Mumbai Court Allows Release of Nirav Modi’s Rs 66.33 Crore Assets to Punjab National Bank
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A special court in Mumbai has given permission to release assets worth ₹66.33 crore that belong to fugitive businessman Nirav Modi and his sister Purvi Modi. These properties were earlier seized by the Enforcement Directorate (ED) as part of the investigation into the massive Punjab National Bank (PNB) fraud case.
The decision came after Punjab National Bank filed an application requesting the release of the seized properties. The bank wants to sell or auction these assets to recover the money lost in the scam.
The court, led by Special Judge AV Gujarathi, who handles cases under the Prevention of Money Laundering Act (PMLA), passed the order on June 17. However, the judge also told PNB that they must give a written promise — or undertaking — to return the money in case it’s needed again in the future.
What Are the Assets?
The assets include:
- Jewellery, coins, luxury watches, and cash worth ₹40.83 crore, found at Nirav Modi’s house in Samudra Mahal, Worli, Mumbai.
- A flat worth ₹19.50 crore in Mumbai, registered under the name of his sister, Purvi Modi.
- Other unvalued movable items (likely small luxury items or personal property) also recovered from Modi’s house in Worli.
Background of the Case
The Enforcement Directorate (ED) had attached these assets as part of their investigation into a money laundering case linked to the multi-crore PNB bank fraud, in which Nirav Modi and his associates are accused.
A group of banks, led by Punjab National Bank, had claimed in court that they have suffered a total loss of more than ₹8,526 crore due to the fraudulent activities carried out by Nirav Modi and his group.
This decision by the court will help the bank recover at least a small portion of the total losses by selling these assets.
