Last Update: April 23, 2023, 1:47 PM IST
Leaving the assets in Nirav’s apartment without any maintenance will also put them at risk of deterioration (Source: PTI/File)
The apartments are locked for the last five years after Nirav Modi fled the country
Fugitive diamantaire Nirav Modi’s three plush flats in Mumbai are now posing a problem for the Enforcement Directorate officials as they do not know who will look after its maintenance after the seizure. All the three flats are stuck in a legal tussle as Modi is currently not in India.
according to a times of India According to the report, ED officials are looking at two ways but both are not looking possible. Auctioning the sea-facing flats could be one way, but it is unlikely to fetch an estimated market value of Rs 110 crore. Another way could be to have the government maintain the posh flats, but since it comes with expensive paintings and other household items, that too is not viable.
The apartments have been closed for the last five years after Nirav Modi fled the country. Modi and his uncle Mehul Choksi are accused of defrauding public sector bank PNB to the tune of Rs 13,000 crore by using letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing PNB officials at the Brady House branch in Mumbai.
The news report further states that the case of converting the apartment into a guest house would involve a huge cost, which would be a problem for the probe agency. The expenses will include renovation and maintenance bills, and officials will also have to ensure that household items, utensils and paintings are intact.
“Converting all three to guesthouses would be more expensive than staying in a five-star hotel”, times of India quoting the officials. It will be a problem for ED officials to move the flat with all the expensive household utensils and paintings lying inside.
The ED also cited the example of the seized premises of late drug smuggler Iqbal Mirchi, which is now used as the probe agency’s ‘Zone 2 office’. Leaving assets in Nirav Apartment without any maintenance will also increase the risk of deterioration. The ED is in touch with the authorities in Delhi to resolve the issue, but no solution has been found.
Meanwhile, a special PMLA court on Tuesday granted bail to Nirav Modi’s aide Subhash Parab in the multi-crore Punjab National Bank (PNB) scam case. India had issued an Interpol Red Notice against Parab to trace and bring him back. In February, he was granted bail in a related case being probed by the CBI.
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