PMLA court orders seizure of Nirav Modi's assets worth Rs 1,400 crore

Court also allows banks to lay claims for secured assets out of these confiscated assets

A special PMLA (Prevention of Money Laundering Act) court on Monday issued an order confiscating assets worth Rs 1,400 crore owned by fugitive diamond jeweller Nirav Modi.  
 
This is the first ever order on confiscation of an offender’s property, under the newly created Fugitive Economic Offenders (FEO) Act, 2018.
 
Nirav is in custody at Wandsworth prison in the UK, awaiting an extradition trial scheduled for September.

 
Monday’s order allows for the confiscation of his fixed properties, hypothecated or mortgaged, or given under