(Image source from: Zee Business)

The Punjab National Bank (PNB) Has been made a party to the sale of all of the Indian businessman Nirav Modi's assets in the United States, as part of the United States Bankruptcy Court's summon order to diamantaire Modi and his aides on Friday.

The PNB's claim on the proceeds of any asset sold by the U.S. debtors of Modi's entities has been recognized by the court with an order including a signed stipulation recognizing PNB's agreement with the Chapter 11 Trustee.

The court likewise issued a summons in relation to the multi-billion PNB scam to Mihir Bhansali, Rakhi Bhansali, Ajay Gandhi and Kunal Patel.

A petition has been filed in the U.S. court by Ministry of Corporate Affairs (MCA) against Modi's bankruptcy proceedings on February 26 and sought to make PNB a party to the sale of any possessions of his entities.

Speaking to ANI, a PNB official confirmed that this order was a big victory for them. On July 26, a Special Prevention of Money Laundering Act (PMLA) court in Mumbai had issued summons against Modi and his uncle Choksi in connection with the PNB fraud case and had asked them to appear before it in September or be declared as Fugitive Economic Offenders.

The charge sheet that was filed by the Enforcement Directorate (ED) on June 28, tagged Mehul Choksi, owner of Gitanjali Group, as "mastermind" behind the PNB fraud case.

A multi-billion swindle has been detected by PNB last year wherein Modi and his uncle Mehul Choksi had allegedly cheated bank to the tune of USD 2 billion, with the purported participation of a few workers of the bank.

By Sowmya Sangam