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
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.
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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.
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