PNB SCAM: COURT ALLOWS CONFISCATION OF NIRAV MODI'S ASSETS


On 8th June 2020, an order was passed under the Fugitive Economic Offenders Act (FEOA), which had never been passed before. A Special Court allowed the attachment and confiscation of assets owned by Mr. Nirav Modi, one of the main accused in the multi-crore Punjab National Bank NSE (PNB) scam. The jeweller Mr. Nirav Modi was the second person to be declared a fugitive under the Fugitive Economic Offenders Act after the businessman Vijay Mallya, who is also in the UK.

Judge V C Barde allowed the Enforcement Directorate to confiscate the assets owned by Mr. Nirav Modi under the Fugitive Economic Offender Act that are not mortgaged or attached to the Punjab National Bank.

The Court’s order was that the assets shall be attached by the Enforcement Directorate under the provisions of the FEO Act within a month. Then the said properties/assets shall stand confiscated to the Central Govt under section 12(2) & 8 of the FEO Act.

This happens to be the first order of asset confiscation passed under the Fugitive Economic Offenders Act in 2 years since it was enacted.

Senior Lawyer Nitesh Jain from Shardul Amarchand Mangaldas law firm, who was the lawyer for Punjab National Bank, said the court has allowed the assets that have not been mortgaged, secured or given to the bank, to be attached & confiscated.



By: Rashi Pandey

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