London high court approves sale of Nirav Modi's luxury apartment amid extradition proceedings
Nirav Modi
A London high court ruled on Wednesday (Mar28) that the luxury apartment of fugitive Indian diamond merchant Nirav Modi in London, valued at a minimum of GBP 5.25 million, can be sold.
The decision came after a remote hearing attended by Modi, who is currently in prison in the UK.
India's Enforcement Directorate (ED) argued that the apartment's assets stem from a massive fraud on the Punjab National Bank (PNB), for which Nirav Modi faces extradition proceedings.
Judge Master James Brightwell accepted the sale of the property for GBP 5.25 million or more, ensuring the proceeds are held securely after clearing the trust's liabilities. "I am satisfied that it is a reasonable decision to allow for the property to be sold for GBP 5.25 million or above," Master Brightwell said.
The case involves Trident Trust Company (Singapore) Pte Limited seeking to sell the apartment in Marylebone, with Nirav Modi's sister and family named as beneficiaries of the trust.
Barrister Harish Salve, representing the ED, ensured safeguards were in place to protect the interests of potential beneficiaries and prevent a rushed sale of the asset.
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Nirav Modi claims to be the "true settler" of the trust, asserting his right to the proceeds from the sale based on his alleged contribution to its purchase.
Also read |UK delegations face pressure from India on extradition of fugitives Vijay Mallya and Nirav Modi
Nirav Modi participated in the proceedings remotely from prison, expressing concerns about potential buyers linked to ongoing investigations by the ED.
Despite losing his extradition battle in 2022, Nirav Modi faces further litigation, including pending legal costs amounting to GBP 150,247.
There are three criminal cases against Nirav Modi in India related to fraud at the PNB bank, which caused losses of over GBP 700 million.
These cases include an ED case involving the alleged laundering of the proceeds of that fraud, and a third set of criminal proceedings involving alleged interference with evidence and witnesses in the CBI proceedings.
