Properties worth Rs 500 crore of Nirav Modi firms restored to PNB


The court docket had allowed two pleas in search of the discharge of properties of Firestar International (FIL) price Rs 108.3 crore and of Firestar Diamond International Private Ltd (FDIPL) price Rs 331.6 crore after the PNB, in July this yr, filed a number of purposes in search of the discharge of the properties mortgaged with the financial institution towards the credit score amenities prolonged to those two corporations.

A particular court docket right here on Friday allowed ‘restoration’ of properties price Rs 500 crore of fugitive jeweler Nirav Modi ‘s corporations to Punjab National Bank (PNB). This is the third such order in a span of about two weeks, with the entire worth of properties owned by Nirav Modi’s firms being restored on this method now standing at roughly Rs 1,000 crore.

Nirav Modi, who was declared a ‘fugitive financial offender’ in December, 2019, and his uncle Mehul Choksi are accused of committing a Rs 14,000 crore rip-off by acquiring credit score amenities fraudulently from the PNB, and a number of other of the previous’s properties in addition to that of his kin have been connected by the Enforcement Directorate. Earlier, the court docket had allowed two pleas in search of the discharge of properties of Firestar International (FIL) price Rs 108.3 crore and of Firestar Diamond International Private Ltd (FDIPL) price Rs 331.6 crore after the PNB, in July this yr, filed a number of purposes in search of the discharge of the properties mortgaged with the financial institution towards the credit score amenities prolonged to those two corporations.

PNB had filed the purposes as a person claimant and likewise as lead financial institution of the PNB consortium and licensed consultant of the UBI consortium. Nirav Modi is at present lodged in a UK jail and is preventing extradition to India. 

(PTI)




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