Latest news with #NiravModi
Hindustan Times
17 hours ago
- Business
- Hindustan Times
ED to release Nirav Modi's assets worth ₹60 crore to PNB
MUMBAI: A special CBI court has directed the Enforcement Directorate (ED) to release assets worth ₹60 crore belonging to fugitive diamantaire Nirav Modi to the Punjab National Bank (PNB), which had suffered huge losses in the alleged loan fraud perpetrated by Modi and his associates. Special CBI sessions judge AV Gujarathi on Tuesday ordered the ED to release jewellery, coins, watches and cash owned by Nirav Modi worth ₹40.83 crore and a flat registered in the name of his sister, Poorvi Modi, worth ₹19.50 crore. The public sector bank had approached the court under the Prevention of Money Laundering Act (PMLA), seeking an order to release some of the properties confiscated by the ED. The PMLA allows a party to move court seeking to release a confiscated property if the party has a legitimate interest in the property and has suffered a quantifiable loss. The plea observed that PNB and the consortium of banks led by Union Bank of India had suffered cumulative loss worth more than ₹8,526 crore on account of the fraud committed by Modi and his associates. Advocate Anuj Loya, representing the bank, submitted that the matter was pending since 2018. The CBI court observed that it had already issued a proclamation against Nirav Modi, his brother Neeshal Modi and his close associate Subhash Parab in December 2019. The applications against Modi and others under the Fugitive Economic Offenders Act, 2018 were also pending, it noted. The ED submitted that they had no objection to exempt the properties mentioned by the PNB. Poorvi Modi's advocate too did not object to the plea, observing that she neither had any beneficial interest in the properties nor did the properties belong to her. The court observed that the properties and valuables were exempted from confiscation and should be released in favor of the PNB. It ordered the properties to be released to the recovery officer at the debt recovery tribunal, Mumbai. The court also directed the PNB 'to file an undertaking to return the said amount with interest, in case, the court at any point in time, deemed it fit and appropriate, in the interest of justice to deposit the said amount in the court or to the complainant without any delay.' Nirav Modi is the prime accused in the ₹13,850-crore fraud at the Punjab National Bank (PNB) and was declared a fugitive economic offender in December 2019. Modi and his uncle, Mehul Choksi, are accused of defrauding the PNB by obtaining fraudulent letters of undertaking (LoUs), enabling them to secure overseas loans without proper collateral. The scam, uncovered in 2018, involved officials from PNB's Brady House branch in Mumbai issuing unauthorised LoUs to Modi's firms, allowing them to receive credit from foreign banks. The total loss to the PNB was estimated at ₹6,498 crore. The fraudulent transactions went unnoticed for several years due to the alleged collusion of certain bank officials. Modi, the mastermind behind the PNB scam, has been fighting extradition from the UK, where authorities arrested him in 2019.
Time of India
20 hours ago
- Business
- Time of India
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.
&w=3840&q=100)
Business Standard
a day ago
- Business
- Business Standard
PNB scam: Court clears release of Nirav Modi's ₹66.3 cr assets for recovery
A special court in Mumbai has permitted the release of properties valued at ₹66.33 crore, belonging to fugitive jeweller Nirav Modi and his sister Purvi Modi. These assets had been attached by the Enforcement Directorate (ED) as part of the money laundering investigation in the Punjab National Bank (PNB) scam. The court approved a request made by PNB to release the assets so they could be sold or auctioned to recover the losses caused by the fraud. The ED had initially attached the properties while investigating Modi and others in the multi-crore bank fraud. Special Judge AV Gujarathi, who heard cases under the Prevention of Money Laundering Act (PMLA), passed the order on June 17. The judge also directed PNB to provide an undertaking confirming that the amount earned from the sale would be recovered if needed in future. The assets consist of jewellery, coins, watches, and cash found at Nirav Modi's residence in Samudra Mahal, Worli, Mumbai, worth ₹40.83 crore. There is also a flat valued at ₹19.50 crore in Purvi Modi's name and other movable items found at the same address. The total loss reported by a consortium of banks, led by PNB, exceeds ₹8,526 crore — much higher than the value of attached properties, which total approximately ₹2,324.97 crore. ED raises no objection to release The ED informed the court that it had no objection to releasing the assets, provided certain conditions were met. After reviewing the submissions, the judge noted that Nirav Modi remains a fugitive and granted PNB's request to