PNB scam: DRT orders auction of Nirav Modi’s Pune flats

Mumbai: The Debt Recovery Tribunal-I (DRT-I), Mumbai, Recovery Officer Ashu Kumar has ordered the auction of two prime properties belonging to Multi-billionaire scamster diamantaire Nirav D. Modi and others in one of the cases filed by Punjab National Bank (PNB) to recover a part of its dues.

The e-auction of these properties belonging to Modi and his group, is considered a year-ender attempt to recover a part of the PNB’s staggering dues of over Rs. 11,653-crore, calculated till early 2022.

The properties are two adjoining flats on the F1 building, 16th floor of the YOOPUNE housing scheme at Hadapsar, Pune, measuring 398 sq. metres and 396 sq. metres.

The PNB has set a reserve price of Rs. 8.99 crore and Rs. 8.93 crore respectively, for these two flats, which shall go for auction on Feb. 3, 2023.

The e-auction may help the PNB and around 15 other banks recover a miniscule portion of their massive amounts for the past five years since the country’s mega-banking scam was admitted by these banks in Feb. 2018, a month after Nirav, his wife Ami and others fled India. (UNI)