PNB fraud: Court issues warrant against Nirav Modi's wife

Updated: Mar 16, 2019, 11:34 IST | Agencies

These LoUs were allegedly issued in a fraudulent manner by a Mumbai branch of the PNB to the group of companies belonging to Nirav Modi since March 2011 till the fraud came to light in January 2018, the agencies have said

PNB fraud: Court issues warrant against Nirav Modi's wife
Nirav Modi

A special court on Friday issued a non-bailable warrant (NBW) against the wife of fugitive diamantaire Nirav Modi, a key accused in the $2 billion Punjab National Bank (PNB) fraud case.

The warrant against Ami Modi was issued by Special Prevention of Money Laundering Act (PMLA) Judge M S Azmi after he took cognisance of the supplementary chargesheet filed by the Enforcement Directorate (ED) against Nirav Modi, 48, and other accused a few days ago.

The financial crime probe agency has alleged that Ami Modi used an international bank account to move $30 million, suspected to be proceeds of the scam. The funds were used to buy property in New York's Central Park, the ED has said.

In its supplementary charge sheet, the agency has recorded additional evidences gathered in the case and attachments made. It is understood that the ED has underlined the role of Ami Modi and funds routed by her in the supplementary charge sheet. The ED had filed the first charge sheet in this case in May last year.

According to investigating agencies, Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB to the tune of R14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).

These LoUs were allegedly issued in a fraudulent manner by a Mumbai branch of the PNB to the group of companies belonging to Nirav Modi since March 2011 till the fraud came to light in January 2018, the agencies have said.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

Tags

Nirav Modi

DISCLAIMER: mid-day and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Lesser known facts about the Goa Chief Minister Manohar Parrikar

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK
The Guide Restaurant Awards 2019
Vote for your fave Bombay Adda from 6 nominees

Vote for your fave Bombay Adda from 6 nominees