Enforcement Director has filed a charged sheet against Nirav Modi alleging that he laundered and diverted over Rs. 6,400 crore of bank funds abroad to dummy companies that were owned and managed by him or his family members.
Enforcement director has stated that it has attached Nirav Modi’s jewellery and valuables worth around Rs. 35 crore in Hong Kong in connection with the USD 2 billion suspected PNB fraud.
The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets belonging to Nirav Modi.
Agency stated that these valuables, diamonds and jewellery were untruthful in a logistics company vault in Hong Kong. The value of the attached assets is USD 34.97 million or about Rs. 255 crore at present. A court issued order will soon be sent to Hong Kong to formalise the PMLA attachment order, with this latest order, the total attachment in this case against the fugitive diamantine is about Rs. 4,744 crore.
Nirav Modi has been hiding overseas (in the UK) since the alleged bank fraud, the highest in the country in terms of value, came to light early this year. An Interpol arrest warrant has been notified against him even as India is working to get him extradited from the United Kingdom, where he was last reported to have been based.
The Enforcement Directorate has also filed a charge sheet against him alleging that he laundered and diverted over Rs. 6,400 crore of bank funds abroad to dummy companies that were under his and his families' control.
Nirav Modi, his uncle Mehul Choksi and others are being investigated under various criminal laws after the fraud came to light this year following a complaint by the Punjab National Bank that they supposedly cheated the nationalised bank to the tune of over Rs. 13,000 crore, with the ostensible involvement of a few employees of the bank.
Courtesy/By: Shubham Mathur
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26 Oct 2018
