Nirav Modi Diverted Rs 934 Crore to Personal Account
The Times Of India
Mar 14, 2019

Enforcement Directorate (ED) files a chargesheet in the Special Mumbai Court, declaring the details of how Nirav Modi diverted the scammed funds to his personal account. The ED has also supplied evide

Diamantaire Nirav Modi is they key accused in the Rs 6,500 crore Punjab National Bank scam. On 8th March 2019 the Enforcement Directorate (ED) had filed a supplementary chargesheet in the Mumbai Special Court. The ED is the intelligence agency that helps to fight economic crimes in the country.  The chargesheet said that he diverted Rs 934 crore to his personal account, his wife’s account and his father’s account. The chargesheet also proves that Rs 560 core had been credited to his account, Rs 200 crore in his wife Ami’s account and Rs 174 crore in his father Deepak Modi’s account. All these accounts were kept abroad.

The ED has found details of 90% of the defrauded money. They have submitted bank statements of banks in UAE, Singapore and Dubai to prove that Nirav Modi transferred the money to their own accounts.  Nirav Modi also purchased a Jewellery company in America called Bailey Banks & Biddle, one of the oldest jewelry stores in America. Nirav Modi purchased it for Rs 327 crore in 2010.

ED officials say that he purchase the company through a fake company. He appointed his brother Neeshal as the Director of the company. The ED have submitted all the details in their chargesheet as well as the statement of a person who helped Nirav during the purchase. The ED is examining bank statements of many fake companies created by Nirav Modi in Barbados, Dubai and Hong Kong. Nirav Modi has been hiding in the UK  since July 2018. Recently a UK news channel reported that Nirav Modi has started a new diamond business with a new company name.