Special PMLA Court Releases ₹66.33 Crore Worth of Nirav Modi’s Assets in Ongoing ₹8,526 Crore PNB Fraud Case

A Special Court under the Prevention of Money Laundering Act (PMLA) has permitted the release of assets worth Rs. 66.33 crore belonging to fugitive diamantaire Nirav Modi. The move aims to facilitate partial recovery of the bank’s massive dues, which exceed Rs. 8,526 crore.

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Breakdown of Released Assets

The assets include:

• Jewellery, coins, watches, and cash worth Rs. 40.83 crore, seized from Modi’s luxury residence at Samudra Mahal in Worli, Mumbai.
• A flat valued at Rs. 19.50 crore, registered in the name of Purvi Modi, Nirav Modi’s sister, at the same Worli address.
• Other movable properties of undisclosed nature, contributing to the total amount of Rs. 66.33 crore.

The court’s approval comes with specific conditions. PNB is required to furnish an undertaking to return the released amount with applicable interest if directed by the court in the future. The Enforcement Directorate (ED) did not object to the release, provided these safeguards were in place. Advocate representation for Purvi Modi confirmed that she held no beneficial interest in the properties, a factor that may have influenced the court’s decision.

The asset release marks a noticeable step toward restitution but the amount recovered so far is a fraction of the colossal financial damage inflicted in the PNB scam. The fraud, allegedly orchestrated by Nirav Modi and his uncle Mehul Choksi, involved fraudulent issuance of Letters of Undertaking (LoUs) through PNB’s Brady House branch in Mumbai, triggering one of India's biggest banking scandals.

Nirav Modi continues to challenge his extradition from the United Kingdom, while Choksi remains in legal limbo in Belgium, adding an international dimension to the protracted proceedings.

This asset release decision, dated June 19, 2025, and analyzed on June 20, 2025, reaffirms the judiciary’s ongoing commitment to recovering defrauded public funds. With further hearings and extradition attempts ongoing, Indian authorities continue their efforts to recover the remainder of the defrauded funds, while also pursuing legal accountability for the key accused on foreign soil.

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