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Fugitive Nirav Modi's palatial bungalow in London to be sold, court also fixes minimum price

Fugitive Nirav Modi has received a big blow from the London High Court. The court has allowed PNB scam accused Nirav Modi to sell his luxurious bungalow in London. Nirav Modi's palatial bungalow is located in Marylebone, Central London. Nirav Modi lives in this bungalow with his family.
1 Month ago

Fugitive Nirav Modi has received a big blow from the London High Court. The court has allowed PNB scam accused Nirav Modi to sell his luxurious bungalow in London. Nirav Modi's palatial bungalow is located in Marylebone, Central London. Nirav Modi lives in this bungalow with his family.

During the hearing, the court said that the bungalow cannot be sold for less than 5.25 million British pounds, i.e. around Rs 55 crore. Justice Master James Brightwell gave the decision. Let us tell you that Nirav Modi's palatial bungalow, 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 appeared on behalf of ED in this case while Nirav Modi joined online as Nirav Modi is currently lodged in Thameside Jail in Britain. Trident Trust, a Singaporean company, is also a claimant in the case. The company also sought to sell 103 Marathon Houses.

On the other hand, the ED's contention is that the proceeds from the sale of these bungalows should be used to repay the Punjab National Bank loan as the trust property was purchased from the proceeds of a massive fraud in the Punjab National Bank.

PNB is the mastermind of the scam

Nirav Modi is the mastermind of the PNB scam and the main accused in the money laundering case. ED and CBI have registered several cases against him and are trying to bring him to Delhi. In the year 2018, he took a loan of around 14 thousand crore rupees from Punjab National Bank. He fled to Britain without returning the money to the bank. After this, PNB registered a fraud case against Nirav Modi.

India has demanded his extradition. Nirav Modi was arrested in 2019. At the same time, in 2021 the then British Home Minister Priti Patel ordered the extradition of Nirav Modi in the case. In 2022, Nirav Modi also lost the case in the Supreme Court. The case is currently in the London High Court.

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