India

Rs 500 crore assets of Nirav Modi firms restored to Punjab National Bank

By PTI

MUMBAI: A special court here on Friday allowed Punjab National Bank (PNB) to “restore” properties worth Rs 500 crore of the firms of fugitive jeweler Nirav Modi.

This is the third such order in a span of nearly two weeks, in which the total value of properties owned by Nirav Modi’s companies is being restored in such a way which is now around Rs 1,000 crore.

Nirav Modi, who was declared a ‘fugitive economic offender’ in December 2019, and his uncle Mehul Choksi are accused of scamming Rs 14,000 crore by fraudulently availing credit facilities from PNB, and several properties of the former as well. He too. His relatives were attached by the Enforcement Directorate.

Earlier, the court had allowed two petitions by PNB seeking release of assets of Firestar International (FIL) worth Rs 108.3 crore and Firestar Diamond International Pvt Ltd (FDIPL) worth Rs 331.6 crore in July this year. Release of mortgaged properties with the bank against the credit facilities extended to these two firms.

PNB had also filed applications as an individual claimant and as the lead bank of the PNB consortium and an authorized representative of the UBI consortium.

Nirav Modi is currently lodged in a UK jail and India is fighting for extradition.

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