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PNB seeks special court’s permission for release of Nirav Modi’s assets

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Written by Sadaf Modak
| Mumbai |

Updated: January 11, 2020 2: 45: 44 am


Nirav Modi, Nirav Modi case, Nirav Modi money laundering case, Punjab National Bank, PNB, PNB case, PNB money laundering case, India news, Indian Express Modi, who is within the back of bars within the UK and faces extradition complaints, used to be declared a fugitive economic offender below the Fugitive Financial Offenders Act last month.

CLAIMING THAT recoveries made of the sale of movable and immovable properties belonging to diamantaire Nirav Modi will almost definitely be ‘a foremost boost to the industrial health of the country within the cessation’, the Punjab Nationwide Bank (PNB) on Friday sought permission from a certain court to liberate the properties to them.

Modi, who is within the back of bars within the UK and faces extradition complaints, used to be declared a fugitive economic offender below the Fugitive Financial Offenders Act last month. The actual court is expected to hear arguments on confiscation of his properties, including his command in Worli, a pair of region of job premises in South Mumbai including the Rhythm Residence building in Kalaghoda, jewellery, autos and art work.

Modi is named as accused by every the Enforcement Directorate and CBI for alleged fraud on the Brady Residence branch of PNB.

“It is a long way submitted that the ED has rightly recognised that the PNB is a sufferer of the substantial fraud dedicated by the fugitive offender (Modi) which has resulted in substantial losses to the claimants (PNB and UBI consortium of banks). Needless to impart that the ED has no longer made any allegations of criminality in opposition to the claimants. It is a long way thus submitted that the act of depriving them of the mortgaged … properties would yield a fully absurd and supposed outcomes whereby the claimants being and innocent occasions would be gravely and irreparably prejudiced,” PNB stated.

The applying by PNB added that the consortium of banks had in proper faith and in a bonafide manner accredited numerous movable and immovable properties from Firestar International Restricted, controlled by Modi, including his 69 bank accounts, shares, valuables, investments and autos, as guarantee for providing working capital facilities.

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