ED files chargesheet on Nirav Modi case; eight banks likely named

The Enforcement Directorate, on Thursday, filed its first chargesheet related to the Rs 140 billion Nirav Modi scam, weeks after the Central Bureau of Investigation filed its chargesheets in relation to the letters of undertaking case.

Highly placed sources in ED say that the agency has investigated the LoU case as well as instances of round-tripping of funds, which is reflected in the chargesheet. There will be another chargesheet filed soon.

“Since the instances of round-tripping of funds are different in the case of Nirav Modi and Mehul Choksi, we plan to file another chargesheet soon,” said an official.

While details are still awaited, officials from as many as eight banks are likely to be named in the two chargesheets, including those from Punjab National Bank, Axis Bank, Union Bank of India, Bank of India, Syndicate Bank and State Bank of India.

Additionally, armed with the newly passed Fugitive Economic Offenders Ordinance, the ED will, as part of its chargesheet, move to confiscate a number of assets of Nirav Modi and Choksi as well, officials said. These will be the first set of action taken under the ordinance.