PNB Fraud Case: Bank may recover Nirav Modi's assets mortgaged with it; report sends share prices up

ED has attached all encumbered and unencumbered assets belonging to Nirav Modi and he has been declared a fugitive economic offender by PMLA court.

FP Staff January 02, 2020 14:33:09 IST
PNB Fraud Case: Bank may recover Nirav Modi's assets mortgaged with it; report sends share prices up
  • PNB shares went up to 2.70 percent at Rs 66.45 during noon on the Bombay Stock Exchange (BSE)

  • Nirav Modi's Rs 1,200-1,500 crore assets mortgaged with PNB and attached by ED will be given back to the bank

  • ED has attached all encumbered and unencumbered assets belonging to Nirav Modi and he has been declared a fugitive economic offender by PMLA court

Nirav Modi's assets mortgaged with Punjab and National Bank (PNB) will be given to the bank, according to a report in CNBC-TV18. The report sent PNB shares to rise up to 2.70 percent at Rs 66.45 during noon on the Bombay Stock Exchange (BSE).

According to a CNBC TV18 exclusive report, Modi's Rs 1,200-1,500 crore assets mortgaged with PNB and attached by ED will be given back to the bank. The assets mortgaged with PNB include shares and properties in South Mumbai, the report said, quoting sources.

ED has attached all encumbered and unencumbered assets belonging to Nirav Modi and he has been declared a fugitive economic offender by PMLA court.

In June 2018, the Enforcement Directorate (ED) had moved a special court seeking ‘immediate confiscation’ of attached assets valued at over Rs 3,500 crore of fugitive diamaintaire Modi and his uncle Mehul Choksi of Gitanjali Gems under the Fugitive Economic Offenders Ordinance.

Till July 2018, the ED had attached assets worth Rs 1,175 crore of Modi and Rs 2,400 crore of Choksi in India, a report in the Indian Express had reported. The assets include movable and immovable assets, diamonds, gold, and jewellery.

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