Nirav Modi’s luxury apartment in London likely to be sold for ₹55 crore

Trident Trust Company (Singapore) was the claimant in the case, represented by the Enforcement Directorate (ED). This apartment of the 52-year-old fugitive diamond merchant is located in the Marylebone area of ​​central London.

Barrister Harish Salve appeared on behalf of ED. He told the court that the sale of the property was agreed to protect the interests of the primary beneficiary, presumably the Government of India, and to prevent a hasty sale of the property.

According to ED, this property is linked to Punjab National Bank (PNB) fraud 16,672 crores. Modi is facing extradition proceedings from 2022 after he lost the legal battle in the Supreme Court.

Master James Brightwell presided over the hearing, which Modi attended virtually from jail.

The judge concluded, “I am satisfied that allowing the property to be sold for £5.25 million or more is an appropriate decision.”

Master Brightwell also took note of ED’s objections regarding the creation of a trust holding the assets. The trust was created in December 2017 in the name of beneficiaries Nirav Modi’s sister Purvi Modi and her family. According to the judge this case is “very unusual”.

Purvi Modi and his adult children did not participate in the case proceedings under an agreement with Indian authorities. Nirav Modi claimed that he should be treated as a beneficiary as he was a “true resident” of the trust.

Nirav Modi’s argument

Nirav Modi either gifted or lent to the trust He argued that Rs 6.5 crore (£625,000) was used to purchase the property. According to Modi, it also gives him the right to any money received from selling the property. He expressed concern that the ED could seize any money received from the sale.

In April 2021, the then UK Home Secretary Priti Patel issued an order for Nirav’s extradition based on the Westminster Magistrates Court decision of Judge Sam Goosey.

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Published: March 28, 2024, 09:55 am IST