After PNB fraud case, Nirav Modi ‘moved’ Rs 89 crore from Singapore to Zurich

The Indian Express
April 05, 2019
Khusboo Narayan

India has sought Modi’s extradition for alleged “high value and sophisticated” fraud and money laundering.

Fugitive diamond jeweler Nirav Modi allegedly moved around Rs 89 crore from Singapore to Switzerland a few months after India registered a criminal case against him in connection with the Rs 13,500-crore fraud at the Punjab National Bank (PNB), said officials familiar with the case.

Apart from this, Modi, through his associates, also removed diamonds worth about Rs 66 crore, cash of Rs 6.5 crore, 150 boxes of pearl and 50 kilograms of gold from his firms in Dubai and Hong Kong, while he was being probed by government agencies in India, said sources.

Modi, 48, who is currently in jail in UK, transferred money in two tranches from the Singapore bank account of Belvedere Holdings Group Ltd, a firm controlled by him through his sister Purvi Modi to EFG Bank AG, Zurich, allegedly to avoid attachment of assets by probe agencies, said a source.

Probe agencies have also found that Subhash Parab, an employee of Modi’s firm Firestar International Pvt Ltd (FIPL), is in Egypt.

In July 2018, Interpol issued a red notice against Parab, 46, along with Nirav Modi under charges of criminal conspiracy, breach of trust, cheating and dishonestly inducing delivery of property.

Parab, according to investigators, is crucial to the probe, as he was in-charge of monitoring incoming and outgoing transactions of six Hong Kong companies that received over Rs 8200 crore from the letters of undertaking (LoU) issued by PNB, on behalf of Nirav Modi.

Fraudulent LoUs worth $3,741.93 million (approximately Rs 24,000 crore) were issued to firms allegedly controlled by Modi between 2011 and 2018. Of this, the total current outstanding fraudulent LoUs is $ 1,015.34 million.

The Indian Express had in June 2018, reported that at least 12 directors of firms controlled by Modi in Hong Kong and Dubai were shifted to Cairo against their will by Nirav Modi and his associates. While some of these directors have returned to India, Parab is yet to come back.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have also found that Modi has a business visa or residency visa of over seven countries. Modi has business visa of Canada (valid up to 2019), USA (valid up to 2020), UK (valid up to 2025) and Schengen countries (valid up to 2019). He also has employment and residence visa of Hong Kong, Dubai and Singapore.

Meanwhile, a UK court that denied bail to Modi twice, will hear the extradition case against Modi on April 26.

India has sought Modi’s extradition for alleged “high value and sophisticated” fraud and money laundering.



Comments

Post a Comment

Popular posts from this blog

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017 arrested his
Read more

J&K Cricket Board Scam: Chargesheet Filed Against Farooq Abdullah, 3 Others By CBI

OUTLOOK July 16, 2018 The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah and three others. The CBI on Monday filed a chargesheet against former Jammu and Kashmir chief minister Farooq Abdullah and three others in a special court in Srinagar in connection with alleged irregularities and misappropriation of funds in the Jammu and Kashmir Cricket Association. After the fall of the Peoples Democratic Party (PDP) and the BJP government, this is the biggest development that has taken place in the state. The National Conference has not reacted to the chargesheet so far. The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah, the then president of JKCA, Md Saleem Khan - the then general secretary, Ahsan Ahmad Mirza - the then treasuer and Bashir Ahmad Misgar, an executive in the J&K Bank. The BCCI gave Rs 112 crore t
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav
Read more