Mumbai: Multi-billionaire scamster diamantaire Nirav D Modi may become poorer by Rs 18 crore in the New Year.
The Debt Recovery Tribunal-I (DRT-I), Mumbai, Recovery Officer Ashu Kumar has ordered the auction of two prime properties belonging to Modi and others in one of the cases filed by Punjab National Bank (PNB), to recover a part of its dues.
The e-auction of these properties is considered a year-ender attempt to recover a part of the PNB’s staggering due of over Rs 11,653 crore, calculated till early 2023.
The properties are two adjoining flats on the F1 building, 16th floor of the YOOPUNE housing scheme at Hadapsar, Pune, measuring 398 sq. metres and 396 sq. metres.
The PNB has set a reserve price of Rs 8.99 crore and Rs 8.93 crore, respectively, for these two flats, which shall go under the hammer February 3, 2023.
The DRT-I had issued an auction notice December 28 to Stellar Diamonds, Solar Exports, Diamond R US, ANM Enterprises Pvt. Ltd, NDM Enterprises Pvt. Ltd.
Besides these companies, their promoters, owners, and directors like 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, have been issued notices as certified debtors owing a whopping Rs. 7,029-crore to the PNB.
The e-auction may help the PNB and around 15 other banks recover a miniscule portion of their massive amounts for the past five years since the country’s mega-banking scam was admitted by these banks in February 2018, a month after Nirav, his wife Ami, and others fled India.
After the PNB’s complaint on the scam estimated at over Rs 14,000-crore, the Central Bureau of Investigation (CBI) registered the first offenses in January 2018 and others like Enforcement Directorate (ED) and Income Tax Department (ITD) also entered the picture.
They were targeting the two prime accused — Nirav D Modi and his maternal uncle Mehul C. Choksi — both having flown the coop, well before the scam erupted and shook the roots of India’s banking sector.
Later, it came to light that Modi was holed up in London and Choksi had cosily settled as a citizen of Antigua & Barbuda Isles in the West Indies, both awaiting their extradition to India — expectedly, soon.
On the upcoming e-auction, the PNB said it is not aware if these two properties have any liabilities, encumbrances, dues, or any claims made on them and shall be on an ‘As is where is basis’ and ‘As is what is basis’.
In the past, the ED-ITD have managed to auction off certain movable and immovable assets — certain properties, expensive paintings, artefacts, high-end vehicles, etc — to recover small parts of the banks’ dues.