New Delhi, Sep 13 (IANS) Interpol has issued a Red Corner Notice (RCN) against fugitive diamantaire Nirav Modi’s brother Nehal Deepak Modi, a Belgian national, in the Rs 13,500 crore Punjab National Bank fraud case.
According to Interpol, the RCN was issued against Nehal Modi on charges of money laundering, on the request of the Enforcement Directorate (ED) which is probing the money laundering case against Nirav Modi, who is currently lodged in a London jail, his sister Purvi Modi and his uncle Mehul Choksi of the Geetanjali Group.
After its probe found that Nehal Modi intentionally assisted his brother in concealing the alleged laundering of money and destroying evidence, the ED filed a charge sheet against him before the special PMLA court in Mumbai and the court had issued two separate open ended non bailable warrants against him.
According to the ED officials, Nehal Modi was looking after the affairs of Twin Fields Investments Ltd and Bailey Banks and Biddle for Nirav Modi. “Both these companies had received around $50 mMillion from dummy companies of Nirav Modi which in turn received this fund from the fraud committed on PNB. For Nirav Modi, he became the protector and investment advisor of The Ithaca Trust, headed by his sister Purvi Modi,” the ED said in a statement.
The agency said that the trust got the “tainted funds” to the tune of $30 million after extensive layering and two immovable properties were purchased in US from these funds.
The agency alleged that after the case broke out, Nehal Modi had dealt with the proceeds of crime and had taken away diamonds having value $6 million and 150 boxes of pearls from Hong Kong, cash of 3.5 million UAE dirhams and 50 kg gold (along with another co-conspirator Mihir Bhansali) from Dubai.
“He was also involved in destroying the digital evidence (mobile phones and server) pertaining to the case in Dubai,” the agency said.
It also said that in the case of Mehul Choksi, Nehal Modi was incharge of Samuels Jewellers INC and Diamlink Inc.
“At his instance, these companies had received around $19 million of proceeds of crime in the guise of royalty, advances etc. from the Dubai-based shell companies of Choksi,” the agency alleged.
The ED has registered the case of money laundering on the basis of the CBI FIR filed in February 2017.
Nirav Modi and Choksi are being investigated by the ED and the Central Bureau of Investigation after the PNB alleged that they cheated the bank of Rs 13,500 crore with the involvement of some bank employees. Nirav Modi and Choksi, who both fled India before details of the fraud emerged in January 2018, also face charges under the Fugitive Economic Offenders Act.