Nirav Modi’s creditor companies that acquired PNB fraud cash linked to his siblings: ED – The Indian Specific
The Enforcement Directorate (ED) has unearthed new proof in its probe towards fugitive diamond dealer Nirav Modi that creditor companies within the United Arab Emirates which acquired cash by way of fraudulent Letters of Endeavor (LoUs) of Punjab Nationwide Financial institution have been integrated in British Virgin Islands and Modi’s siblings Neeshal Modi and Purvi Modi have been the last word helpful homeowners of those companies till 2012.
In its 122-page supplementary criticism filed on February 28 in a Mumbai court docket, the ED mentioned that Tri Shade Gems FZE, Diagems FZC, Pacific Diamonds FZE and Common Effective Jewelry FZE, have been integrated by consulting agency Trident Belief Firm, BVI. Between December 2011 and October 2012, these companies allegedly acquired $76.14 million from LoUs of PNB.
To this point, the ED has established the cash path of $927 million of the $1015 million allegedly diverted by Modi utilizing the LoUs of PNB.
The company has additionally included Modi’s spouse Ami Modi and his three corporations in UK and Switzerland — Nirav Modi Ltd, Yanike Properties Ltd and Diamond Holdings S.A. — as accused within the Rs 6498-crore fraud.
The important thing findings of the company, as per the criticism:
-Modi’s sister Purvi Modi transferred $26 million out of the $89 million acquired by way of LoUs by Effective Traditional FZE, her Dubai-based “shadow entity” to Ami Modi for buy of two properties in the US.
-Pacific Diamonds FZE allegedly diverted at the very least $171 million to Modi’s father Deepak Modi and his agency Chang Jiang S.A. Sources mentioned Pacific Diamonds additionally allegedly diverted at the very least $1.four million of the LoU funds to 2 companies owned by Preeti Pradyotkumar Kothari, spouse of fugitive diamond dealer Mehul Choksi.
-Deepak Modi is an alleged beneficiary of two US corporations which “routed $42.eight million to Bailey Banks & Biddle, USA, from Nirav Modi group dummy corporations in Dubai and Hong Kong”.
In accordance with the ED investigation, in 2017, Nirav Modi formalised a plan to convey again as much as $50 million of the LoU funds to India by way of offshore companies Alecust International Holdings Ltd, Mauritius, and Progruss Funding Ltd, Cyprus.
Telephone calls and textual content messages to Nirav Modi’s lawyer Vijay Agarwal remained unanswered.