The Punjab National Bank (PNB) has asked a special court to release property worth ₹71 crore owned by Nirav Modi, who is accused of cheating the bank. The bank wants to recover some of the money Nirav Modi owes them.
In 2019, Nirav Modi was declared a ‘fugitive economic offender’, and his uncle Mehul Choksi is accused of committing a ₹14,000 crore scam involving the PNB. The Enforcement Directorate has seized several properties belonging to them under the Prevention of Money Laundering Act. However, the released properties are not enough to cover the losses, and the bank wants to sell them quickly to get the best value.
The properties include jewelry worth ₹35.52 lakh and 8 cars, including a Bentley owned by Nirav Modi. The total value of the properties is ₹71.16 crore. The court has asked the prosecution to respond by July 25.
In March, Nirav Modi claimed that he had no money and would need to borrow in order to pay the fine imposed by the UK Court. He lost his legal battle last year and faces extradition to India in connection with the ₹2 billion PNB loan scam.