MUMBAI: The diamantaire Nirav D. Modi, Multi-billionaire scamster, could lose 18 crore  in the New Year.

Ashu Kumar, the recovery officer for the Mumbai-based Debt Recovery Tribunal-I (DRT-I), has been directed to sell off two prestigious homes owned by Modi and others in one of the cases the Punjab National Bank (PNB) brought to recoup some of its debts.

The e-auction of these properties is regarded as a year-end effort to recoup a portion of the PNB's massive debt, which is estimated to total over Rs 11,653 crore by early 2023.

The properties are two adjacent flats of 398 square metres and 396 square metres that are located on the 16th floor of the F1 building of the YOOPUNE housing complex in Hadapsar, Pune.

The PNB has set a reserve price for these two apartments, which will be auctioned off on February 3, 2023, of Rs. 8.99 crore and Rs. 8.93 crore, respectively.

On December 28, Stellar Diamonds, Solar Exports, Diamond R US, ANM Enterprises Pvt. Ltd., and NDM Enterprises Pvt. Ltd. received an auction notification from the DRT-I.

Besides these companies, notices have been sent to their promoters, owners, and directors, including Nirav D. Modi, Ami Nirav Modi, Rohin N. Modi, Ananya N. Modi, Apasha N. Modi, Purvi Mayank Mehta, Deepak K. Modi, Neeshal D. Modi, and Nehal D. Modi, who collectively owe the PNB a staggering Rs. 7,029 crore.

The e-auction may help the PNB and around 15 other banks may be able to recoup a little percentage of the enormous sums they have lost over the last five years after admitting to the nation's mega-banking scam in February 2018, one month after Nirav, his wife Ami, and others left India.

The Central Bureau of Investigation (CBI) registered the first offences in January 2018 in response to the PNB's complaint regarding the scam, which is estimated to have cost over Rs 14,000 crore. Other agencies, including the Income Tax Department (ITD) and Enforcement Directorate (ED), also became involved.

They had their sights set on the two main suspects, Nirav D. Modi and his maternal uncle Mehul C. Choksi, who had both fled the country long before the scandal became out and rocked the foundations of India's banking industry.

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