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PNB scam: ED summons Nirav's family, notice to be issued under no-show

Deepak, Purvi and Mayank have been asked to appear before the ED investigators at its Mumbai office to record their statements in the case

IANS  |  New Delhi 

Punjab National bank, PNB

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The (ED) has issued summons to absconding diamantaire Nirav Modi's father Deepak Modi, sister and her husband as part of its probe in the multi-crore Bank (PNB) fraud, an said here on Friday.

The fraud was committed during 2011-17 by illegally issuing Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs).

Deepak, Purvi and Mayank have been asked to appear before the ED investigators at its office to record their statements in the case as the agency is in the process of filing chargesheet in a special Prevention of Money Laundering Act (PMLA) court in Mumbai, expectedly by the next week.

ED investigators said Nirav Modi's relatives were summoned in the first week of this month and were given 15 days time to appear before it in the ongoing money laundering probe of over Rs 130000 million.

The was committed by the diamond merchant, his group of companies -- Diamond R US, Solar Exports and Stellar Diamonds -- alongwith uncle and others.

An ED said that further notices would be issued to the three in case they fail to respond to the first summons, an ED told IANS on condition of anonymity.

Deepak is reportedly based in in Belgium, while Purvi and her husband are settled in Hong Kong. "They were sent the summons through mail," the official said.

Purvi is under ED's radar for her alleged role in round-tripping of Nirav Modi's laundered money via Foreign Direct Investment (FDI) back to while her husband is suspected of supporting the diamond merchant in similar operations.

The multi-crore fraud was committed in connivance with PNB's Brady House branch officers between 2011-17.

The ED had started money laundering probe against Nirav Modi, his brother Nishal, wife and others, based on the Central Bureau of Investigation's (CBI) FIR lodged on January 31, following PNB's first complaint against the for allegedly cheating it of Rs 280700 million.

ED investigators have claimed to have traced over Rs 50000 millionassets of so far. The official said that the crores said to have been sent as FDI transactions from Singapore-based firm Pte Ltd, whose beneficiary owner is stated to be Purvi's husband, are doubtful in nature.

The ED investigations is also based on Income Tax department's February report to the Central Board of (CBDT) and the against and his uncle Choksi in which it is reportedly mentioned that nearly Rs 49000 milliontransactions were unexplained.

First Published: Sat, May 19 2018. 02:11 IST
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