Mumbai: A special court in Maharashtra filed the assets of the absconding diamond trader Nirav Modi ( Punjab National Bank-PNB) in the Punjab National Bank (PNB) scam case while announcing the first order of cookies under the Fugitive Economic Offenders-FEO. Permission to attach (confiscation) was given on Monday. Special Court Judge VC Barde has ordered Enforcement Directorate-ED to attach the assets of Modi which are not mortgaged to PNB, for which the court has given the directorate one month’s time.
FEO can attach these assets under sections 12 (2) and eight:
This is the first such case in the country when the FEOA has attached two years after the FEOA came into effect. After this order, the central government can attach these assets under sections 12 (2) and eight of FEOA. Senior advocate Nitesh Jain associated with Shardul Amarchand Mangaldas law firm appeared on behalf of PNB in this matter. He said that the court has ordered attachment of only those properties which are not mortgaged to the bank. However, the special court did not allow the directorate to attach the paintings owned by Modi and seized by the Income Tax Department.
At present, Nirav Modi is in jail in Britain,
Bombay High Court has already ordered him to auction and deposit money. Currently, the proceeds from this will not be distributed. The special court said that the ED has an exemption to take legal measures to get the painting controlled by the Income Tax Department. Nirav Modi (49) is currently lodged in a UK jail. Modi was arrested in London in March 2019. India is fighting a legal battle of extradition against him in the court there.