Nirav Modi's property to be auctioned off in PNB case

By

Isabelle Crossley

Published
Aug 22, 2022

One of diamond tycoon Nirav Modi’s prime properties will be auctioned off by the Debt Recovery Tribunal-I as part of the fraud case filed against him by the Punjab National Bank.

The funds raised by the auctioning off of Modi’s house will be put towards the recovery of over Rs 2,133 crore for the PNB which Modi is accused of fraudulently obtaining through his businesses including jewellery brand Nirav Modi and Firestar Diamonds among others. The DRT-I has ordered Modi’s HCL House in Marol to be put up for e-auction on September 23 with a reserve price of Rs 52 crore, ET Bureau reported. 
 
“Proclamation of sale under Rules 38, 52(2) of the second schedule to the Income Tax Act, 1961 read with the Recovery of Debts Due to Banks and Financial Institutions Act, 1993,” read the order by Recovery Officer on the case, Ajeet Tripathi, Indo-Asian News Service reported. 

Modi, along with his uncle Mehul Choksi and others, is accused of defrauding the PNB and 15 other public and private sector banks out of over Rs 14,000 crore in the largest-scale reported fraud in Indian banking history. Modi, who is appealing the UK High Court’s decision to extradite him to India from a UK jail, has maintained his innocence.