Big blow to fugitive Nirav Modi, luxurious bungalow in London will be sold

PNB Scam: Fugitive Nirav Modi has got a big blow from the London High Court. The court gave permission to sell the luxurious bungalow in London of PNB scam accused Nirav Modi. This luxurious bungalow of 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). Justice Master James Brightwell gave this decision. Let us tell you that the luxurious bungalow of Nirav Modi, which has been ordered to be sold by the London High Court, was given to a trust in 2017.

What did Harish Salve say?

Let us tell you that Harish Salve had appeared on behalf of ED in this case while Nirav Modi was connected online because Nirav Modi is currently lodged in Thameside Jail of Britain. A Singapore company, Trident Trust, is also a claimant in this case. This company also demanded to sell 103 Marathon House. On the other hand, ED's argument is that the amount received after selling this bungalow should be used to repay the loan of Punjab National Bank because the trust property has been purchased from the proceeds of 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, he had taken a loan of about Rs 14 thousand crore from Punjab National Bank. He fled to Britain without returning the money to the bank. After this, PNB had registered a case of fraud against Nirav Modi.

India has demanded his extradition. Nirav Modi was arrested in 2019. At the same time, in 2021, Britain's then 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 London High Court.