On Monday, Interpol issued a red corner notice (RCN) against billionaire jeweler Nirav Modi’s sister, Purvi Modi. A Belgian national, Purvi earned a notice in connection to the Rs 13,600 crore Punjab National Bank (PNB) scam, reveal officials. The Enforcement Directorate (ED) issued the RN against Purvi as she played a key role in laundering the crime proceeds generated from the PNB scam.
“She (Purvi) is a beneficiary of the scam to the tune of at least US$133 million (Rs 963 crore). She is the owner or director of several shell companies, formed solely for the purpose of laundering the proceeds of the crime,” an ED official said.
As per the ED, these companies include Pristyn Holdings Ltd (BVI), Islington International Holdings Pvt Ltd (Singapore), Fine Classic FZE (UAE), Lili Mountain Investment (BVI), Palmate Investment Limited (BVI), Novelar International Holdings Ltd (BVI), Belvedere Group Holdings Limited (Singapore) and Pavilion Point Corporation (BVI).
“Funds stolen from PNB, to the tune of more than Rs 500 crore, were invested in Firestar India (a Nirav Modi company) via FDI after layering through these companies. Immovable properties were also purchased in overseas jurisdictions in the name of entities controlled by her (Purvi),” a statement issued by the ED said.
A similar notice was issued against Nirav Modi as a part of a joint probe by the ED and the CBI. Nirav and his uncle Mehul Choksi have been accused of fraudulence and cheating to the tune of Rs 13000 crore in the Punjab National Bank.Read More