PNB fraud case: Interpol issues Red Notice against Nirav Modi’s sister

It is alleged that Ms. Purvi helped her brother launder the funds generated through the scam.

The Interpol has issued a Red Notice against the sister of Punjab National Bank (PNB) fraud case “mastermind” Nirav Modi in connection with the money laundering probe by the Enforcement Directorate.

It is alleged that Purvi Modi helped her brother launder the funds generated through the scam. She is the owner or director of several companies set up solely for the purpose of money laundering, said the agency.

Some of these companies have been identified by the ED as United Arab Emirates-based Fine Classic FZE, Lili Mountain Investment, Pristyn Holdings Limited, Palmate Investments Limited, Pavilion Point Corporation and Novelar International Holdings Limited in the British Virgin Islands, and Islington International Holdings Private Limited and Belvedere Group Holdings Limited in Singapore.

“These companies were formed and managed in a very complex manner to camouflage the criminal origin of funds,” the ED said.

“Some trusts incorporated for money laundering, such as Montecristo Trust, Ithaca Trust and New Zeeland Trust, were found to be associated with her,” said the agency.

The ED alleges that overseas bank accounts were opened in her name and that of her companies in several countries, which include Barbados, Mauritius, Switzerland, Singapore, United Kingdom and Hong Kong.

Funds diverted

“More than ₹500 crore, diverted from the funds generated by the Punjab National Bank scam, was put into Firestar India via the Foreign Direct Investment route, using such companies. Immovable assets were also acquired overseas in the name of the entities controlled by her,” said an official.

The agency alleged that earlier Ms. Purvi was also a beneficiary of Dubai and Hong Kong-based dummy companies in which the Letters of Undertaking issued by PNB’s Brady House branch in Mumbai were credited.

“Her name was later removed from these companies and dummy directors were introduced,” the official said.

(With inputs from PTI)

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Printable version | Apr 1, 2020 9:55:38 PM |

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