attached properties belonging to Modi and the companies connected with him.

The PNB applications, filed before the special court under the Prevention of Money Laundering (PMLA) Act, seeks release or restoration of the properties to the recovery officer, liquidator of company Firestar Diamond International Private Limited and the resolution professional of company Firestar International Limited.

The special court went on to ask the ED to file a reply to the pleas.

Recently, a special court had allowed a similar plea, restoring properties of businessman Vijay Mallya and his companies, to a consortium of banks led by State Bank of India to recover due loan amount of over Rs 5,600 crore, while observing that the banks had suffered a “quantifiable loss”.

The PNB has sought the release or restoration of the properties under PMLA Act, as per which the court can direct the Union government to restore confiscated property or its part to a claimant with a legitimate interest, “who may have suffered a quantifiable loss as a result of the offence of money laundering”.

Nirav Modi has been declared a fugitive economic offender in 2019. He is currently contesting extradition proceedings in UK.

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