Nirav Modi News: Britain’s London High Court has given permission to sell the luxurious bungalow of accused Nirav Modi in London. Nirav Modi lives with his family in this bungalow. This bungalow is to be sold for around Rs 55 crore.
Nirav Modi Flat: PNB scam mastermind Nirav Modi has received a big blow from London Highcourt. The London High Court of Britain has given permission to sell the luxurious bungalow of accused Nirav Modi in London. Permission has been given on Wednesday to sell the luxurious flat owned by a trust and being used by Punjab National Bank loan scam accused and diamond trader Nirav Modi. However, it cannot be sold at a price less than 52.5 lakh British pounds.
This luxurious bungalow of Nirav Modi is located in Marylebone, Central London. Nirav Modi lives with his family in this bungalow. This bungalow is to be sold for around Rs 55 crore. It cannot be sold for less than this amount.
Justice Master James Brightwell presided over the hearing in which 52-year-old fugitive diamond merchant Nirav Modi, lodged in Thameside Jail in south-east London, participated online. The court accepted the Enforcement Directorate’s (ED) request to keep the proceeds from the sale of 103 Marathon House in a secure account after repaying all the ‘liabilities’ of the trust.
Trident Trust Company (Singapore) Pte Ltd had sought permission to sell the apartment property located in the Marylebone area of central London despite the ED’s contention that the trust property was purchased with the proceeds of a large-scale fraud at Punjab National Bank. And Nirav is facing extradition proceedings in this case.
Master Brightwell ruled, “I am satisfied that allowing the property to be sold for £5.25 million or more is an appropriate decision.” He also took note of the ED’s other objections related to the creation of the trust, which were addressed in the case. No action was taken at this stage.
Harish Salve gave this information
Barrister Harish Salve, appearing for the ED, told the court that they have agreed in principle to the sale on the basis of undertakings that protect the interests of the ultimate beneficiary, which could be the Indian taxpayer.