Nirav Modi case: PNB receives Rs. 24.33 crores as first tranche of recovery from US

News Network
August 26, 2020

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New Delhi, Aug 26: The central government on Tuesday said that Punjab National Bank (PNB) has informed the Ministry of Corporate Affairs (MCA) that it has received USD 3.25 million (the equivalent of Rs. 24.33 crores) as the first tranche of recoveries in fugitive Nirav Modi case from the USA.

"Upon liquidation of the debtors' assets by the US Chapter 11 Trustee, a sum of $ 11.04 million (equivalent of Rs. 82.66 crore) is available for distribution to unsecured creditors including PNB. Further recovery therefrom is subject to other expenses and settlement of claims of other claimants," MCA said in a release.

The Ministry also has initiated proceedings for disgorgement of monies from the perpetrators-- the entities promoted and/or controlled by Nirav Modi/Mehul Choksi.

"Punjab National Bank Limited in 2018 informed the MCA that three companies promoted by Nirav Modi, namely Firestar Diamond, A. Jaffee and Fantasy (all Inc) had filed for Chapter 11 Bankruptcy Protection in the Southern District of New York, United States of America," MCA said.

PNB requested the MCA to support and join the bankruptcy proceedings in New York, USA in order to help PNB realize its claims in the debtors' assets.

The US Bankruptcy Court of Southern District of New York, by its order dated July 26, 2018 recognized the claims of PNB in the proceeds of sale of assets of the properties of the debtor companies. It also authorized PNB to issue subpoenas to compel the examination of Nirav Modi, Mihir Bhansali and Rakhi Bhansali under oath.

Subsequently, on August 24, 2018, the Examiner appointed by the New York Bankruptcy Court submitted his report. The Report explains the modus operandi of the fraud and the manner in which the US-based employees of the debtors participated in the fraud.

"One prominent feature of the fraud was the apparent facade of independent companies, which were, in reality, entities promoted and/or controlled by Nirav Modi, that engaged in 'round-tripping' of the diamonds amongst themselves," it said.

Interpol has issued a red corner notice against fugitive Nirav Modi's wife, Ami Modi, in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case.

Earlier in July, the ED had attached properties of diamantaire Nirav Modi worth Rs 329.66 crores under the Fugitive Economic Offenders Act, 2018 (FEOA).

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News Network
December 26,2024

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The UN agency for Palestinian refugees (UNRWA) says the northern part of the Gaza Strip has been going through “the hell of the hell" amid Israel's bombing campaign on civilian facilities and blockade of aid for almost three months.

In an interview with Irish state media RTE on Wednesday, UNRWA Communications Director Juliette Touma said northern Gaza has witnessed “heavy, heavy bombardment," as well as loss of life among civilians and attacks on hospitals and shelters.

She was also asked about the situation in the Kamal Adwan hospital, which is still barely functioning in northern Gaza despite an Israeli order to shut down and evacuate.

Touma said the evacuation orders of medical centers and raids on them "have become commonplace in Gaza" since last October, when Israel unleashed its genocidal war on the Palestinian territory.

“We shouldn’t become numb, though, to the fact that this happens all the time. Because, at the end of the day, this is a violation of international law," she added.

"This is crossing a very thick red line and way too many times the rules of war have been broken in Gaza, and those responsible must be held accountable."

Over the past few months, Israel has used tanks, snipers and quadcopters to attack the Kamal Adwan hospital, where over 400 civilians have sought medical care and shelter.

On Wednesday, Physicians for Human Rights - Israel (PHRI), an Israeli NGO that advocates for medical rights, filed an urgent petition with the regime's top court to end the ongoing attacks on the Kamal Adwan hospital.

The petition calls for the establishment of a humanitarian corridor to deliver medical supplies, fuel, and for the safe evacuation of patients and staff.

“The relentless attacks on Kamal Adwan hospital have caused catastrophic harm to medical infrastructure, claimed the lives of patients and staff, and denied access to essential healthcare services," it said.

"Under international law, Israel is obligated to protect the safety and security of patients, medical personnel, and healthcare facilities—even in times of conflict.”

Israel launched its brutal Gaza onslaught on October 7, 2023, after the Palestinian Hamas resistance group carried out a historic operation against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

So far, the occupying regime has killed at least 45,361 Palestinians, mostly women and children, and injured 107,803 others, in Gaza. 

Since early October, Israel has intensified its attacks in the northern Gaza Strip, cut the area off from the rest of the territory, and blocked nearly all food aid from entering the region.

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News Network
January 6,2025

Bengaluru: An eight-month old baby has been detected with the human metapneumovirus (HMPV) in a Bengaluru hospital on Monday, with reports going viral online. This is likely the first reported case of HMPV in the country after the recent spike in China.

The baby is reportedly undergoing treatment in a private hospital in northern Bengaluru.

The Karnataka state health department has maintained that there is no cause for concern.

"We don't know what strain of virus is spreading in China. Without knowing that, we cannot say that this reported case is concerning. We have been reviewing all influenza-like illnesses (ILIs) from December to check for any strain that is concerning. There is no such concerning spike across the state or country," said a well-placed source in the state health department.

The HMPV is a known virus (first discovered in 2001) that causes respiratory symptoms similar to that of a common cold, largely affecting children below the age of five. It is not a new virus.

Cases have been reported in the past, especially in the winter season, note experts and health department officials, making it not an immediate concern, unless an unusual spike is observed.

In December 2024, 714 suspected cases of HMPV were tested in 16 Virus Research and Diagnostic Laboratories (VRDLs) across the country, of which only nine were confirmed positive.

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News Network
December 29,2024

Mangaluru: Karnataka Legislative Assembly Speaker and Mangalore MLA U T Khader announced two ambitious bridge projects sanctioned by the Cabinet for Mangalore constituency, aimed at reducing traffic congestion on NH 66 and promoting tourism in the region.

A new bridge, parallel to the Nethravathi bridge, will connect Kotepura to Bolara at an estimated cost of ₹200 crore. Spanning 1.5 km, it will be one of the longest bridges in the region. A consultant appointed by the Public Works Department (PWD) is currently preparing the Detailed Project Report (DPR). Khader explained that Kotepura, once a hub of business activities before the construction of the Nethravathi bridge, will regain its prominence with the new project.

“The 12-meter-wide bridge will offer breathtaking views of the Arabian Sea, designed to enhance the experience for commuters. Once completed, it is expected to reduce 50% of the traffic on NH 66 via Pumpwell, as residents from areas like Bunder, Kudroli, and Bolar will use this route. Additionally, plans are underway to develop a scenic seaside road from Kotepura to the Kerala border, boosting tourism,” Khader elaborated.

The second bridge, connecting Sajipa Nadu to Thumbe at a cost of ₹62 crore, is set to benefit residents from Arkula, Meramajalu, and Thumbe. Presently, residents from Sajipa must travel via Melkar and Bantwal to reach Thumbe. “This bridge has been a long-standing dream of mine, and I had placed the proposal before the Chief Minister even before becoming the Speaker,” he added.

Addressing concerns about the difficulty faced by residents crossing the railway line between Thokkottu and Olapete, Khader revealed that a footbridge has been proposed, and funding is ready, awaiting railway approval.

On other topics, Khader responded to a query about the Special Investigation Team (SIT) probing allegations against RR Nagar BJP MLA Munirathna. He stated that the matter would be discussed with the Assembly secretary. Regarding an MLC C T Ravi's controversial remark, Khader expressed regret and assured that the Council Chairman would address the issue.

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