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Mumbai court orders confiscation of assets of Nirav Modi worth 1,400 crore

A special court in Mumbai has allowed confiscation of assets owned by diamantaire Nirav Modi, under the Fugitive Economic Offenders Act (FEOA). Nirav Modi is a key accused in the multi-crore Punjab National Bank (PNB) scam. This is the first order of confiscation passed under the FEO Act, enacted two years ago, anywhere in the country.

Special Judge V C Barde permitted the Enforcement Directorate (ED) to confiscate those assets owned by Nirav Modi that are not mortgaged or hypothecated to the PNB. The court, in its order, said the assets shall be attached by the ED under the provisions of the FEO Act within one month.

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