Regional
Several people were injured when their houses collapsed while they were asleep
Digital Desk: Late last night, a powerful storm accompanied with heavy rain swept through various parts of Lahowal in Dibrugarh district of Assam, leaving
Hiten Venegaokar and Arvind Aghav, counsel for the ED, had argued for the confiscation of Modi's 48 properties, valued at 929 crores, under the FEO Act.
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color:#252525">Digital Desk: On Wednesday, a special court under the Fugitive
Economic Offenders Act granted the Enforcement Directorate (ED) permission to
seize Nirav Modi's 39 properties worth Rs. 500 crores.
color:#252525">The court also granted the Punjab National Bank's (PNB) claim
over nine properties worth 424 crores that were mortgaged with the bank for
credit facilities. These include properties in New York's Central Park, his
bank account, and valuables such as jewelry and watches, all of which were
covered by Modi's personal guarantee.
color:#252525">Hiten Venegaokar and Arvind Aghav, counsel for the ED, had
argued for the confiscation of Modi's 48 properties, valued at 929 crores,
under the FEO Act.
color:#252525">PNB, a victim of Modi and his companies' alleged fraud, sought
nine properties under an order dated September 6, 2021, claiming they were hypothecated
with the bank.
color:#252525">The special judge, SM Menjoge, granted the petition for
confiscation of the other properties worth 500 crores, which included valuables
recovered by the ED and money held by Modi and his companies in various
accounts in foreign banks (see box). The list also includes properties whose
values are unknown, such as immovable assets stored in his farmhouse in
Alibaug.
color:#252525">The court ruled that the bank can pursue its claim through the
appropriate authorities, tribunals, or courts.
color:#252525">The special FEO court has allowed the confiscation of Modi's
properties and businesses for the second time.
color:#252525">After Modi was declared a fugitive economic offender, the ED
sought to seize properties worth Rs. 1,396.07 crore that it claimed he
purchased or owned with proceeds of crime.
color:#252525">On December 5, 2019, Modi was declared FEO under the new law,
and the court began the process of confiscating his properties. The court
denied him the right to intervene in the proceedings but allowed the banks to
be heard.
color:#252525">While declaring him a fugitive economic offender, the special
court had earlier observed that Modi left the country under suspicious
circumstances to "dodge the penal consequences of the acts he has done or
committed while in India till the year 2017".
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