PNB scam: Bank seeks 'restoration' of Nirav Modi's property worth over Rs 71 crore to recover dues
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Mumbai: The Punjab National Bank (PNB) on Wednesday moved an application before a special court here seeking restoration of the Rs 71 crore worth property owned by fugitive diamond merchant Nirav Modi, who is accused of duping the bank.
The bank urged the court to release the properties seized by the probe agencies to recover a part of its dues.
Nirav Modi, who was declared a 'fugitive economic offender' in December 2019, and his uncle Mehul Choksi are accused of committing a Rs 14,000 crore scam by obtaining credit facilities fraudulently from the PNB and several of the former's properties as well as that of his kin were attached by the Enforcement Directorate under the provisions of the Prevention of Money Laundering Act.
The plea said that the PNB consortium and UBI consortium have always conducted their business in good faith in the normal course of banking activities and were unaware of the fraud when they disbursed loans to the Nirav Modi companies.
At present, only Rs 1,066.41 crore of properties have been released from attachment under the PMLA and this value is grossly insufficient to meet the quantifiable loss, it said.
The claimants are public sector banks, the amount sought to be recovered is public money, it said.
The application said that some of the assets attached by the ED are amenable to market fluctuations and any delay in liquidating them may reduce their value.
Hence, there is an immediate need for the speedy disposal of the assets to realise their best value, it added.
Some of the properties are valuables owned Firetstar Diamond Ltd, jewellery worth Rs 35.52 lakh, 8 cars, including a Bentley owned by Nirav Modi.
The total value of properties sought to be restored are Rs 71.16 crore.
The court asked the prosecution to file its reply by July 25.
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Pune police chief had proactive role in Porsche crash probe: Fadnavis
Mumbai (PTI): Maharashtra Deputy Chief Minister Devendra Fadnavis on Friday told the legislative assembly that Pune police chief Amitesh Kumar had a proactive role in the investigation into the Porsche crash and there was nothing to suggest that action should be taken against him.
Fadnavis made the assertions during a debate on the high-profile case raised through a calling attention notice. During the debate, Leader of Opposition Vijay Wadettiwar demanded the Pune police commissioner's resignation.
Conceding that there are issues of “use of money to buy justice”, Fadnavis said, "This should not be allowed. We have to see how laws can be strengthened further. The issue is serious but there is no need to defame Pune police. They have taken action in the case. Erring police officials have been punished.”
He said Pune Police Commissioner Amitesh Kumar had a proactive role in the probe into the accident and nothing has come up to suggest that he should face action.
Two software professionals lost their lives after their bike was hit by a speeding Porsche in Pune’s Kalyani Nagar area in the early hours of May 19. According to police, a 17-year-old minor was driving the high-end car in a drunken state at the time of the accident.
Two cops attached to the Yerawada police station have been suspended for alleged dereliction of duty in connection with the case.
Police have alleged that the teen’s blood samples were swapped with those of his mother to show that he was not drunk. The minor’s parents and two doctors from state-run Sassoon General Hospital have been arrested over the sample swap.
Fadnavis said the Sassoon doctors changed the blood samples for a bribe of Rs 3 lakh.
“We learn from loopholes in every case. The new criminal laws, which will be in force from July 1, give more importance to legal, forensic and technical evidence,” the deputy CM said.
The juvenile has since been released from an observation home on the directives of Bombay High Court.
