India, June 20 -- A special CBI court has directed the Enforcement Directorate (ED) to release assets worth Rs.60 crore belonging to fugitive diamantaire Nirav Modi to the Punjab National Bank (PNB), which had suffered huge losses in the alleged loan fraud perpetrated by Modi and his associates. Special CBI sessions judge AV Gujarathi on Tuesday ordered the ED to release jewellery, coins, watches and cash owned by Nirav Modi worth Rs.40.83 crore and a flat registered in the name of his sister, Poorvi Modi, worth Rs.19.50 crore.

The public sector bank had approached the court under the Prevention of Money Laundering Act (PMLA), seeking an order to release some of the properties confiscated by the ED. The PMLA allows a party to move court ...