Watches, coins, flat: Properties linked to Nirav Modi worth Rs 60 crore to be restored to PNB
A special court permitted restoration of properties linked to diamond merchant Nirav Modi valued at over Rs 60.33 crore, to the Punjab National Bank (PNB), allowing the bank's plea which said that the consortium of banks led by it has incurred losses of Rs 8526 crore in the alleged fraud.
The restored properties include valuables worth Rs 40.83 crore, including jewellery, coins, watches and cash, from the Worli residence of Nirav Modi and a flat worth Rs 19.50 crore in Breach Candy.
These properties were attached by the Enforcement Directorate (ED) in 2018-19 under the Prevention of Money Laundering Act, as part of its probe in to the fraud, where Nirav Modi and others are alleged to have connived with bank officials in issuing fraudulent Letters of Undertaking from 2008, causing losses to the banks.
The PNB, citing the Prevention of Money Laundering (Restoration of Confiscated Property) Rules, 2016, said that the banks have a legitimate interest in the properties as they have suffered cumulative loss of more than Rs 8526.20 crore due to the fraud.
It said that the value of the properties attached by the ED is around Rs 2,324.97 crore.
It sought exemption of the two properties, including the valuables seized from the Samudra Mahal flats of Nirav Modi and a flat in Diamond Head building in Breach Candy, which was in the name of his sister, Purvi.
The ED gave its no-objection to the plea. Purvi's lawyer, Manavendra Mishra, submitted that she is not the beneficial owner of the flat, and has no objection for the PNB plea to be allowed.
Special Judge A V Gujarathi said that the case is pending since 2019 and the proclamation is issued against the diamond merchant and others in 2019, as they are absconding.
A plea to declare Nirav Modi a fugitive economic offender is also pending. He is currently in the UK facing extradition proceedings. The court also noted that the ED and Purvi have not objected to the plea. It directed PNB to file an undertaking to return the amount with interest, in case the court deems it fit.
Previously too in separate orders, restoration of properties was allowed to the PNB.
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