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PNB fraud: NBW against Nirav Modi's wife


MUMBAI: A unique court docket here on Friday issued a non-bailable warrant (NBW) towards the wife of fugitive diamantaire Nirav Modi, a key accused within the $2 billion Punjab National Bank (PNB) fraud case. The warrant towards Ami Modi used to be issued via Special Prevention of Money Laundering Act (PMLA) Judge M S Azmi after he took cognisance of the supplementary chargesheet filed via the Enforcement Directorate (ED) towards Nirav Modi (48) and different accused a couple of days in the past.

The financial crime probe agency has alleged that Ami Modi used an international checking account to transport $30 million, suspected to be proceeds of the scam.

The budget had been used to shop for property positioned in New York's Central Park, the ED has stated.

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

It is understood that the ED has underlined the function of Ami Modi and budget routed via her within the supplementary chargesheet.

The ED had filed the first chargesheet on this case in May final 12 months.


According to investigating businesses, Nirav Modi and his uncle Mehul Choksi, in connivance with certain financial institution officials, allegedly cheated PNB to the track of Rs 14,000 crore via issuance of fraudulent Letters of Undertaking (LoUs).


These LoUs had been allegedly issued in a fraudulent approach via a Mumbai branch of the PNB to the gang of businesses belonging to Nirav Modi since March 2011 until the fraud got here to light in January 2018, the businesses have stated.


Nirav Modi, Choksi and different accused are going through fees below the PMLA Act and the Indian Penal Code within the fraud case which is being probed via a couple of businesses, including the ED.


According to a UK media report final week, Nirav Modi is currently dwelling in a three-bedroom flat occupying half of a ground of the landmark Centre Point tower block in London, the place rent is estimated to price 17,000 pounds a month.


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