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

In a major development in the PNB fraud case, a special PMLA court has ordered the release of assets worth Rs 6,633 crore belonging to the fugitive diamantaire, Nirav Modi. These assets, which were earlier attached by the Enforcement Directorate (ED), will now be handed over to a consortium of banks led by Punjab National Bank (PNB). The banks had suffered massive losses due to the fraudulent Letters of Undertaking issued in favor of Modi's firms. The court's decision will allow the banks to start the process of recovering a portion of their dues by liquidating these assets. This is a significant victory for the public sector banks in their long-drawn battle to recover the money lost in one of India's biggest banking scams, although the released assets still cover only a part of the total fraud amount.