Tribunal restrains Nirav from disposing of assets

New Delhi, Oct. 5: The appellate tribunal against money laundering on Friday directed fugitive diamantaire Nirav Modi and others, accused of siphoning off ` 6498.20 crore from PNB and UBI consortium, not to dispose or create third party interest in their 21 immovable properties.

Justice Manmohan Singh, chairman of Appellate Tribunal on Prevention of Money Laundering Act, said Nirav Modi is “not trustworthy” as he had fled from the country, and banks’ right to recover the public money has to be protected.

Granting relief to PNB and UBI consortium, Justice Singh said, “As far as the interim order at present sought by the appellant Punjab National Bank is concerned. I am of the considered view that strong prima- facie case has been made out against Nirav Modi, Ami Nirav Modi and others who are liable to the same with regard to 21 properties.”

“Under these circumstances, I direct that the respondent ( Nirav Modi and others) shall maintain the status quo in relation to the said property and particularly Nirav Modi, Ami Nirav Modi and other respondents shall not dispose of or create third party interest in respect of 21 immovable properties ... Having fair market value of ` 532.72 crore were personally attached of the said respondent here as the prima facie, I am of the view that the bank is entitle to receive the amount after sale proceeds,” Justice Singh said.

Referring to the gamut of the matter, the tribunal said it was of the view that Nirav Modi was not “trustworthy who ran away from this country after cheating the banks and citizens of this country. The Government through various agencies have taken many steps to bring him back to home country.”