The National Company Law Tribunal has appointed a liquidator to sell the properties at auction. The ED has already released some of these properties and is in the process of handing over the rest, which includes a solar power plant in Ahmednagar district, to the bank for auction. The agency also handed PNB around Rs 6 crore which it had recovered earlier after auctioning off cars, paintings and other expensive items belonging to the Modis.
Modi allegedly defaulted on a PNB loan of Rs 6,500 crore through fraudulent Letters of Commitment (LoU) and the ED confiscated assets worth Rs 2,600 crore in a money laundering case. money he is investigating against him.
Modi is currently being held in a London prison on pain of extradition to India.
Some of Modi’s properties that have not been mortgaged with the bank, including his four lavish apartments in the Samudra Mahal building in Worli valued at over Rs 100 crore, his Alibaug bungalow and mills wind in Jaisalmer, will remain in the possession of ED. The investigative agency has yet to take possession of its properties abroad, including in the United States.
It is alleged that Modi bought many of these properties with the money he defrauded from PNB.
In 2017, he purchased the iconic Rhythm House building through his company Firestar Diamond from its owners, the Curmally family, for Rs 32 crore. His plan was to convert the heritage property into an upscale jewelry showroom.