Nirav Modi was declared a fugitive in December 2019
A special court in Mumbai has allowed the handing over of assets worth Rs 500 crore of fugitive Nirav Modi’s companies to Punjab National Bank. This is the third order in two weeks in which the assets of Nirav Modi’s companies are being handed over to the bank. The total value of all these properties is Rs 1000 crores.
Let us tell you that Nirav Modi was declared a fugitive or criminal in December 2019. Nirav and his maternal uncle Mehul Choksi are accused of scam of Rs 14,000 crore with Punjab National Bank. His property was also recently attached by the ED.
Earlier, the court had taken up the petitions filed by PNB seeking release of assets worth Rs 108.3 crore from Firestar International (FIL) and Rs 331.6 crore from Pyaarstar Diamond International Pvt Ltd in July this year. PNB was asked to release the mortgaged properties in lieu of loans given to both the companies.