Jun 28, 2018
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ED accuses Nirav Modi of creating dummy companies in India and abroad

Jun 28, 2018

The Enforcement Directorate (ED) has stated in its charge sheet against the jeweller Nirav Modi that he had set up dummy companies in India and abroad which were used for money laundering activities.

ED has accused Nirav Modi of creating dummy companies in India and abroad - Nirav Modi- Facebook

Nirav Modi is charged with committing fraud at the Punjab National Bank (PNB) under the Prevention of Money Laundering Act, 2002 (PMLA). The charge sheet issued by the ED also states: "Nirav Modi created dummy companies abroad, and few in India too, namely Bentley Properties Pvt. Ltd., Mac Business Enterprises Pvt. Ltd., Firestone Trading Pvt. Ltd. etc with the purpose of acquiring properties & laundering ill-gotten money."

The 12,000-page-long charge sheet also reads: "There were few companies only created in order to facilitate layering and laundering of funds obtained fraudulently from PNB and to camouflage the real intention & identity of beneficiaries of the funds siphoned off from PNB." The charge sheet was filed on March 24 and the information has come out, reported by IST, following the ED’s plea for Modi’s extradition.

As a Mumbai special court allowed the ED to initiate the process of trying to extradite Modi to India on June 25, these charges will now be shared with countries including the UK, US, and Belgium where extradition pleas will be sent.

The ED is currently waiting for the Red Corner Notice it has requested to be issued against Nirav Modi to be made by Interpol, the only agency with the power to do so.

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