InvestorQ : What is this about a Mumbai court releasing properties of Nirav Modi?
Riya Dwivedi made post

What is this about a Mumbai court releasing properties of Nirav Modi?

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shrinidhi Rajan answered.
3 months ago
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Let me clarify, the Special Court in Mumbai has allowed the release of the said attached properties to PNB. In fact, when the properties were attached by the ED, the consortium of banks had objected to the properties being specifically released to any particular bank. However, the special Mumbai court has now allowed release of properties worth Rs.440 crore of Nirav Modi confiscated by the Enforcement Directorate, towards PNB default.

In 2018, Nirav Modi and his uncle Mehul Choksi of Gitanjali Gems had defrauded PNB to the tune of Rs.14,000 crore via fraudulent credit facilities by illegally using the RTGS facility for faulty transfers. This week, the court had ruled that the loss of the claimants in this case was quantifiable and had been recognized by the Debt Recovery Tribunal or DRT, which had ruled in their favour. Nirav Modi is currently lodged in a UK jail fighting extradition to India.

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