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Nirav Modi's creditor firms that received PNB fraud money linked to his siblings: ED
Posted on: 12-03-2019 , 01:33:PM | DY365 Bureau

 Picture Courtesy: MSN.com

March 12, 2019: The Enforcement Directorate (ED) has unearthed new evidence in its probe against fugitive diamond trader Nirav Modi that creditor firms in the United Arab Emirates which received money through fraudulent Letters of Undertaking (LoUs) of Punjab National Bank were incorporated in British Virgin Islands and Modi’s siblings Neeshal Modi and Purvi Modi were the ultimate beneficial owners of these firms until 2012.

In its 122-page supplementary complaint filed on February 28 in a Mumbai court, the ED said that Tri Color Gems FZE, Diagems FZC, Pacific Diamonds FZE and Universal Fine Jewellery FZE, were incorporated by consulting firm Trident Trust Company, BVI. Between December 2011 and October 2012, these firms allegedly received $76.14 million from LoUs of PNB.

So far, the ED has established the money trail of $927 million of the $1015 million allegedly diverted by Modi using the LoUs of PNB.

The agency has also included Modi’s wife Ami Modi and his three companies in UK and Switzerland — Nirav Modi Ltd, Yanike Properties Ltd and Diamond Holdings S.A. — as accused in the Rs 6498-crore fraud.


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