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On the request of Enforcement Directorate (ED), Interpol has issued a Red Corner Notice (RCN) against Nehal Modi, a Belgian citizen, and step sister of accused diamantiare Nirav Modi, a press release by ED has stated.
ED probe revealed that Nehal Modi was looking after the affairs of Twin Fields Investments Limited and Bailey Bank and Biddle for Nirav Modi. Both these companies had received around $50 million from dummy companies of Nirav Modi which in turn received this fund from the fraud committed on Punjab National Bank (PNB).
For Nirav Modi, he became the protector and investment advisor of “The Ithaca Trust”. The said trust got the tainted funds to the tune of $30 million after extensive layering and two immovable properties have been purchased in USA from these tainted funds.
The press release further stated, after the case broke out, Nehal Modi had dealt with the Proceeds of Crime and had taken away diamonds having value $6 million and 150 boxes of pearls from Hong Kong and cash of 3.5 million dirhams and 50 kilos of gold along with another co-conspirator Mihir Bhansali from Dubai. He was also involved in destroying the digital evidence like mobile phones and server pertaining to the case in Dubai.
In the case of Mehul Choksi, Nehal Modi was in-charge of Samuels Jewellers and Diamlink. At his instance, these companies had received around $19 million of proceeds of crime in the guise of royalty, advances and so on from Dubai-based shell companies of Mehul Choksi.
ED had registered two separate money laundering cases in PNB scam against Nirav Modi, Mehul Choksi and others under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) on the basis of FIRs registered by Central Bureau Of Investigation for cheating the Bank in connivance with certain bank officials by fraudulently getting the Letters of Undertaking (LOU) issued and Foreign Letter of Credits (FLCs) enhanced thus causing wrongful loss to the bank.
Nehal Modi is one of the accused in the case against whom prosecution complaints have been filed in the above mentioned cases before the Special PMLA Court, Mumbai. The Special Court had issued two separate open-ended Non Bailable Warrants (NBWs) against Nehal Modi.
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