New Delhi: After being declared a fugitive economic criminal, the property worth Rs 2,400 crore of Nirav Modi, the prime accused in the PNB scam, can be auctioned. Regarding this, the special PMLA court may soon hear and approve the petition of the Enforcement Directorate (ED). The court may order to auction the properties include four flats in the Samudra Mahal Building in Worli, Mumbai and the Ritham House in Kala Ghoda.

PNB scam: Nirav Modi declared fugitive, now assets to be seized

The next hearing in this case will be held on January 10. According to a Times of India report, Nirav Modi bought three flats located in Samudra Mahal from a businessman in 2006, and converted them into duplexes. The fourth flat he had bought from a trust belongs to a leader of Madhya Pradesh. Nirav paid 125 crores to buy these flats.

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Ritham House was purchased by Nirav through his company Firestar Diamond in 2017 from the Karmali family for 32 crores. He wanted to convert this heritage property into a jewelery show room. He is the second businessman after Vijay Mallya to be declared a fugitive economic offender according to the new Fugitive Economic Offenders Act. The act came into effect in August last year.

PNB scam: New notice issued to Nirav Modi and many others, loan of 7000 crores...