Release Nirav Modi-linked properties to PNB consortium, court orders ED
Mumbai: In a significant development in the Nirav Modi money laundering case, a special judge ordered the release of properties worth over Rs 60 crore, previously attached by the Enforcement Directorate (ED), to
Punjab National Bank
(PNB) and its consortium.
The order pertains to properties linked to Nirav Modi and his sister, Purvi Modi. The properties in question include valuables such as jewellery, coins, watches and cash found at Nirav Modi's Worli flat valued at Rs 40 crore, and Purvi Modi's flat at Bhulabhai Desai Road, valued at Rs 19.5 crore.
The plea, filed by PNB in its individual capacity and as the lead bank for the PNB Consortium and authorised representative for the UBI Consortium, sought the exemption of specific properties from confiscation.
PNB and its consortiums have cumulatively suffered a loss exceeding Rs 8,526.2 crore due to the alleged fraud committed by Nirav Modi and his associates, an amount significantly higher than the approximately Rs 2,324.97 crore in properties attached by the ED.
The ED filed its reply to the plea and expressed no objection to exempting the properties, subject to certain conditions. Purvi Modi stated in court she was not the beneficial owner of the subject property and has no beneficial interest in the properties.
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Therefore, she had no objection to allowing the application.
The court noted the properties were attached by the ED via an order dated Feb 25, 2019, and Sept 11, 2018, respectively. The case has been pending since 2018, and a proclamation was issued against accused Nirav Modi, Neeshal Modi, and Subhash Parab in the 2018 CBI case on Dec 4, 2019, as they are absconding. "Therefore, I have no hesitation to hold that the matter cannot be conducted as the accused is absconding.
The respondents (ED and Purvi Modi) have no objection to grant the application.
..," the judge noted while allowing PNB's plea. The order directed that the properties are exempted from confiscation and shall be released to the recovery officer, DRT-I Mumbai. PNB has been directed to file an undertaking to return the amount with interest if the court deems it fit and appropriate at any point in time to deposit the amount in court or to the complainant without delay.
In 2023, the court had allowed CBI plea for a separate proceeding against two accused in the PNB scam case. The judge noted extradition proceedings against prime accused Nirav Modi are underway in the UK but no one knows how long it will go on. Nirav, who is also booked in a related laundering case, was declared a fugitive economic offender in Dec 2019. In the first order of confiscation under Fugitive Economic Offenders Act, 2018, a special court in June 2020 directed his properties be attached by ED.
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