Latest news with #LettersofUndertaking
Scroll.in
05-07-2025
- Politics
- Scroll.in
Nirav Modi's brother arrested in US on Indian extradition request
Nehal Modi, the brother of fugitive economic offender Nirav Modi, has been arrested in the United States on an extradition request by the Central Bureau of Investigation and the Enforcement Directorate, The Hindu reported on Saturday. Nehal Modi is a co-accused in the Rs 13,000-crore Punjab National Bank fraud case. In its complaint, the prosecution in the US said that the extradition proceedings were being pursued for alleged money laundering under India's Prevention of Money Laundering Act and alleged criminal conspiracy under sections of the erstwhile Indian Penal Code, the newspaper reported. Nehal Modi is alleged to have assisted in concealing and transferring illicit funds through a network of shell companies and overseas transactions, The Hindu reported. The extradition matter is expected to be heard in a US court on July 17, PTI reported. Nehal Modi is a Belgian citizen. The PNB fraud came to light in February 2018 when the bank informed the stock exchange BSE that it had detected 'fraudulent and unauthorised transactions' worth Rs 11,380 crore at a branch in South Mumbai. A few officials of the public sector bank had allegedly issued fraudulent Letters of Undertaking to Nirav Modi's companies, resulting in the loss of Rs 6,097 crore to PNB. Nirav Modi is in prison in the United Kingdom, where he is facing extradition proceedings. Nehal Modi and Nirav Modi's uncle Mehul Choksi is also one of the prime accused in the matter. Choksi had fled India for Antigua and Barbuda in January 2018, a few weeks before the fraud came to light. He then secured the citizenship of the Caribbean country.
India Today
05-07-2025
- Business
- India Today
Nehal Modi was in US jail for 3 years before arrest in PNB scam: Sources
Nehal Modi, the younger brother of fugitive diamond merchant Nirav Modi, arrested in connection with the multi-crore Punjab National Bank (PNB) scam, was released from a US jail after serving a three-year jail term, sources told India Today said Nehal Modi, a Belgian national, was arrested again on Friday for the offences he had committed in India and after Interpol had issued a Red Notice against Modi, who was taken into custody on Friday, faces two charges - money laundering under Section 3 of PMLA and criminal conspiracy and destruction of evidence, according to a US prosecution complaint. Nirav Modi, his uncle Mehul Choksi, Nehal Modi and others are wanted by the CBI and the Enforcement Directorate (ED) for cheating PNB of about Rs 13,500 crore in loans using fraudulent Letters of Undertaking (LoUs).While Nirav Modi's extradition has already been approved by the UK High Court, the process to bring him to India is being delayed due to him filing numerous appeals. Nirav, who is in a London jail, was declared a fugitive economic offender in this year, the Belgian government said Choksi, 65, was arrested in Antwerp following an extradition request by India. Choksi fled India in 2018 and has been living in Antigua and Barbuda as a citizen since MODI'S CRIMINAL ACTIVITIESAccording to investigative agencies, Nehal Modi knowingly and intentionally participated in assisting the concealment of proceeds of crime, destroying the Modi was personally overseeing all the accounts, records were eliminated and was influencing the employees and participated in destroying the evidence in respect of the money trail. He also dealt with the proceeds of the crime by taking 50 kgs of gold from Firestar Diamond FZE, Dubai after the initiation of an investigation into this the scam broke out, Nehal Modi dealt with the proceeds of the crime in respect of the Nirav Modi case and took away diamonds having a value of USD 6 million and 150 boxes of pearls from Hong Kong and cash of AED 3.5 million and 50 kgs of gold, along with Mihir Bhansali, another coconspirator from Modi destroyed digital evidence (mobile phones and servers) pertaining to the Nirav Modi case in Dubai. He intimidated the witnesses and sent them to Cairo and their passports were taken over at his were forced to sign some false papers in Cairo at his insistence. In one case, a witness was offered Rs 20 lakh by Nehal Modi in lieu of tendering false testimony before the judicial authorities of Indian government officially demanded the extradition of Nehal Modi, on which action has now been taken by the US. It is expected that the process of bringing Nehal Modi to India will begin soon.- Ends
India Today
05-07-2025
- Business
- India Today
Nehal Modi, brother of fugitive Nirav Modi, arrested in US in bank fraud case
Nehal Modi, brother of fugitive diamantaire Nirav Modi, has been arrested in the United States in connection with the multi-crore Punjab National Bank (PNB) scam in a major diplomatic win for India following its extradition to the US Department of Justice, Nehal Modi, a Belgian national, was taken into custody on July per the US prosecution complaint, Nehal faces two charges - money laundering under Section 3 of PMLA and criminal conspiracy and destruction of Nirav Modi, his uncle Mehul Choksi, Nehal and others are wanted by the CBI and the Enforcement Directorate (ED) for cheating PNB of about Rs 13,500 crore in loans using fraudulent Letters of Undertaking (LoUs).While Nirav Modi's extradition has already been approved by the UK High Court, the process to bring him to India is being delayed due to him filing numerous appeals. Nirav, who