Alka Verma-
Published on: August 28, 2021, at 09:50 IST
On Friday, a Special PMLA Court allowed Punjab National Bank’s appeal for release of assets of Nirav Modi, a fugitive businessman.
The plea sought for the release as well as restoration of the properties, worth around Rs 540 crore, that were sealed by Enforcement Directorate (ED).
Those assets were sealed by ED during an investigation in a money laundering case involving Modi.
“The property mentioned in Schedule A to the application shall be released in favor of PNB to the recovery officer, Debts Recovery Tribunal (DRT), Mumbai, holding a recovery certificate, after obtaining an undertaking to be filed in Court to return or restore it as per this Court’s direction as and when directed, or the value thereof, as the case may,” observed the Court.
The Court also stated the releasing of the properties must be done in a proper manner provided by law.
“After release of property from attachment by prosecution, ED, it shall be dealt with strictly in a manner provided by law…” said the Court.
This was the second time in the same month when the Court allowed such plea.
Prior to this Order, the Court allowed a release of properties worth 440 crores.
Earlier, when the Court ordered the seizure of Modi’s properties under the Fugitive Economic Offenders (FEO) Act, PNB had sought for dispensation of properties.
Nirav Modi is a fugitive Indian businessman, who flew out of India on January 1, 2018. Currently, Modi is held in a UK prison and proceedings of his extradition are underway.
Also Read: Mumbai Court allows restoration of Nirav Modi’s confiscated properties to PNB worth Rs. 440 crores