In a significant development, the High Court in London granted permission on Wednesday to sell a valuable property owned by Nirav Modis family trust for no less than ₹55 crore. This ruling followed an intricate examination of trust regulations commonly utilized by affluent individuals to evade scrutiny and tax obligations. Nirav Modi participated in the proceedings via video conferencing from Thameside prison.The property under consideration was acquired in December 2017 for approximately ₹60 crore by Trident Trust Company (Singapore), with the ultimate beneficiaries being members of the Nirav Modi family. Notably, two top-tier real estate agents have been actively seeking potential buyers, with the proceeds earmarked for Nirav Modis creditors.Situated in close proximity to Baker Street station, the 4,079 square feet duplex apartment came into focus following Nirav Modis downfall subsequent to the Punjab National Bank (PNB) scandal. Initially registered under Purvi Modi, Niravs sister, the property drew scrutiny from the Enforcement Directorate (ED), which asserted that Nirav Modi held ultimate control and ownership. During the legal proceedings in the London court, Nirav Modi acknowledged that he, not Purvi, had purchased the property.Represented by Harish Salve, Kings Counsel, and assisted by Chintan Chandrachud, the ED voiced opposition to any payments directed to Nirav Modi post the propertys sale. Salve underscored that the ED preferred the propertys sale over auction to ensure a fair realization of funds in accordance with legal requirements. Nirav Modis outstanding debts to HMRC, the UK tax authority, could potentially lead to the propertys auction for debt recovery purposes.Notably, the family trust owning the London property also held a bank account in Geneva with 12 million dollars, now subject to freeze orders. While facing legal proceedings in the UK magistrates court over unpaid dues, Nirav Modi pledged to make payments through monthly installments and retained legal representation by solicitors from BCL Solicitors LLP.Despite Nirav Modis imprisonment in the UK since 2019 following Firestar Diamonds bankruptcy in 2018, investigators continue pursuing assets linked to him and his close associates. Mihir Bhansali, former chief executive of Firestar Diamond, faced scrutiny after allegations by Richard Levin, the trustee overseeing Firestars liquidation, claiming Bhansali transferred his stake in a New York property to his spouse to shield it from creditors.
