Nirav Modi loses legal bid to block London property sale

A UK court has granted approval for the sale of a luxury central London apartment linked to Nirav Modi, the former high-end jeweler currently imprisoned in London while fighting extradition to India over fraud and money laundering allegations.

The 55-year-old, who stands accused in the USD 2 billion Punjab National Bank (PNB) fraud and laundering scheme, has remained in custody since his 2019 arrest in London.

Presiding over a Chancery Division hearing at the High Court on Tuesday, Master James Brightwell gave the "court's blessing" to sell 103 Marathon House for a minimum threshold of 3.75 million pounds.


Also read: Senior bureaucrat Narendra Bhooshan named Environment Ministry Secretary

The legal proceedings involved Trident Trust Company (Singapore) Pte Limited as the claimant. Previously, India's Enforcement Directorate successfully argued that proceeds from the transaction must be deposited into a secure account once all "pressing liabilities" of the trust are settled.

"The natural starting point is that the debts that are due should be paid. In this case, that is supported by the fact that the court made an order for sale in 2023 and reiterated this with a further order to lower sale price in 2024 was ultimately made with the assent of the other active parties," ruled Master Brightwell.

Addressing objections raised by the defense, the judge added: "The third defendant's (Nirav) complaints about the way in which the trustee has set out its decision do not render the decision one which a trustee could not properly reach," he said.

Modi attended the proceedings via video connection from HMP Wandsworth in south-west London, where he remains held during his ongoing extradition battle. As a named defendant, Modi had contested the sale, alleging that he was the "true settler" of the trust and ought to be recognized as its beneficiary.

Also read: India’s monsoon ends 12.6% short, October likely to stay dry: IMD

With conventional legal options exhausted, Modi is believed to have filed a second application for political asylum as a final effort to avoid being sent to India.

His initial arrest occurred on March 19, 2019, when Scotland Yard officers took him into custody on an extradition warrant at a Metro Bank location in central London after an employee recognized him while he was attempting to open an account.

Extradition proceedings have faced prolonged delays due to multiple High Court appeals citing human rights concerns, a prior confidential asylum request, and numerous rejected bail applications. Modi also sought to reopen his extradition case, though the High Court of England turned down that petition in March of this year.