Latest news with #PurviModi
Hindustan Times
02-07-2025
- Business
- Hindustan Times
London court stops sale of Nirav Modi's duplex apartment
London: The high court in London on Wednesday declined to approve the sale of a 4,079 square feet duplex apartment near Baker Street station in Central London that was bought in 2017 by a trust company on behalf of tainted diamantaire Nirav Modi. Nirav Modi (ANI) The order came after Trident Trust which owns the apartment claimed that it needed to sell the apartment for £4.25 million to meet liabilities pertaining to the property and the Trust's own bills and legal expenses. Additionally, it also sought approval to borrow £1.5 million against the property to meet those liabilities. In March 2024, the court had allowed the sale of the property on the condition that it not be sold for less than £5.25 million. It's on account of this court-imposed price cap that Trident Trust were back in court seeking approval to sell the property for a million less citing sluggish market condition. The presiding judge said he was not in a 'position to bless' Trident's proposal. 'I do not consider there is evidence of the trustee's decision-making process,' he observed, adding that there was also 'ambiguity' as to what the trustee proposed to do with the borrowed money. The duplex apartment which was Nirav Modi's primary residence in London has been connected to the ₹ 16, 672 crore Punjab National Bank fraud, as per the Enforcement Directorate which is probing the case. Trident Trust was created in December 2017 in the name of Nirav Modi's sister Purvi Modi and her adult children as beneficiaries. However, Nirav Modi has claimed that since he had loaned ₹ 6.5 crore to buy the Baker Street property, any money from its sale should accrue to him. Trident Trust also sought to know from ED whether the agency would unfreeze the $13 million in a Swiss bank belonging to it. It is the Trust's contention that if ED agrees to unfreeze the money it could be used to pay the liabilities accrued on the property without selling the apartment or borrowing funds against it. Harish Salve, KC, representing the Enforcement Directorate, told the court on Wednesday that the agency is not inclined to release the funds. 'As far as the ED is concerned, we support the sale of the property,' said Salve. He also pointed out that if Trident Trust is allowed to borrow money it would involve payment of 18% interest which would be not prudent. 'As long as the property is sitting vacant it does not serve any purpose. But if it can't be let out, we support the position to sell.' Nirav Modi appeared in the court through video conference from Thameside prison where he has been lodged since March 2019. Modi's barrister James Kinman told the court that the Trident Trust should be allowed to borrow only £400,000 which would be sufficient to meet the expenses and not £1.5 million. He also opposed the proposal to sell the apartment. 'The trustee's decision-making in this regard has been unduly influenced by the convenience of having a large pool of liquid assets from which to pay its own fees and the fees of its lawyers,' the court was told on behalf of Modi. The proceedings on Wednesday reflect what happens when prime properties occupied by high net-worth individuals through complex trust ownership fall vacant and into disrepair.
Time of India
20-06-2025
- Business
- Time of India
Release Nirav-linked properties worth over 60cr to PNB consortium: Court
Mumbai: In a significant development in the Nirav Modi money laundering case, a special judge ordered the release of properties worth over Rs 60 crore, previously attached by the Enforcement Directorate (ED), to Punjab National Bank (PNB) and its consortium. The order pertains to properties linked to Nirav Modi and his sister, Purvi Modi. The properties in question include valuables such as jewellery, coins, watches and cash found at Nirav Modi's Worli flat valued at Rs 40 crore, and Purvi Modi's flat at Bhulabhai Desai Road, valued at Rs 19.5 crore. The plea, filed by PNB in its individual capacity and as the lead bank for the PNB Consortium and authorised representative for the UBI Consortium, sought the exemption of specific properties from confiscation. PNB and its consortiums have cumulatively suffered a loss exceeding Rs 8,526.2 crore due to the alleged fraud committed by Nirav Modi and his associates, an amount significantly higher than the approximately Rs 2,324.97 crore in properties attached by the ED. The ED filed its reply to the plea and expressed no objection to exempting the properties, subject to certain conditions. Purvi Modi stated in court she was not the beneficial owner of the subject property and has no beneficial interest in the properties. