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Published
Mar 13, 2019
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Nirav Modi chargesheet details: diverted funds to personal accounts

Published
Mar 13, 2019

The Enforcement Directorate has released the details of its new charge sheet filed against Nirav Modi which states that Modi diverted Rs 934 crore ($140.4 million) of fraudulently obtained money into personal accounts. 

The ED’s second charge sheet against Nirav Modi named his wife Ami as a new accused in the case - Nirav Modi- Facebook


The ED’s second charge sheet against Modi, filed just days ago, added to the previous charge sheet it had filed against him last year. It stated that Modi had diverted Rs 560 crore into his own bank account, as reported by TNN. Modi also deposited Rs 200 crore into his wife Ami Modi’s account and Rs 174 crore into his father Deepak Modi’s account, which was maintained abroad. The ED believes that this money was fraudulently obtained as part of the Punjab National Bank  fraud case in which Modi and his Uncle Mehul Choksi are accused of de-frauding the bank out of over Rs 13,500 collectively.

The ED has also officially made Modi’s wife Ami Modi an accused in the case. In the first charge sheet she was not named as an accused but she has been in the second. Other family members that are accused in the case include Modi’s father Deepak Modi who is based in Belgium, brother Neeshal Modi, sister Purvi modi, and his sister’s husband, Maiank Mehta.

The new charge sheet concentrates on the flow of money and the ED stated that it has uncovered the flow of 91 percent of the fraudulently obtained money. The ED included bank statements from Modi’s companies in Dubai, Singapore, and the Middle East to show how Modi worked with his family to move the money around. For example, a bank statement for Modi’s business Pacific Diamonds showed large amounts of money being transferred to Modi and his father’s personal accounts. 

Modi is currently residing in London, UK, and has set up a new business there, an English daily newspaper uncovered. Choksi is also refusing to return to India to stand trial. 

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