NationTop Stories

New York Court Says PNB Has Claim On Nirav Modi Assets

A bankruptcy court in New York has recognized the claim of Punjab National Bank (PNB) on the proceeds of any assets of Nirav Modi that are sold there and ordered summons to be issued for examination of the fugitive and his four associates. The two rulings in the Nirav Modi case came late on Thursday night. The government is seeing this as a positive sign, Times of India reported.

The government is seeing this as a positive development and it comes just a day after a UK court tightened the noose around another fugitive, Vijay Mallya + , also wanted for defrauding banks.

“We have managed to establish the ownership pattern and we are ready with our future course of action,” said a source.

According to the report published in Times of India, Finance minister Piyush Goyal said instances of people running away and evading legal legal process was increasing, which needed to be stopped as the current laws do not allow dealing with the “severity of the problem”.

The order from the bankruptcy court is expected to force the disgraced diamond trader to appear before it or face action under American law. In case of his appearance, lawyers are expected to confront him with questions related to alleged diversion and siphoning of funds, how the fraud was perpetuated and failure to adhere to corporate laws and governance standards.


NMTV was launched in the year 1999, and is Maharashtra only accredited 24-hour, 7-day-a-week local cable news station of Navi Mumbai airing news bulletins and programs in English, Hindi and Marathi. NMTV represents the state-of-the-art in local television news coverage, delivering on a commitment of responsible and community-oriented journalism on an around-the-clock basis.

Related Articles

Back to top button