PNB moves court seeking restoration of assets of Nirav Modi’s firms
PNB, the state-owned bank, filed various motions in a specialized PMLA court on Wednesday, demanding the recovery of the property of two companies controlled by exiled diamond dealer Nirav Modi, who is suspected of defrauding the bank. 
PNB, the state-owned bank, filed various motions in a specialist PMLA court on Wednesday, demanding the restoration of the assets of two companies controlled by fugitive diamond dealer Nirav Modi, who is suspected of defrauding the financial institution.
We have given the ED till July 28 to file its response. Under the fugitive economic offender’s statute, the Enforcement Directorate (ED) has already seized Nirav Modi’s substantial assets around Rs 329.66 crore.
The PMLA court declared Nirav Modi (49) a victim of a crime in December 2019. Considering that, the court gave the ED permission to seize the funds under the Act’s terms.
As a result, something wrongfully imprisoned him in a UK jail until being apprehended in London in March of this year, and he is resisting deportation to India.
The Enforcement Directorate (ED) is investigating Nirav Modi and his uncle Mehul Choksi, all peak accused in the case, along with others, for allegedly committing a USD 2 billion (over Rs 13,000 crore) bank fraud in collusion with bank executives and through the granting of dishonest Writings of Undertaking (LoUs) at the Brady House PNB branch in Mumbai.
