PNB attempts to restore Nirav Modi's assets it believes were the product of fraud
The Punjab National Bank made a number of applications at a Prevention of Money Laundering Act Court on July 14 to restore assets from two businesses owned by jewellery tycoon Nirav Modi, accused of fraud at the bank.
The PNB submitted its requests for assets formerly belonging to Modi and now in the possession of the Enforcement Directorate to special judge V C Barde, citing provisions in the Prevention of Money Laundering Act. The bank is attempting to get back some of the money it claims Modi took from the bank by means of fraud. The court requested that the ED file its response to the PNB’s claims on July 28, the Press Trust of India reported.
The ED has confiscated assets worth over Rs 329.66 crore ($49.6 million) from Nirav Modi and his businesses after having him legally classed as a ‘Fugitive Economic Offender’ under the fugitive economic offenders act. Part of the property the ED confiscated belonged to Modi’s businesses Firestar Diamond International Private Limited and Firestar International Limited, two businesses involved in the alleged fraud at the PNB.
Nirav Modi is accused along with his uncle Mehul Choksi of leading one of the largest scale frauds in Indian history by allegedly defrauding the PNB and other financial institutions to the tune of over Rs 13,000 crore. Modi is currently in Wandsworth Prison in the UK, attempting to appeal his extradition ruling to send him back to India. Choksi has just been granted interim bail by a court in Dominica to enable him to return to Antigua, where he has citizenship, for medical treatment as Indian authorities attempt to have him extradited to India as well.
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