Nirav Modi diverted Rs 934 crore to personal, wife, father's accounts: report

The Enforcement Directorate on Friday filed a supplementary charge sheet against fugitive diamantaire Nirav Modi, accused of masterminding the over Rs 13,700 crore fraud that rocked the Punjab National Bank last year, before a special Prevention of Money Laundering Act (PMLA) court in Mumbai. The agency has named a few other accused, including his wife Ami Modi for her alleged involvement in laundering proceeds from funds obtained fraudulently from PNB through LOUs.

According to the fresh charge sheet, Modi channelled Rs 934 crore of the defrauded money into his personal account and two other accounts in the name of his family members, The Times of India reported. The agency submitted the details of the bank statements of companies based in Dubai, UAE and Singapore in the recent charge sheet to establish this money trail. In fact, the agency has reportedly unearthed the flow of 91% of the defrauded money.

Officials told the daily that Rs 560 crore was credited into Modi's account while Rs 200 crore was diverted into his wife's account and Rs 174 crore into his father Deepak Modi's personal bank account maintained abroad. They added that after receiving PNB money into accounts of shell companies, a portion of it was diverted into various other shell companies before it reached Modi-controlled Pacific Diamonds. The bank statement of this company shows transfer of huge amounts into the accounts of Modi and his father.

Also read: ED chargesheet names Nirav Modi's wife Ami Modi in PNB scam

Another portion of the PNB money diverted into the shell company was reportedly transferred into account of Fine Classic FZE, which was controlled by the diamantaire's sister, Purvi. The latter then transferred part of the money into her Singapore based bank account from where she transferred $30 million into Ami's account. This entire amount was subsequently used to purchase a flat at Central Park, New York.

The charge sheet furthermore packed proof that most of the shell companies abroad, which received the defrauded money, were controlled by companies based in tax havens such as British Virgin Islands. The shareholding pattern was structured in a layered fashion such that the actual control was in the hands of Neeshal (Modi's brother) and Purvi till 2012, it alleged.

Both the above-mentioned siblings, incidentally, were named in the ED's first charge sheet, filed last May, along with Modi, his Belgium-based father and brother-in-law Maiank Mehta (Purvi's husband). The agency has already attached Modi's properties worth Rs 1,725 crore in India and abroad in connection with this case and seized assets linked to him and his family worth Rs 489.75 crore.

Last week, the UK Home Secretary's office moved the extradition file of diamond merchant to the Westminster Court in London, finding his case "fit for extradition". His extradition case will now be further evaluated by the court and a provisional arrest warrant against Modi may be issued.

A team of CBI and ED are all set to leave for London to arrest him if such order is issued. However, strict civilian laws in the UK might allow him to get bail instantly.

Also read: Sneak peak into Nirav Modi's swanky life! Fugitive wears Rs 9 lakh 'Ostrich leather' jacket, lives in Rs 72 crore house

Also read: Nirav Modi's case found 'fit for extradition', file moved to London court; may be arrested soon

With PTI inputs