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High Court allows sale of Nirav Modi-linked luxury London apartment

The seat of the British court allowed a flat with a high price located on Nirav Modi’s criminal to be sold. The court decision implies that the outstanding property, which does not perform well in London and is separate from the one in the trust, will be sold for more than £5.25 million. 

At the hearing session Nirav Modi attended from Thameside prison through a video call, the ED (Enforcement Directorate) stressed the point of selling the trust to pay the debts immediately. In contrast, the trust’s proceeds would eventually be recovered.

Trident Trust is from Singapore, and the plaintiff is trying to sell the property in Marylebone Way in London. The ED maintains that the PNB was defrauded of 88 billion dollars. The alleged fraudster, Nirav Modi, is seeking extradition. 

Senior James Brightwell, who was in charge of being on-site, concluded that leasing out the premises for £5.25 million or more was a fair market value. Nirav Modi, the rebel defendant, on the other hand, contended that he was the “true settler” of the trust, and he was so because he had imputed £625,000 towards the purchase of the property. 

The court order contains a qualification regarding doing appropriate research on the buyers due to the issues raised by Nirav Modi about the possible freezing of the money by the ED.

Source
India Today

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