Nirav loses legal battle to prevent sale of luxury London property
A UK court has approved the sale of a luxury apartment linked to Nirav Modi, who is behind bars in London as he fights extradition to India over fraud and money laundering charges.
The 55-year-old former luxury jeweller, accused of $2 billion Punjab National Bank (PNB) fraud and money laundering charges, has been behind bars since his arrest in London in 2019.
Master James Brightwell, presiding over a hearing at the Chancery Division of the High Court on Tuesday, gave the “court’s blessing” for the sale of 103 Marathon House in central London for a minimum price of 3.75 million pounds.
The case involved Trident Trust Company (Singapore) Pte Limited as the claimant, with the Enforcement Directorate having previously successfully argued for the proceeds from the sale to be placed in a secure account after all “pressing liabilities” of the trust have been cleared. “The natural starting point is that the debts that are due should be paid. In this case, that is supported by the fact that the court made an order for sale in 2023 and reiterated this with a further order to lower sale price in 2024 was ultimately made with the assent of the other active parties,” ruled Master Brightwell.
“The third defendant’s (Nirav) complaints about the way in which the trustee has set out its decision do not render the decision one which a trustee could not properly reach,” he said. Modi observed the hearing via videolink from a room at HMP Wandsworth, the south-west London prison where he is lodged as he continues to fight separate extradition proceedings.