release the properties. Nirav Modi and his uncle Mehul Choksi are the main accused in the ₹13,500-crore PNB scam. While Choksi is facing legal proceedings in Belgium, Modi has been in a UK prison since 2019. Earlier on May 15, 2025, the UK High Court had once again denied bail to Nirav Modi, marking his tenth unsuccessful attempt since his arrest in 2019. The Enforcement Directorate posted on X: "The UK High Court has once again refused to grant bail to Nirav Modi, the mastermind of the $1 billion fraud against PNB, while hearing his fourth bail application on Thursday, 15/05/2025." The agency further said: "After detailed deliberations on the arguments of the defence (Nirav Modi) and counter arguments of the prosecution (Government of India), written submissions by the ED (which highlighted the money laundering aspects of laundering of proceeds through shell companies to external jurisdictions including the UK) and considering the extent of fraud (part of which has already been attached/confiscated by the ED and returned to the victim banks), the UK High Court dismissed the application and refused to grant bail to Nirav Modi." The Central Bureau of Investigation (CBI) confirmed the decision in a press statement: "Fresh Bail Petition filed by Nirav Deepak Modi was rejected by the High Court of Justice, King's Bench Division, London. The bail arguments were strongly opposed by the Crown Prosecution Service advocate who was ably assisted by a strong CBI team consisting of investigating and law officers who travelled to London for this purpose." The CBI added: "CBI could successfully defend the arguments which resulted in rejection of the bail. Nirav Deepak Modi has been in UK prison since 19th March 2019. It may be recalled that Neerav Modi is a fugitive economic offender who is wanted for Trial in India in a Bank fraud case of CBI for defrauding Punjab National Bank for Rs. 6498.20 crore... This is his 10th bail petition since his detention in the UK which was successfully defended by CBI through Crown Prosecution Service, London." Extradition approved Nirav Modi was arrested in the UK in March 2019. The UK High Court has already approved his extradition to India. The ED filed its money laundering case against him and Mehul Choksi in 2018, and multiple assets have since been seized. Modi's efforts to block extradition, including a petition to the UK Supreme Court in 2022, have all failed.
Time of India
a day ago
- Business
- Time of India
Release Nirav Modi-linked properties to PNB consortium, court orders 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar 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.
Time of India
a day ago
- Business
- Time of India
Court allows release of Nirav Modi and sister's properties worth Rs 66 cr from ED to PNB
A special court has permitted Punjab National Bank (PNB) to release and auction properties worth Rs 66.33 crore belonging to fugitive diamantaire Nirav Modi and his sister Purvi Modi, which were previously attached by the Enforcement Directorate (ED) in connection with the PNB fraud case. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads A special court here has allowed the release of properties worth Rs 66.33 crore, owned by fugitive diamantaire Nirav Modi and his sister Purvi Modi and attached by the Enforcement Directorate (ED) in connection with the multi-crore PNB fraud court allowed the application filed by the Punjab National Bank (PNB) seeking to release the properties so that they can be sold or auctioned to recover the dues. The central agency had attached these properties in connection with a money laundering probe against Modi and others in the PNB fraud judge A V Gujarathi, assigned to hear cases pertaining to the Prevention of Money Laundering Act (PMLA), in its order passed on June 17, however directed the bank to furnish an undertaking that the amount (at which the property would be sold) would be recovered if required in the properties include jewellery, coins, watches and cash that were found at Modi's house in Samudra Mahal in Mumbai's Worli area worth Rs 40.83 crore, a flat valued at Rs 19.50 crore in Purvi's name in the metropolis, and other unvalued movable properties recovered from Modi's Worli consortium of Banks, led by the PNB, claimed that they have suffered a cumulative loss of more than Rs 8,526 crore due to the fraud committed by Nirav Modi and his is more than the total value of the properties (approximately Rs 2,324.97 crore), which have been attached by the ED under the provisions of the PMLA, ED said it has no objection if the properties were exempted from attachment, subject to certain recording their submissions, the court noted that Modi still remains absconding and allowed the bank's plea for the release of the and his uncle Mehul Choksi are the prime accused in the Rs 13,500-crore PNB Choksi is fighting for his bail in a Belgium court, Modi has been languishing in a London jail since 2019.
