Alibaug, Mar 06: Authorities continue demolition of PNB scam accused Fugitive diamantaire Nirav Modi's posh bungalow on Kihim beach in Alibaug, Maharashtra.
As per the current market price, the making cost for the building could be around Rs 25 crore.
The authorities had earlier failed to raze the structure with the help of excavators due to a superior quality construction material used in the building. The Raigad district collectors' office is demolishing Nirav Modi's mansion after receiving the Bombay High Court order against the illegal structure. Nirav Modi, along with his maternal uncle Mehul Choksi, has been accused of defrauding state-owned Punjab National Bank of Rs 13,700 crore. The bungalow was part of the properties attached by the Enforcement Directorate (ED). Though the ED had objected to the demolition, the HC gave a go-ahead to the Raigad district collector to raze the building. This was the same mansion where Nirav Modi used to host lavish parties of high-profile people, say reports.