Mumbai Court allows ED to attach Nirav Modi's properties, save secured properties on which Banks staked claim [Read Order]

Nirav Modi
Nirav Modi

In the latest development in the Nirav Modi saga, a Special Judge at City Civil and Sessions Court, Mumbai on Monday allowed a plea to exempt from confiscation some of Modi's properties which were secured to obtain loans from the Punjab National Bank (PNB) and other consortium banks (Deputy Director, Directorate of Enforcement v. Nirav Deepak Modi and ors).

The exemption was allowed in view of Section 12 (7) of the Fugitive Economic Offenders Act (FEO Act), 2018 which allows such exemption where it is shown that others have interest in the property which was acquired bona fide and without knowledge of the fact that the property was proceeds of crime.

In respect of all other properties, the Court has allowed the Enforcement Directorate's (ED) application for attachment and confiscation of the same.

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