Achi news desk-
Nirav Modi
Fugitive Nirav Modi has received a major blow from the London High Court. The court gave permission to sell the luxury bungalow in London of PNB scam accused Nirav Modi. This luxury bungalow from Nirav Modi is located in Marylebone, Central London. Nirav Modi lives with his family in this bungalow. Nirav Modi and family live.
During the hearing, the court said that this bungalow cannot be sold for less than 5.25 million British pounds (about Rs 55 crore). Master Justice James Brightwell gave this decision. Let us tell you that Nirav Modi’s luxury bungalow, which was ordered to be sold by the London High Court, was put into a trust in 2017.
What did Harish Salve say?
Let us tell you that Harish Salve has appeared for ED in this case while Nirav Modi has been linked online because Nirav Modi is currently lodged in Thameside British Prison. A Singapore company, Trident Trust, is also a claimant in this case. This company also insisted on selling 103 Marathon House. On the other hand, ED’s contention is that the amount received after the sale of this bungalow should be used to repay the Punjab National Bank loan because the trust property was purchased with the proceeds of a large-scale fraud in Punjab National Bank.
Mastermind of PNB scam
Nirav Modi is the mastermind of the PNB scam and the main accused in the money laundering case. ED and CBI have filed many cases against him and are trying to bring him to Delhi. In 2018, it had taken a loan of around Rs 14,000 crore from Punjab National Bank. He fled to Britain without returning the money to the bank. After this, PNB had registered a fraud case against Nirav Modi.
India has demanded his extradition. Nirav Modi was arrested in 2019. At the same time, in 2021, the then British Home Minister Preeti Patel had ordered the extradition of Nirav Modi. In 2022, Nirav Modi also lost the case in the Supreme Court. The matter is currently in the High Court in London.
