Fugitive jeweller Nirav Modi’s assets worth Rs 500 crore restored to Punjab National Bank

New Delhi: In mounting trouble for fugitive jeweller Nirav Modi, his assets worth Rs 500 crore will be ‘handed over’ to the Punjab National Bank (PNB), the bank he & his uncle Mehul Choksi ‘looted’ by fraudulent means.

A special court ordered the ‘restoration of properties’ worth Rs 500 crore of the absconding diamantaire.

This is the third such directive by court in a span of 2 weeks. Till now, about Rs 1,000 crore assets of Nirav Modi has been restored to the bank.

Nirav Modi and his uncle Mehul Choksi have been facing charges of committing a Rs 14,000 crore scam by fraudulently getting credit facilities from the Punjab National Bank (PNB). After their scam came into light, the duo fled the country and took refuge in UK & Caribbean nations.

In December 2019, Nirav Modi was declared a fugitive economic offender and as the law facilities, his assets and properties can be seized by the authorities.

Nirav Modi is currently lodged in a British jail and is staring at extradition to India. His lawyers have been fighting tooth and nail in UK jail to prevent his extradition to India.