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Court allows Nirav Modi's assets to be given to PNB

Indian Express  

A special court in Mumbai has allowed "restoration" of properties worth INR 440 crore of fugitive jeweler Nirav Modi, confiscated by the Enforcement Directorate (ED), to the Punjab National Bank (PNB). Nirav Modi and his uncle Mehul Choksi are accused of committing a INR 14,000 crore scam by obtaining credit facilities fraudulently from PNB. PNB in July 2021 had filed multiple applications seeking release of the properties mortgaged with the bank against the credit facilities extended to Nirav Modi's two firms, Firestar Diamond International Private Ltd (FDIPL) and Firestar International (FIL). The applications were filed by PNB as an individual claimant and also as lead bank of the PNB consortium and authorized representative of the UBI consortium. The court allowed two pleas seeking the release of properties of FIL worth INR 108.3 crore and those of FDIPL worth INR 331.6 crore.