Punjab National Bank Files For Release Of Nirav Modi's Properties Worth ₹71 Crore

Punjab National Bank Files For Release Of Nirav Modi's Properties Worth ₹71 Crore

The PNB had incurred a loss of ₹8,526.20 crore in the fraud and so far only ₹1,066.41 crore worth of properties have been released from attachment.

FPJ News ServiceUpdated: Wednesday, July 12, 2023, 11:59 PM IST
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Punjab National Bank (PNB) has filed an application for the release of Nirav Modi's properties worth ₹71 crore which were attached by the Enforcement Directorate. The application moved before a special court on Wednesday sought release of properties to the tune of ₹71 crore linked to fugitive diamond merchant Nirav Modi, attached by the Enforcement Directorate (ED) in the bank fraud case. The PNB is a part of a consortium of banks which had lent money to the fugitive businessman. Its contention was that the amount sought to be recovered was public money.

The PNB had incurred a loss of ₹8,526.20 crore in the fraud and so far only ₹1,066.41 crore worth of properties have been released from attachment. The bank contended that this was highly insufficient to meet its losses. The bank has furnished a list of 18 movable and immovable properties whose worth is over ₹71.16 crore, which it has sought to be released from the attachment of the ED.

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