London High Court Approves Sale of Nirav Modi’s £5.25 Million Property for Creditors
In a significant development in the ongoing saga of the Nirav Modi case, the high court in London has granted permission to sell a prime property belonging to Nirav Modi’s family trust for a minimum of £5.25 million (approximately ₹55 crore). This decision comes after a thorough examination of the intricate web of trust rules often used by wealthy individuals to avoid taxes and scrutiny.
The property in question, a luxurious duplex apartment near Baker Street station, was purchased in 2017 by Trident Trust Company (Singapore) for £6.25 million (approximately ₹60 crore), with members of the Nirav Modi family listed as ultimate beneficiaries. Two prestigious real estate agents are now searching for potential buyers, and the sale proceeds will be distributed to Nirav Modi’s creditors.
Nirav Modi, who appeared via video conference from Thameside prison, admitted in court that he was the true owner of the property, despite it being initially registered in his sister’s name. The Enforcement Directorate (ED) had raised concerns about the ownership structure, prompting a detailed investigation into the property’s sale.
Represented by Harish Salve, King’s Counsel, and assisted by Chintan Chandrachud, the ED opposed any payments being made to Nirav Modi post-sale, citing his outstanding debts to the HMRC (UK tax authority). The ED expressed a preference for a direct sale of the property to maximize returns, ensuring compliance with legal requirements.
The case also exposed financial irregularities involving Firestar Diamond, Nirav Modi’s bankrupt company, and its former CEO Mihir Bhansali. Allegations of asset transfers to evade creditors have further complicated the legal proceedings, highlighting the depths of financial misconduct linked to the high-profile scandal.
As the legal battle rages on, authorities are leaving no stone unturned in their pursuit of justice, signaling a relentless crackdown on financial wrongdoings and a commitment to holding individuals accountable for their actions. The outcome of the property sale will undoubtedly have far-reaching implications for the resolution of the Nirav Modi case and the recovery of funds owed to creditors.
