PNB moves court to seek restoration of assets in Nirav Modi case

The Punjab National Bank has made an application before the Prevention of Money Laundering Act court to request a restoration of the properties worth Rs 71.16 crore confiscated from jewellery tycoon and accused fraudster Nirav Modi. 

The PNB stated in its application that it has incurred a loss of Rs 8,526.2 crore due to the alleged fraud by Modi, ET Retail reported. The application seeks the release of mortgage hypothecated guarantors’ properties. 
 
In March this year, Nirav Modi claimed that he has no funds to pay his court-ordered legal fees in the UK, the Press Trust of India reported at the time. Modi stated in his plea that his assets are frozen in India which is why he has no funds to pay his court fees. The case was subsequently statute barred in the UK and Modi has been previously granted his plea to pay £10,000 a month before a review hearing. 

Nirav Modi is accused of defrauding a range of banks, most notably the PNB, through his various diamond and jewellery businesses including Nirav Modi and Firestar Diamond. Modi is also accused of witness intimidation and the withholding of evidence. 
 
While Modi is being held in Wandsworth Prison in the UK, his Uncle and fellow accused Mehul Choksi is believed to be residing in Antigua where he has taken citizenship. The fraud case is one of the largest in India’s banking history totalling over Rs 13,500 crore.