A Special Court in Mumbai has decided in favour of restoring seized assets worth about 440 Crore INR to the Punjab National Bank. Nirav Modi was the diamond businessman who created headlines in 2019 for fleeing the country escaping legal repercussions of fraudulently availing a credit facility of around 14,000 Crore INR, with his uncle. During their probe, the Enforcement Directorate had attached several properties he owned by Nirav, most of which were confiscated after he was declared a financial fugitive under the Law for prevention of money laundering. PNB had filed several applications requesting the release of properties which the debtors had mortgaged to the bank as security for the advances. The Bank had approached the court along with a consortium of banks requesting the release of property.
