NEW DELHI: A special court under the Prevention of Money Laundering Act (PMLA) has allowed the release of properties worth Rs 66.33 crore belonging to fugitive businessman Nirav Modi and his sister, Purvi Modi. These assets were previously attached by the Enforcement Directorate (ED) in connection with the multi-crore Punjab National Bank (PNB) fraud case.
PNB Moves Court To Auction Seized Properties The decision came in response to an application filed by Punjab National Bank seeking permission to sell or auction the attached assets to recover a part of its dues. The bank is leading a consortium of lenders that claims to have suffered a cumulative loss of over Rs 8,526 crore due to the fraud allegedly orchestrated by Nirav Modi and his associates.
The ED had attached these properties under the PMLA as part of its ongoing investigation into money laundering linked to the Rs13,500- crore PNB scam. Properties Include Jewellery, Watches, and Real Estate As per court documents, the assets approved for release include, Jewellery, coins, luxury watches, and cash worth Rs40.83 crore were found at Modi’s residence in Samudra Mahal, Worli. A flat in Purvi Modi’s name, valued at Rs19.50 crore, is located in Mumbai.
Additional unvalued movable items recovered from the same residence. The court noted that the total worth of assets attached by the ED is about Rs2,324.97 crore—far less than the overall financial damage claimed by the banks. Court’s Conditions For Asset Sale Special Judge A.V. Gujarathi, presiding over PMLA cases, passed the order on June 17, allowing PNB’s plea.
However, he directed the bank to submit an undertaking stating that the sale proceeds could be recovered in the future if required. The ED, in its submission, stated it had no objection to the release of the properties, provided specific conditions were met.
