Court allows confiscation of Nirav Modi's assets

In a first order of confiscation under the Fugitive Economic Offenders (FEO) Act, a special court Judge V C Barde on Monday directed that properties of Nirav Modi -- declared FEO last December -- be attached by the Enforcement Directorate (ED). However, it significantly exempted from the list, properties secured to Punjab National Bank (PNB) and a consortium of banks either through mortgage, hypothecation or personal guarantee.

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