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PNB fraud: Mumbai court issues NBW against Nirav Modi's wife

Press Trust of India  |  Mumbai 

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

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

The financial crime probe agency has alleged that used an international to move USD 30 million, suspected to be proceeds of the scam.

The funds were used to buy property located in New York's Central Park, the ED has said.

In its supplementary chargesheet, the agency has recorded additional evidences gathered in the case and attachments made.

It is understood that the ED has underlined the role of and funds routed by her in the supplementary chargesheet.

The ED had filed the first chargesheet in this case in May last year.

According to investigating agencies, and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated to the tune of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).

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

Nirav Modi, Choksi and other accused are facing charges under the PMLA Act and the Indian Penal Code in the fraud case which is being probed by multiple agencies, including the ED.

According to a UK media report last week, Nirav Modi is currently living in a three-bedroom flat occupying half of a floor of the landmark tower block in London, where rent is estimated to cost 17,000 pounds a month.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 15 2019. 19:05 IST
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