London. PNB scam mastermind Nirav Modi’s luxurious bungalow in London will now be sold. Nirav Modi and his family live in this luxurious bungalow. However, Nirav Modi will not be able to use the money received from the sale of this bungalow. On Wednesday, the Langan High Court gave permission to the trust that is in possession of the house to sell this luxurious bungalow but said that this bungalow cannot be sold for less than 5.25 million British pounds (about Rs 55 crore).
Luxurious bungalow in Marylebone
It is noteworthy that Nirav Modi is an accused in the PNB scam of Rs 13 thousand crore and money laundering case (PNB Scam) and the ED and CBI of India have filed several cases against him and are trying to bring him to Delhi. In this case, world renowned lawyer Harish Salve appeared on behalf of the ED i.e. Extradition Directorate, while Nirav Modi was connected online from Thameside Jail in south-east London. A Singapore company, Trident Trust, is also a claimant in this case. This company had demanded to sell this property in Marylebone area of Central London. On the other hand, ED’s argument was that since Nirav Modi has absconded after committing a large-scale fraud with Punjab National Bank for which he is facing extradition proceedings, hence this amount should be put on hold.
Harish Salve gave this argument…
In fact, the bungalow which was ordered to be sold by the court, was given to a trust by Nirav Modi in a very clever manner in 2017. The interesting thing is that Nirav Modi created this trust in the name of his sister Purvi Modi and other family members. However, Purvi Modi or her children did not participate in the court proceedings. That’s why Nirav Modi was named its main settler. Here, on behalf of ED, senior advocate Harish Salve argued that since Nirav Modi is an accused in the PNV scam and he has bought this bungalow with the money of the scam, the remaining amount received from the bungalow after the liabilities of the trust should be kept in a safe account. This should be given so that PNB money can be recovered from Nirav Modi. The court accepted this demand of Harish Salve.
Nirav Modi has lost everywhere
India has demanded his extradition from Britain. Nariv Modi was arrested on 19 March 2019 on the basis of warrants issued by ED and CBI. In 2021, Britain’s then Home Minister Preeti Patel had also ordered the extradition of Nirav Modi. In 2022, Nirav Modi has also lost the case in the Supreme Court. However, due to many legal complications, his extradition to India has not happened yet. (Input-PTI)
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Tags: London, Nirav Modi
FIRST PUBLISHED: March 28, 2024, 02:44 IST