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Quito: Inicia hoy con Amazon CFD y construye un segundo ingreso. InvestIQ Registrarse Undo Therefore, she had no objection to allowing the application. The court noted the properties were attached by the ED via an order dated Feb 25, 2019, and Sept 11, 2018, respectively. The case has been pending since 2018, and a proclamation was issued against accused Nirav Modi, Neeshal Modi, and Subhash Parab in the 2018 CBI case on Dec 4, 2019, as they are absconding. "Therefore, I have no hesitation to hold that the matter cannot be conducted as the accused is absconding. The respondents (ED and Purvi Modi) have no objection to grant the application. ..," the judge noted while allowing PNB's plea. The order directed that the properties are exempted from confiscation and shall be released to the recovery officer, DRT-I Mumbai. PNB has been directed to file an undertaking to return the amount with interest if the court deems it fit and appropriate at any point in time to deposit the amount in court or to the complainant without delay. In 2023, the court had allowed CBI plea for a separate proceeding against two accused in the PNB scam case. The judge noted extradition proceedings against prime accused Nirav Modi are underway in the UK but no one knows how long it will go on. Nirav, who is also booked in a related laundering case, was declared a fugitive economic offender in Dec 2019. In the first order of confiscation under Fugitive Economic Offenders Act, 2018, a special court in June 2020 directed his properties be attached by ED. Mumbai: In a significant development in the Nirav Modi money laundering case, a special judge ordered the release of properties worth over Rs 60 crore, previously attached by the Enforcement Directorate (ED), to Punjab National Bank (PNB) and its consortium. The order pertains to properties linked to Nirav Modi and his sister, Purvi Modi. The properties in question include valuables such as jewellery, coins, watches and cash found at Nirav Modi's Worli flat valued at Rs 40 crore, and Purvi Modi's flat at Bhulabhai Desai Road, valued at Rs 19.5 crore. The plea, filed by PNB in its individual capacity and as the lead bank for the PNB Consortium and authorised representative for the UBI Consortium, sought the exemption of specific properties from confiscation. PNB and its consortiums have cumulatively suffered a loss exceeding Rs 8,526.2 crore due to the alleged fraud committed by Nirav Modi and his associates, an amount significantly higher than the approximately Rs 2,324.97 crore in properties attached by the ED. The ED filed its reply to the plea and expressed no objection to exempting the properties, subject to certain conditions. Purvi Modi stated in court she was not the beneficial owner of the subject property and has no beneficial interest in the properties. Therefore, she had no objection to allowing the application. The court noted the properties were attached by the ED via an order dated Feb 25, 2019, and Sept 11, 2018, respectively. The case has been pending since 2018, and a proclamation was issued against accused Nirav Modi, Neeshal Modi, and Subhash Parab in the 2018 CBI case on Dec 4, 2019, as they are absconding. "Therefore, I have no hesitation to hold that the matter cannot be conducted as the accused is absconding. The respondents (ED and Purvi Modi) have no objection to grant the application. ..," the judge noted while allowing PNB's plea. The order directed that the properties are exempted from confiscation and shall be released to the recovery officer, DRT-I Mumbai. PNB has been directed to file an undertaking to return the amount with interest if the court deems it fit and appropriate at any point in time to deposit the amount in court or to the complainant without delay. In 2023, the court had allowed CBI plea for a separate proceeding against two accused in the PNB scam case. The judge noted extradition proceedings against prime accused Nirav Modi are underway in the UK but no one knows how long it will go on. Nirav, who is also booked in a related laundering case, was declared a fugitive economic offender in Dec 2019. In the first order of confiscation under Fugitive Economic Offenders Act, 2018, a special court in June 2020 directed his properties be attached by ED.
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Business Standard
19-06-2025
- Business
- Business Standard
PNB scam: Court clears release of Nirav Modi's ₹66.3 cr assets for recovery
A special court in Mumbai has permitted the release of properties valued at ₹66.33 crore, belonging to fugitive jeweller Nirav Modi and his sister Purvi Modi. These assets had been attached by the Enforcement Directorate (ED) as part of the money laundering investigation in the Punjab National Bank (PNB) scam. The court approved a request made by PNB to release the assets so they could be sold or auctioned to recover the losses caused by the fraud. The ED had initially attached the properties while investigating Modi and others in the multi-crore bank fraud. Special Judge AV Gujarathi, who heard cases under the Prevention of Money Laundering Act (PMLA), passed the order on June 17. The judge also directed PNB to provide an undertaking confirming that the amount earned from the sale would be recovered if needed in future. The assets consist of jewellery, coins, watches, and cash found at Nirav Modi's residence in Samudra Mahal, Worli, Mumbai, worth ₹40.83 crore. There is also a flat valued at ₹19.50 crore in Purvi Modi's name and other movable items found at the same address. The total loss reported by a consortium of banks, led by PNB, exceeds ₹8,526 crore — much higher than the value of attached properties, which total approximately ₹2,324.97 crore. ED raises no objection to release The ED informed the court that it had no objection to releasing the assets, provided certain conditions were met. After reviewing the submissions, the judge noted that Nirav Modi remains