Mumbai. The special PMLA (Prevention of Money Laundering Act) court on Monday allowed the seizure of assets worth Rs 1,400 crore from fugitive diamond trader Nirav Modi. This is the first order of cookies under the Fugitive Economic Offenders Act (FEOA). Permission was received on Monday to attach the assets of the absconding diamond trader Nirav Modi in the Punjab National Bank (PNB) scam case. Special court judge V.C. Barde has ordered the Enforcement Directorate (ED) to attach assets of Modi which are not mortgaged to PNB.
The court has given the directorate one month to seize the assets. This is the first such case across the country two years after the FEOA came into effect when attachment of one's property has been ordered under this law. After this order, the central government can attach these assets under sections 12 (2) and eight of FEOA.
Senior advocate Nitesh Jain associated with Shardul Amarchand Mangaldas law firm appeared on behalf of PNB in the matter. He said that the court has ordered attachment of only those assets which are not mortgaged to the bank. However, the special court has not allowed the directorate to attach the paintings owned by Modi and seized by the Income Tax Department.
The Bombay High Court has already ordered them to be auctioned and deposited. Currently, the proceeds from this will not be distributed. The special court said that the ED had the leeway to take legal measures to get the paintings controlled by the Income Tax Department. Nirav Modi (49) is currently lodged in a UK jail. Modi was arrested in London in March 2019. India is fighting a legal battle of extradition against him in a court there.
This post was published on June 9, 2020 12:25 pm
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