Court Grants PNB Green Light for Sale of Nirav Modi's Assets

A special court allowed the release of properties worth Rs 66.33 crore owned by fugitive Nirav Modi, held by the ED concerning the PNB fraud case. PNB sought the release to recover dues. Modi's absconding status persists. Jewels and cash are involved alongside larger scam nuances.

A special court has sanctioned Punjab National Bank's bid to release and subsequently sell assets worth Rs 66.33 crore belonging to fugitive diamantaire Nirav Modi. This ruling permits PNB to offset some losses from the notorious multi-crore scam linked to Modi and his affiliates.

The Enforcement Directorate initially seized these assets, including valuable jewelry and properties, as part of a money laundering probe under the Prevention of Money Laundering Act (PMLA). PNB secured the court's nod to auction these assets with a guarantee to return funds if recalled.

The fraud, orchestrated by Nirav Modi and associates, accrued losses exceeding Rs 8,526 crore for PNB. Meanwhile, Modi, detained in a London prison, and his uncle, Mehul Choksi, who faces charges in Belgium, remain at the scandal's center.

(With inputs from agencies.)