Three American cos directly involved in Nirav Modi-led PNB fraud: US probe

The findings of the examiner in the US court will likely bolster the Indian government's case against the fugitive diamond merchant

Three bankrupt US companies with links to Indian billionaire Nirav Modi were “directly involved” in transactions related to the alleged multibillion-dollar international fraud for which Modi has been charged by Indian authorities, according to an investigation by the court-appointed examiner that was filed Saturday.

The examiner, John J. Carney, found “substantial evidence” that senior officers and directors at Firestar Diamond Inc., A. Jaffe Inc. and Fantasy Inc. had knowledge of and involvement in the criminal conduct alleged by Indian officials.

The “intensive” 120-day investigation found substantial evidence to support the conclusion by Indian officials that the companies and their top