Nirav Modi’s Luxury London Apartment to be Sold for £5.25 Million After High Court Ruling

London: A High Court ruling in London has paved the way for the sale of a luxury apartment linked to fugitive diamond merchant Nirav Modi. The property, located in the prestigious Marylebone area, is set to be sold for no less than £5.25 million.

The Enforcement Directorate (ED) of India had argued that the apartment, held in a trust, represented proceeds from the fraud on Punjab National Bank (PNB). The judge agreed to hold the sale’s proceeds in a secure account after settling any outstanding trust liabilities.

Nirav Modi, attending the hearing virtually from a UK prison, objected to the sale. He claimed to be the beneficial owner of the trust and disputed the buyer’s identity, an Indian entrepreneur facing money laundering charges himself.

The court acknowledged the unusual case and ordered due diligence regarding the potential buyer. Nirav Modi is currently fighting extradition to India and faces separate legal proceedings related to the fraud case.