Release Nirav-linked properties worth over 60cr to PNB consortium: Court
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.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Quito: Inicia hoy con Amazon CFD y construye un segundo ingreso.
InvestIQ
Registrarse
Undo
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.
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. 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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
37 minutes ago
- Indian Express
Pakistan used unsuspecting customers to route funds to CRPF officer: Probe
Days after the arrest of CRPF Assistant Sub-Inspector Moti Ram Jat for allegedly leaking sensitive information to Pakistani intelligence officials, Central intelligence agencies have uncovered a new layer to the espionage network — a covert funding mechanism that exploited ordinary Indian citizens. According to investigators, Pakistani officials used an unusual modus operandi to send money to Jat: instead of transferring funds directly or through their Indian handlers, they instructed unrelated individuals — mostly unsuspecting customers in business transactions — to deposit money into Jat's account, under the impression that it was part of a legitimate commercial deal. 'These were unsuspecting individuals who either struck small business deals with someone or were asked by their clients to transfer money via QR codes for services like travel bookings or currency exchange. But the account details they were given actually belonged to Moti Ram Jat,' a source with a central intelligence agency told The Indian Express. 'They had no knowledge of who Jat was or what his real role was.' This layering of transactions has made the financial trail harder to trace and added complexity to the investigation, the source said. Jat was arrested last month by the National Investigation Agency (NIA) in Delhi for allegedly sharing classified information with Pakistani agents posing as TV journalists. He had been posted with a CRPF battalion in Pahalgam, Jammu and Kashmir, and was transferred to Delhi just five days before the April 22 terror attack in which 26 civilians were killed. The probe has revealed that over the past two years, Jat allegedly sent multiple sensitive documents to his handlers in Pakistan in exchange for regular payments — Rs 3,500 per month and occasional lump sums of up to Rs 12,000 for high-value intelligence. The funds were deposited into his and his wife's bank accounts. Following the money trail, the NIA found that deposits came from various states, including Delhi, Maharashtra, Haryana, Uttar Pradesh, Rajasthan, Chhattisgarh, Assam and West Bengal. 'The pattern was clear — multiple transfers from unrelated bank accounts in different regions,' the source said. This discovery prompted simultaneous searches by NIA teams at several locations, including a shop in Alipore, a travel agency in Khidderpore, and a hotel in Park Circus in Kolkata. In one case, the owner of a travel agency was summoned for questioning over suspicious transactions. Earlier this month, the NIA confirmed the espionage links. 'The suspects had connections with Pakistani operatives, and acted as financial conduits for carrying out espionage activities in India. NIA teams have seized several electronic gadgets and sensitive financial documents, along with other incriminating materials during the searches,' the agency said in a statement. It added that several electronic devices and sensitive financial documents were seized and are being examined. According to sources, Jat has claimed that he was initially contacted by a woman who posed as a journalist from a Chandigarh-based TV channel. After regular exchanges over phone and video calls, he began sharing documents with her. A few months later, a man — allegedly a Pakistani official — took over the conversation, continuing the ruse as a fellow journalist. Payments reportedly began two to three months after initial contact and were transferred on the fourth day of every month. Investigators believe this indicates a structured and well-funded espionage operation, run from across the border but embedded within Indian financial systems using innocent intermediaries. The NIA has briefed the Ministry of Home Affairs, the CRPF, and other central agencies about the evolving methods being used by Pakistani operatives to fund and mask their activities within India.
Time of India
39 minutes ago
- Time of India
Panbazar road overbridge to be ready by July: NFR
Guwahati: Construction of the Panbazar road overbridge (ROB), which began last year, is expected to be completed by July, Northeast Frontier Railway (NFR) officials said. The bridge is likely to ease traffic congestion in the Paltan Bazar and Panbazar areas, two of the city's oldest cosmopolitan areas. Tired of too many ads? go ad free now "As of now, concretisation work on the bridge's approaches is going on. But most of the work has been completed, including laying the foundational structures, significant fabrications, and placing the bow string girders. Advanced sub-soil strengthening through geo-cell technology has also been completed. The project is expected to be complete by July this year," said Kapinjal Kishore Sharma, chief public relations officer, NFR. The construction work of the ROB has not been progressing on a smooth note. The CPRO said the presence of the fire brigade station posed a challenge in the stacking of construction materials, limiting workspace efficiency. Approximately Rs 48 crore in cost, the project was undertaken by a Kolkata-based construction company to facilitate the smooth movement of the electric locomotives as part of the NFR's ongoing electrification process, where high-voltage lines have been installed. However, the old ROB, which was built in 1965, had turned into a 'dead wire zone'. The area under the bridge was a neutral point, and since it was not charged, it restricted the speed permanently to 15 km/h. As a result, locomotives approaching Guwahati railway station failed to maintain the required momentum, causing them to halt in that area. "Waterlogging also used to be a recurring challenge, especially during heavy rains, causing signal failures and disruptions. Tired of too many ads? go ad free now With the necessary adjustments to this project, the lifted track levels will prevent waterlogging, ensuring smooth operations even during monsoons," Sharma said. He added that the new ROB will aim to address the limitations of its predecessor while introducing significant enhancements. With a span of 60 meters, it will provide improved vertical and horizontal clearance. It will also feature a three-lane wide road replacing its two-lane limitations, which will increase its capacity to handle higher volumes of road traffic as well, thus ensuring a smoother transportation system for commuters.
Time of India
39 minutes ago
- Time of India
HC judge calls for deeper engagement with law
Dimapur: Justice Y Longkumer, judge of Gauhati High Court, Kohima bench, on Friday called for deeper engagement with law, greater professional development and renewed commitment to justice by the lawyers. She said the panel lawyers, who often serve as the first line of access to justice for the marginalised and under-represented, now play a unique and essential role as educators, advisors and counsellors for common citizens at a time when the Indian legal system is undergoing a pivotal transition with the introduction of new criminal laws. Longkumer was speaking at the one-day orientation programme organised by the Nagaland State Legal Services Authority on new criminal laws — Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS), Bharatiya Sakshya Adhiniyam (BSA) — for panel/retainer lawyers and Legal Aid Defence Counsel System lawyers in Kohima. She said the Indian criminal justice system is undergoing significant reforms with the introduction of the BNS, BNSS and BSA, replacing the IPC, CrPC and Indian Evidence Act. "These new legislative reforms are not just mere cosmetic changes but represent a new way of thinking on how the justice system is perceived, delivered and experienced by the common citizens," Longkumer said. She said the lawyers, who serve in the legal services panel, are often the first line of access to justice for the marginalised and under-represented, and their role now is more important than ever. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top Cardiologist Says This Food Can Do Wonders For Your Health Gundry MD Learn More Undo "You have to learn to adapt to changes with professionalism and as it is with any legal transition, there will be challenges and uncertainties in the interpretation," the judge said. On existing practical difficulties, Longkumer cited the existence of different interpretations and sources, questions and the practical burden of unlearning and relearning while observing that now they have to change their mindset and start to unlearn the IPC, CrPC and learn the new laws.
