Overview

• A special PMLA court in Mumbai on June 17 approved the transfer of Rs 66.33 crore in assets from the Enforcement Directorate to Punjab National Bank for recovery efforts.
• Those assets include Rs 40.83 crore in jewellery, coins, watches and cash seized from Modi’s Worli residence and a Rs 19.50-crore Breach Candy flat in Purvi Modi’s name, forming part of the Rs 2,324.97-crore package attached by the ED.
• The ED raised no objection to lifting the attachment and the court required PNB to undertake to return any remaining proceeds with interest if ordered by a higher court.
• Punjab National Bank and its consortium of banks have reported cumulative fraud losses exceeding Rs 8,526 crore in the Rs 13,500-crore scam led by Nirav Modi and Mehul Choksi.
• Nirav Modi remains in a UK prison after his tenth unsuccessful bail bid as he continues to contest extradition to India.