Some properties seized by ED belong to my belief: Nirav’s son

Mumbai, August 10

Fugitive diamantaire Nirav Modi’s son Rohin Modi informed the Bombay High Court on Monday that a couple of of the properties seized by the Enforcement Directorate in reference to the Punjab National Bank rip-off belong to a belief owned by him (Rohin) they usually weren’t bought with alleged proceeds of crime.

Rohin Modi’s lawyer made the submission earlier than a Division Bench of Justices SS Jadhav and NJ Jamadar.

Additional Solicitor General Anil Singh, showing for the Enforcement Directorate (ED), nonetheless, argued that although among the properties in query are owned by the Rohin Trust, the buying quantity for them was paid by Nirav Modi, a key accused within the PNB rip-off, and his spouse Ami Modi.

The Division bench was listening to a petition filed by Rohin Modi difficult confiscation of properties purportedly belonging to the Rohin Trust.

On June 8, a particular court docket arrange beneath the Prevention of Money Laundering Act (PMLA) ordered confiscation of movable and immovable properties belonging to Nirav Modi, a primary accused within the multi-crore Punjab National Bank (PNB) fraud.

The order was handed in accordance with part 12 of the Fugitive Economic Offenders Act on an software filed by the ED, which is probing cash laundering prices within the fraud case.

Nirav Modi was, in December 2019, declared an “economic fugitive offender” beneath the Act.

The properties ordered to be confiscated embody financial institution accounts in India and England, residential and industrial properties in India, the UAE and the UK, allegedly bought by Nirav Modi from proceeds of crime.

Rohin Modis advocate Abhimanyu Bhandari on Monday informed the HC {that a} flat within the iconic ‘Samudra Mahal’ constructing in Worli in south Mumbai and a number of other different immovable properties are owned by the Rohin Trust.

The flat was bought within the yr 2006 and never (from) proceeds of crime. The adjudicating authority (the particular court docket) should have heard Rohin Modi earlier than ordering confiscation of these properties (each movable and immovable), which are owned by the Rohin Trust, Bhandari stated.

He urged the HC to direct the ED to take care of established order vis-a-vis the properties owned by the Rohin Trust and to not public sale them in order that Rohin Modi might strategy the particular court docket in search of to be heard.

The EDs counsel, Singh, nonetheless, opposed the plea and stated all of the confiscated properties had been bought utilizing proceeds of crime as they had been bought by Nirav Modi and his spouse Ami Modi.

This (petition filed by Rohin Modi) is only a means utilized by Nirav Modi to guard a few of his properties. Nirav Modi fled the nation as quickly because the rip-off got here to mild and has not returned.

“He refused to cooperate with the investigation. A sum of Rs 6,498 crore has been laundered, Singh stated.

Nirav Modi is presently lodged in a UK jail after being arrested in London in March 2019.

The bench, after listening to arguments, posted the petition for passing orders on August 13.

In January 2018, the CBI had registered a case towards Nirav Modi and a number of other others, together with two PNB officers, in reference to the rip-off.

According to the criticism lodged by PNB, between February and May 2017, the accused individuals in connivance with financial institution officers duped the general public sector financial institution to the tune of Rs 6,498 crore. PTI


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