is in a London jail, was declared a fugitive economic offender in this year, the Belgian government said Choksi, 65, was arrested in Antwerp following an extradition request by India. Choksi fled India in 2018 and has been living in Antigua and Barbuda as a citizen since AGAINST NEHAL MODIInvestigations by the ED and CBI have revealed that Nehal played a key role in laundering proceeds of crime on behalf of Nirav Modi, who is also facing extradition from the is alleged to have assisted in concealing and transferring large amounts of illicit funds through a web of shell companies and complex foreign transactions in a bid to conceal the proceeds of the next date of hearing in the extradition proceedings is scheduled for July 17. Nehal is likely to apply for bail during this hearing. The US prosecution said that it would oppose his plea.- Ends
Indian Express
19-06-2025
- Business
- Indian Express
Watches, coins, flat: Properties linked to Nirav Modi worth Rs 60 crore to be restored to PNB
A special court permitted restoration of properties linked to diamond merchant Nirav Modi valued at over Rs 60.33 crore, to the Punjab National Bank (PNB), allowing the bank's plea which said that the consortium of banks led by it has incurred losses of Rs 8526 crore in the alleged fraud. The restored properties include valuables worth Rs 40.83 crore, including jewellery, coins, watches and cash, from the Worli residence of Nirav Modi and a flat worth Rs 19.50 crore in Breach Candy. These properties were attached by the Enforcement Directorate (ED) in 2018-19 under the Prevention of Money Laundering Act, as part of its probe in to the fraud, where Nirav Modi and others are alleged to have connived with bank officials in issuing fraudulent Letters of Undertaking from 2008, causing losses to the banks. The PNB, citing the Prevention of Money Laundering (Restoration of Confiscated Property) Rules, 2016, said that the banks have a legitimate interest in the properties as they have suffered cumulative loss of more than Rs 8526.20 crore due to the fraud. It said that the value of the properties attached by the ED is around Rs 2,324.97 crore. It sought exemption of the two properties, including the valuables seized from the Samudra Mahal flats of Nirav Modi and a flat in Diamond Head building in Breach Candy, which was in the name of his sister, Purvi. The ED gave its no-objection to the plea. Purvi's lawyer, Manavendra Mishra, submitted that she is not the beneficial owner of the flat, and has no objection for the PNB plea to be allowed. Special Judge A V Gujarathi said that the case is pending since 2019 and the proclamation is issued against the diamond merchant and others in 2019, as they are absconding. A plea to declare Nirav Modi a fugitive economic offender is also pending. He is currently in the UK facing extradition proceedings. The court also noted that the ED and Purvi have not objected to the plea. It directed PNB to file an undertaking to return the amount with interest, in case the court deems it fit. Previously too in separate orders, restoration of properties was allowed to the PNB.
India Today
11-06-2025
- Politics
- India Today
CBI seeks high court nod to chargesheet Nirav Modi's brother-in-law Maiank Mehta
The Central Bureau of Investigation (CBI) on Tuesday sought permission from the Bombay High Court to file a chargesheet against fugitive diamantaire Nirav Modi's brother-in-law, Maiank Mehta, stating that its investigation is complete and the chargesheet is ready. Advocates Kuldeep Patil and Saili Dhuru, representing the agency, submitted the request before a bench of Justices AS Gadkari and Rajesh S advocate Amit Desai, appearing for Maiank Mehta, opposed the CBI's request and sought interim protection from coercive action not just for Maiank but also for his wife, Purvi the court declined to extend the protection to her. "Today there is no apprehension of her arrest as she is not here in India. There is no question of protecting her," the bench said. Purvi Mehta, a Belgian national and Nirav Modi's sister, was chargesheeted by the CBI in March this year in connection with the multi-crore Punjab National Bank (PNB) fraud case. Both she and Maiank Mehta were previously listed as wanted accused by the CBI and the Enforcement Directorate (ED).In exchange for full disclosure, the ED accepted Maiank and Purvi Mehta as approvers and granted them a pardon under the Prevention of Money Laundering Act (PMLA). The special PMLA court even allowed Maiank, a British national based in Hong Kong, to return home after he promised to cooperate with the proceedings. However, the CBI has consistently opposed his travel and has not accepted him as an CBI has alleged that Purvi Mehta was one of the beneficiaries of the funds acquired through fraudulent Letters of Undertaking (LOUs) issued by PNB at Nirav Modi's behest. While Maiank Mehta was questioned several times by the CBI, he was not named in the chargesheet due to a Bombay High Court order directing the agency not to take coercive action against him. That protection has been in effect since July 25, 2022, and the CBI has been seeking its removal Purvi Mehta has filed a petition in the High Court seeking protection from arrest and prosecution by the CBI, arguing that she has already been pardoned in the ED's case. She has also sought the quashing of the chargesheet filed against her or, at the very least, a stay on proceedings until her petition is court has scheduled the next hearing in the matter for July Watch
