The bank and liquidators of Punjab National Bank (PNB) would benefit from the release of 18 properties worth over £7.1 million that were connected to the fugitive diamond trader Nirav Modi and his companies. This decision was made by a special court.
The bank claimed ownership of specific properties that the Enforcement Directorate (ED) had attached, both individually and on behalf of a group of banks. They claimed to have lost over £700 million as a result of the accused's alleged actions of obtaining fictitious Letters of Understanding (LoUs).
The bank requested the release or restoration of properties that are exempt from seizure, secured, mortgaged, and hypothecated. These comprise 18 properties, such as eight cars, including a Bentley valued at Rs 26,00,000, office spaces in Kurla, 16 pieces of jewellery that were part of the display stock at a five-star hotel, and valuables lying with the custodian of Bharat Diamond Bourse that were received from Hong Kong and Dubai and are valued at over £4 million.
The court directed that the properties as per the respective category they fall under be released to the liquidator appointed for two firms of Modi, Firestar International Limited and Firestar Diamond International Limited and to PNB.
The court gave directions for an undertaking to be given at the time of the restoration of the properties to proceed as per provisions of law.