EXCLUSIVE: I-T Department traces a 'secret' bank account of Nirav Modi in London

In a big development, the Income Tax department investigating the Rs 13,700 crore PNB fraud case has found a 'secret' bank account linked to fugitive diamantaire Nirav Modi at Barclays PLC Bank in London.
 
Talking exclusively to Indiatoday.in, one senior official of I-T department confirmed that the 'secret' bank account was opened in the name of Modi Ltd.
 
"But after further investigation, it was revealed that the account was a personal account of Nirav Modi. He was operating this account for his personal deposits", the official told Indiatoday.in
 
As per the information available, the balance on this account exceeds Rs 9-10 crores.
 
On the request of I-T dept, the Mumbai Metropolitan Court has issued a "letter rogatory (LR)", to United Kingdom, London to restrain the balance money lying in the "secret bank account of Nirav Modi".
 
The official said, "On the basis of this bank account and further details if shared by the Barclays PLC Bank and foreign authority, I-T department would able to trace many other such hidden bank accounts of Modi and Mehul Chokshi, created outside India."
 
According to sources, Modi had never disclosed details of this bank account to the Indian government, while filing his I-T returns. Therefore, the I-T department has sought more details of this account from the Barclays PLC Bank.
 
Investigative agencies confirmed to Indiatoday.in that Modi and Chokshi had created more than 1000 bank accounts in 15 countries (including India) to divert bank's loan amount.
 
These bank accounts were opened in the name of hundreds of shell companies and bogus directors, managed by both diamantaires.
 
"The diverted money was used for creating their properties and for circular trading/ round-tripping in India and abroad, with the support of professional hawala operators. The agency has shortlisted the hawala operators and investigation is on", the source said.
 
As of now, the Enforcement Directorate (ED) has issued LRs to 15 countries, seeking details of foreign bank accounts and properties.