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HomeBusinessNirav Modi Case: ED releases Nirav Modi's properties, know the reason

Nirav Modi Case: ED releases Nirav Modi’s properties, know the reason

Highlights

  • The National Company Law Tribunal (NCLT) has appointed a liquidator for the auction of these properties.
  • The ED has released these properties on the orders of the court so that the amount of PNB scam can be recovered by auctioning them.
  • ED (Enforcement Directorate) is currently trying to take possession of Nirav’s properties abroad.

Mumbai
The Enforcement Directorate has released or de-attached the properties of fugitive businessman Nirav Modi. Their value is 1000 crores. These include the building located at Kala Ghoda, which once housed the Rhythm House. Apart from this, a flat on Nepanesia Road, an office building in Kurla and some jewelery of Nirav Modi are included. The ED has released these properties on the orders of the court so that the amount of Punjab National Bank (PNB) scam can be recovered by auctioning them.

The National Company Law Tribunal (NCLT) has appointed a liquidator for the auction of these properties. The ED has already released some properties. Now PNB will auction these properties and recover its money. These properties also include a solar plant located in Ahmednagar district. The ED has also handed over Rs 6 crore to PNB, which was acquired from the auction of some expensive things including Nirav Modi’s car, paintings.

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Nirav Modi had scammed about Rs 6,500 crore in PNB. He is currently in a jail in London. The Indian government is trying to repatriate him. Some of Modi’s properties which were not mortgaged with PNB will continue to be in the possession of the ED. These include the Samudra Mahal building located in Worli. Its cost is Rs 100 crore. Apart from this, there is also a windmill in Jaisalmer.

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ED is currently trying to take possession of Nirav’s properties abroad. Nirav Modi bought the iconic Rhythm House building in 2017 through his company Firestar Diamonds. His plan was to convert it into a heritage property. He is believed to have bought most of the properties with the money received from the PNB scam.

Finance Minister Nirmala Sitharaman had told the Lok Sabha on Monday this week that Rs 13109 crore has been obtained by selling properties of Vijay Mallya and Nirav Modi. Sitharaman said that the banks have so far obtained this amount by selling the assets of these two fugitive defaulters. In July this year itself, the Enforcement Directorate had informed about the recovery made by selling properties of Vijay Mallya and Nirav Modi, but the Finance Minister gave official information in Parliament on Monday.

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