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PNB fraud: Nirav Modi diverted Rs 934 crore to personal accounts maintained abroad, says ED's fresh chargesheet

FP Staff
Nirav Modi is now believed to be running a new business, which describes itself on the UK's Companies House register as a wholesale trader in watches and jewellery and a retailer of watches and jewellery in specialised stores.

Diamantaire Nirav Modi, an accused in the $2-billion Punjab National Bank (PNB) scam, reportedly diverted Rs 934 crore into his personal account and two other accounts in the name of his wife Ami and father Deepak Modi, a media report said.

The Times of India report, citing the Enforcement Directorate's (ED) fresh chargesheet filed against Nirav, said that of the total amount, Rs 560 crore was credited into his account, Rs 200 crore into Ami's account and Rs 174 crore into Deepak's account maintained abroad.

The report added that the ED has named Ami as one of the accused in the scam.

According to The Indian Express, the ED in the chargesheet also said that creditor firms in the United Arab Emirates which received money through fraudulent PNB Letters of Undertaking (LoUs) were incorporated in the British Virgin Islands. The report added that Nirav's brother Neeshal Modi and sister Purvi Modi were the ultimate beneficial owners of these firms until 2012.

The ED officials said the chargesheet or the prosecution complaint was filed before a special Prevention of Money Laundering Act (PMLA) court in Mumbai a few days ago.

This is a supplementary chargesheet against Nirav and a few others. The agency has recorded additional evidence gathered in the case and attachments made including charges pressed against him under the Fugitive Economic Offenders Act.

The development is being seen in the backdrop of a recent British daily report that said Modi is living in a swanky 8-million pound apartment in London's West End and is now involved in a new diamond business.

Nirav, 48, is currently living in a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block in London, where rent is estimated to cost 17,000 pounds a month, The Telegraph has reported.

On Saturday,  the government said it was waiting for Britain to respond to its request to extradite the fugitive billionaire jeweller. India had asked Britain in August to extradite Nirav.

PNB in 2018 said that two jewellery groups headed by Nirav and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from other Indian banks using illegal guarantees issued by rogue PNB staff.

With inputs from agencies

Also See: PNB scam: Enforcement Directorate files fresh charge sheet against Nirav Modi under anti-money laundering law

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