CONFISCATED NIRAV MODI’S ASSETS WORTH RS. 1400 CRORE, SAYS BOMBAY COURT

Special Judge of the City, Civil, and Sessions Court of greater Bombay ordered that all the properties belonging to Nirav Modi can now be confiscated.

Modi, an accused in the RS. 13,570 crore fraud caused to Punjab National Bank faces extradition proceedings in London.

According to the order reviewed by ET, the court directed the Enforcement Directorate to attach the property.

The court said in the order that, “properties of Nirav Modi excluding the properties claimed by lenders which are only secured by mortgage, hypothetical and guarantee to the extent of valuable paintings seized by Income Tax Department shall be attached by ED under the provisions of FEO Act within a month and after attachment thereof, the said properties shall stand confiscated to the Central Government”.

It allows lenders including PNB and other banks to hold the assets and to proceed with their claims for properties exempted from the order.

The Court allowed the Enforcement Directorate (ED) to find a remedy as per law in respect of the paintings seized by the Income Tax (IT) Department.

By Shubhi Singhal of LCD