Fugitive scam Nirav Modi's assets worth Rs 500 crore will be handed over to the bank

For the second time in a week, Nirav Modi's assets were handed over to the bank

Earlier, over Rs 400 crore worth of assets of Firestar International and Firestar Diamond were given to the bank.

Mumbai: A special court in Mumbai has allowed fugitive Nirav Modi's companies to hand over assets worth Rs 500 crore to Punjab National Bank. This is the third order in two weeks in which the assets of Nirav Modi's companies are being handed over to the bank. The total value of all these assets is Rs 1000 crore.

Nirav Modi was declared a fugitive economic criminal in December 2019. Nirav and his mama Mehul Choksi are accused of committing a scam worth Rs 14,000 crore with Punjab National Bank. His assets were also recently attached by the ED.

Earlier, the court had allowed petitions filed by PNB seeking release of assets worth Rs 108.3 crore from Firestar International (FIL) and Rs 331.6 crore from Pyarstar Diamond International Pvt Ltd in July this year. The PNB was asked to release the assets that were mortgaged in return for the loans given to the two companies.