a fugitive and granted PNB's request to release the properties. Nirav Modi and his uncle Mehul Choksi are the main accused in the ₹13,500-crore PNB scam. While Choksi is facing legal proceedings in Belgium, Modi has been in a UK prison since 2019. Earlier on May 15, 2025, the UK High Court had once again denied bail to Nirav Modi, marking his tenth unsuccessful attempt since his arrest in 2019. The Enforcement Directorate posted on X: "The UK High Court has once again refused to grant bail to Nirav Modi, the mastermind of the $1 billion fraud against PNB, while hearing his fourth bail application on Thursday, 15/05/2025." The agency further said: "After detailed deliberations on the arguments of the defence (Nirav Modi) and counter arguments of the prosecution (Government of India), written submissions by the ED (which highlighted the money laundering aspects of laundering of proceeds through shell companies to external jurisdictions including the UK) and considering the extent of fraud (part of which has already been attached/confiscated by the ED and returned to the victim banks), the UK High Court dismissed the application and refused to grant bail to Nirav Modi." The Central Bureau of Investigation (CBI) confirmed the decision in a press statement: "Fresh Bail Petition filed by Nirav Deepak Modi was rejected by the High Court of Justice, King's Bench Division, London. The bail arguments were strongly opposed by the Crown Prosecution Service advocate who was ably assisted by a strong CBI team consisting of investigating and law officers who travelled to London for this purpose." The CBI added: "CBI could successfully defend the arguments which resulted in rejection of the bail. Nirav Deepak Modi has been in UK prison since 19th March 2019. It may be recalled that Neerav Modi is a fugitive economic offender who is wanted for Trial in India in a Bank fraud case of CBI for defrauding Punjab National Bank for Rs. 6498.20 crore... This is his 10th bail petition since his detention in the UK which was successfully defended by CBI through Crown Prosecution Service, London." Extradition approved Nirav Modi was arrested in the UK in March 2019. The UK High Court has already approved his extradition to India. The ED filed its money laundering case against him and Mehul Choksi in 2018, and multiple assets have since been seized. Modi's efforts to block extradition, including a petition to the UK Supreme Court in 2022, have all failed.
Time of India
19-06-2025
- Business
- Time of India
Release Nirav Modi-linked properties to PNB consortium, court orders ED
Mumbai: In a significant development in the Nirav Modi money laundering case, a special judge ordered the release of properties worth over Rs 60 crore, previously attached by the Enforcement Directorate (ED), to Punjab National Bank (PNB) and its consortium. The order pertains to properties linked to Nirav Modi and his sister, Purvi Modi. The properties in question include valuables such as jewellery, coins, watches and cash found at Nirav Modi's Worli flat valued at Rs 40 crore, and Purvi Modi's flat at Bhulabhai Desai Road, valued at Rs 19.5 crore. The plea, filed by PNB in its individual capacity and as the lead bank for the PNB Consortium and authorised representative for the UBI Consortium, sought the exemption of specific properties from confiscation. PNB and its consortiums have cumulatively suffered a loss exceeding Rs 8,526.2 crore due to the alleged fraud committed by Nirav Modi and his associates, an amount significantly higher than the approximately Rs 2,324.97 crore in properties attached by the ED. The ED filed its reply to the plea and expressed no objection to exempting the properties, subject to certain conditions. Purvi Modi stated in court she was not the beneficial owner of the subject property and has no beneficial interest in the properties. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar Undo Therefore, she had no objection to allowing the application. The court noted the properties were attached by the ED via an order dated Feb 25, 2019, and Sept 11, 2018, respectively. The case has been pending since 2018, and a proclamation was issued against accused Nirav Modi, Neeshal Modi, and Subhash Parab in the 2018 CBI case on Dec 4, 2019, as they are absconding. "Therefore, I have no hesitation to hold that the matter cannot be conducted as the accused is absconding. The respondents (ED and Purvi Modi) have no objection to grant the application. ..," the judge noted while allowing PNB's plea. The order directed that the properties are exempted from confiscation and shall be released to the recovery officer, DRT-I Mumbai. PNB has been directed to file an undertaking to return the amount with interest if the court deems it fit and appropriate at any point in time to deposit the amount in court or to the complainant without delay. In 2023, the court had allowed CBI plea for a separate proceeding against two accused in the PNB scam case. The judge noted extradition proceedings against prime accused Nirav Modi are underway in the UK but no one knows how long it will go on. Nirav, who is also booked in a related laundering case, was declared a fugitive economic offender in Dec 2019. In the first order of confiscation under Fugitive Economic Offenders Act, 2018, a special court in June 2020 directed his properties be attached by ED.
