Mumbai : The main accused in the Punjab National Bank (PNB) scam case and India’s fugitive diamond merchant Nirav Modi is about to get a big shock. The reason for this is that Punjab National Bank, the country’s second largest lender, has started preparing to recover the scam amount by selling the seized property of Nirav Modi. According to media reports, Punjab National Bank has filed a petition in a special court in Mumbai seeking restoration of assets worth Rs 71 crore of fugitive diamond merchant Nirav Modi. Nirav Modi is accused of cheating crores of rupees from the bank. The bank has urged the court to restore the properties attached by the investigating agencies to recover a part of the dues.
amount to be recovered public money
Punjab National Bank has said in the petition filed in the special court of Mumbai that PNB Consortium and UBI Consortium have always done their business in good faith in normal banking activities. When he gave loan to Nirav Modi companies, the bank was not aware of the fraud. The bank said that at present, properties worth only Rs 1,066.41 crore have been freed from attachment under the PMLA, the value of which is not sufficient to cover the loss suffered by the bank. The petition states that the claimants are public sector banks and the amount to be recovered is public money.
Assets must be sold to get a higher price
The petition filed by the bank states that some of the properties attached by the ED (Enforcement Directorate) are subject to market fluctuations and any delay in selling them could result in a drop in value. Therefore, there is a need to sell the properties immediately to get more value. Some of Nirav Modi’s seized assets include jewelery worth Rs 35.52 lakh from Firestar Diamond Ltd and eight cars including a Bentley. The total value of the properties to be restored is Rs 71.16 crore. On PNB’s plea, the court has directed the prosecution to file its reply by July 25.
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Nirav Modi was declared a fugitive criminal in December 2019
Let us inform that Nirav Modi, the prime accused in the PNB scam case, was declared a fugitive economic offender in December 2019. It is alleged that Nirav Modi and his maternal uncle Mehul Choksi defrauded PNB to the tune of Rs 14,000 crore through credit facilities. After this fraud came to light, the Enforcement Directorate (ED) attached the property of Nirav Modi and his family members under the Prevention of Money Laundering Act.
