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PNB scam: VP of Nirav Modi's Firestar Group gets bail

Press Trust of India  |  Mumbai 

A special court here today granted bail to Wadhwa, of fugitive Nirav Modi's Firestar Group, in the (PNB) scam.

Wadhwa was arrested under the Prevention of Money Laundering Act (PMLA) by the (ED) in March.

Special PMLA court M S Azmi granted him bail on a surety of Rs 1 lakh.

The ED had alleged that Wadhwa was a "close confidant" of Modi and was instrumental in setting up two companies in Hong Kong (Ms and Ms Sino Traders) with dummy directors.

These firms were used for laundering the proceeds of the fraud, it had claimed.

The CBI had registered cases against Nirav Modi, his uncle and owner of and several others including officials for cheating the to the tune of USD 2 billion by obtaining Letters of Undertaking (LoU) fraudulently.

An LoU is a guarantee given by the issuing which is used to get credit from

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

First Published: Tue, August 07 2018. 22:15 IST
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