A special court in New Delhi has granted permission to release properties worth Rs 66.33 crore belonging to fugitive businessman Nirav Modi and his sister Purvi Modi. The assets, which include jewellery, luxury watches, and real estate, were previously attached by the Enforcement Directorate (ED) in connection with the multi-crore Punjab National Bank (PNB) fraud case. The decision was made in response to an application filed by PNB, which is leading a consortium of lenders that claims to have suffered a cumulative loss of over Rs 8,526 crore due to the alleged fraud.
The ED had attached the properties under the Prevention of Money Laundering Act (PMLA) as part of its ongoing investigation into money laundering linked to the Rs 13,500-crore PNB scam. The released assets include jewellery, coins, and luxury watches worth Rs 40.83 crore found at Modi’s residence in Mumbai, as well as a flat in Purvi Modi’s name valued at Rs 19.50 crore. The court noted that the total worth of assets attached by the ED is approximately Rs 2,324.97 crore, which is significantly less than the overall financial damage claimed by the banks.
Special Judge A.V. Gujarathi passed the order on June 17, allowing PNB’s plea to sell or auction the attached assets to recover a part of its dues. However, the court directed the bank to submit an undertaking stating that the sale proceeds could be recovered in the future if required. The ED also stated that it had no objection to the release of the properties, provided specific conditions were met. The release of these assets is a significant development in the ongoing investigation into the PNB fraud case, and it is expected to help the banks recover a part of their losses. The case is still ongoing, and the court’s decision is subject to further scrutiny and potential appeals.