Nirav Modi's brother-in-law Maiank Mehta played active role in Punjab National Bank loan fraud, claims CBI
Nirav Modi
, was one of the beneficiaries of the defrauded amount and played an active role in furtherance of the conspiracy in the over Rs 13,000 crore Punjab National Bank (PNB) loan fraud case.
CBI made the allegations in the recent supplementary chargesheet submitted against Mehta, a British national, and his wife Purvi Modi, a Belgian national. "Investigations revealed that out of the funds transferred from the fraudulent LoUs (Letters of Undertaking), $30 million were used by both brother and sister [Nirav and Purvi] through a credit facility taken by their company Radhashree Jewellers with the aid and assistance of Mehta," it said.
"Proceeds $31 million was transferred into the account of Purvi. Mehta played an active role in furtherance of the conspiracy."
The chargesheet added that Nirav's father, Deepak Modi, transferred $8.9 million to Mehta through their shell companies on March 22, 2012.
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CBI submitted that some of the funds of fraudulent LoUs obtained on behalf of Nirav's three firms — Diamonds R Us, Solar Exports, and Stellar Diamonds — were transferred from PNB to Pacific Diamonds FZE, a shell company based in the UAE.
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This company too was controlled by Nirav. "During the period from March to Sept 2013, $81.09 million were remitted into the account of Pacific Diamonds FZE, which were related to 43 fraudulent LoUs issued by the complainant bank on behalf of Nirav's three firms," the chargesheet said.
It added that in 2013, Mehta maintained a savings account with Barclays Bank, Singapore. "During the investigations, it is revealed that $30 million were transferred from Dubai-based company Pacific Diamonds into the savings account of Mehta.
During the period from Nov 13, 2013, to Nov 26, 2013, in 10 tranches, upon receipt of $30 million, Mehta transferred the amount into the account of his wife. Purvi claimed that she received the funds from her husband by way of a gift.
"
The chargesheet further said that on Nov 15, 2013, four Foreign Currency Non-Resident (Banks) Accounts (FCNR) deposits were created with Syndicate Bank for a period of three years in which Mehta was appointed nominee.
"Investigations revealed that Purvi availed a term loan of $19 million from Syndicate Bank, London, after making a lien on all the FCNR deposits. Subsequently, via request dated Nov 22, 2013, Purvi got the loan transferred to her account maintained with Ratnakar Bank in Mumbai.
"
The chargesheet also stated that when the amount matured, it was over $20 million in Syndicate Bank and over $11 million in Ratnakar Bank. "They were all transferred to the account of Purvi maintained with Syndicate Bank.
On Nov 28, 2013, Purvi opened an FCNR deposit of the remaining $10 million in Ratnakar Bank and created a lien on this. Against this FD, Packing Credit Foreign Currency Facility of $28.5 million was availed by Radhashree Jewellers… for a period of three years, wherein Purvi and Nirav were both shareholders," the chargesheet stated.
In Dec 2022, the special CBI court allowed the prosecution's plea to issue a Letter Of Rogatory to authorities in Singapore seeking details about the alleged $30 million bank transaction.
Also named in the supplementary chargesheet was Hong Kong-based Aditya Nanavati, an alleged close associate of Nirav Modi and head of Asia Pacific, Firestar Group. The CBI submitted that he has been absconding since the registration of the case and a Red Corner Notice was also published against him in the connected money laundering offences. CBI believes that he is outside India. Following the CBI's plea, the court issued a non-bailable warrant against Nanavati last month.
"In the present case, it appears that Nanavati is involved in a serious economic offence. A strong prima-facie case is made against him," the judge said.
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