Punjab National Bank: The process of confiscation of Nirav's property will be initiated only after the court order. Another application is to be made to the Central Investigating Agency for confiscation of assets.
Image: File Image
New Delhi: The court has taken strict action against jeweler Nirav Modi, the main accused in the financial fraud related to Punjab National Bank. A special FEO court on Wednesday ordered the seizure of Nirav's assets worth Rs 500 crore, including a house in an international bank account. The special court issued this order based on the Fugitive Economic Offenses Act or FEO.
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Court allows confiscation of property worth Rs 500 crore of Nirav Modi
Photo of Sabdik News Sabdik News2 hours ago 12
Punjab National Bank: The process of confiscation of Nirav's property will be initiated only after the court order. Another application is to be made to the Central Investigating Agency for confiscation of assets.
Image: File Image
New Delhi: The court has taken strict action against jeweler Nirav Modi, the main accused in the financial fraud related to Punjab National Bank. A special FEO court on Wednesday ordered the seizure of Nirav's assets worth Rs 500 crore, including a house in an international bank account. The special court issued this order based on the Fugitive Economic Offenses Act or FEO.
The Enforcement Directorate had moved the court to seize Nirav's luxury residence Rhythm House in the heart of south Mumbai, the businessman's bungalow in Alibaug, 22 cars, money in foreign accounts and valuables. The court has ordered to confiscate Nirav Modi's property for the second time. In 2019, Nirav Modi was declared an economic criminal by the court. Nirav was given that title as per the new FEO Act.
The process of confiscating Nirav's property will be initiated only after the court order. Another application is to be made to the Central Investigating Agency for confiscation of assets. The Central Investigating Agency initially wanted to seize assets of Punjab National Bank under the Prevention of Money Laundering Act or PMLA.
Diamond businessman Nirav Modi had defrauded state-owned banks in a multi-crore loan default and financial corruption case. Nirav's organization took crores of loan from Punjab National Bank with fake documents. The huge amount was taken as a loan from PNB's Mumbai branch. The company that took the loan was under Nirav Modi since 2011. At the moment there are debtors abroad. Efforts are being made to bring him back to the country.
