Articles by "Nirav Modi"
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Hello Jammu News at 4:18:00 PM 0


New Delhi, Mar 11 :  The Enforcement Directorate has filed a fresh charge sheet against PNB scam accused Nirav Modi under the anti-money laundering law, officials said Monday.

They said the charge sheet or the prosecution complaint has been filed before a special Prevention of Money Laundering Act (PMLA) court in Mumbai.

This is a supplementary charge sheet against the diamantaire and few others and the agency has recorded additional evidences gathered in the case and attachments made, they said.

Further details about the contents of the chargesheet are awaited.

The development comes two days after a British daily reported that Nirav Modi, accused in the USD 2-billion Punjab National Bank (PNB) scam, is living in a swanky 8-million pound apartment in London's West End and is now involved in a new diamond business.

The ED had said on March 9 that the United Kingdom's home secretary has recently referred India's request for extraditing the tainted businessman to a court for initiating legal proceedings against him.

The Enforcement Directorate (ED) had filed the first charge sheet in this case in May last year.

The agency and the CBI are investigating Nirav Modi, his uncle Mehul Choksi and others for alleged money laundering and corruption to perpetrate the alleged scam in the Brady House branch of the PNB in Mumbai that was unearthed last year.

Nirav Modi, 48, is currently living in a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block in London, where rent is estimated to cost 17,000 pounds a month, The Telegraph had reported.

It has also attached his assets worth Rs 1,873.08 crore under the PMLA and has seized assets linked to him and his family worth Rs 489.75 crore.             [Agencies]
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Hello Jammu News at 2:47:00 PM 0

New Delhi, Aug 11: A special Fugitive Economic Offenders Act court in Mumbai today issued public summons to the sister and brother of absconding diamantaire Nirav Modi, the main accused in the USD 2 billion bank fraud case, asking them to appear before it on September 25.

It said if they fail to appear, their assets will be confiscated under the newly enacted Act aimed at curbing big ticket economic crimes.

The court of M S Azmi, also the special judge for Prevention of Money Laundering Act (PMLA) cases in Mumbai, issued three public notices in leading dailies today naming Nirav Modi's sister Purvi Modi and brother Neeshal Modi as they have been "enumerated as an interested person" in an application made under the new Act by the Enforcement Directorate (ED) against the diamond merchant.

The two have been charged by the ED to have indulged in money laundering and subsequently, escaping from India as the alleged scam came to light.

The notice against Purvi and Neeshal show causes them to explain as to "why the properties mentioned in the application (filed by the ED earlier), in which you have pecuniary interest and/or otherwise, should not be confiscated under the said Ordinance (now the Fugitive Economic Offenders Act)."

The court has asked the duo to appear before it on September 25 at 11 am, the same date on which Nirav has also been summoned by it under the Fugitive Economic Offenders Act.

The third public notice against Nirav Modi asked him to depose on the same date and time as it said that he is accused in a money laundering case and "as you have left India and are refusing to come back to face trial in that case, you should be declared a fugitive under the above-mentioned Ordinance (now the Act)."

Therefore, the judge said in the public declaration, "I issue notice to you (Nirav) to show cause as to why the said application for declaring you a fugitive should not be allowed and as to why the the properties mentioned in the application, in which you have pecuniary interest and/or otherwise, should not be confiscated under the said Ordinance (now the Act)."

"I, therefore, direct Nirav Deepak Modi to remain present before me... on or before September 25 at 11 AM falling which the said application shall be proceeded with as per the Ordinance/Rules thereafter," the notice said.

The notice bears two addressees of Nirav --4, Grosvenor House, 2nd floor on Peddar Road and four flats in Samudra Mahal apartments on Dr Annie Besant Road-- in Mumbai.

The same court had on July 25 issued the summons to Nirav Modi after the ED made an application seeking to declare the designer diamond jeweller a 'fugitive economic offender'.

It had issued a similar notice of appearance under the fugitive law against Nirav Modi's uncle and co-accused in the case Mehul Choksi and had asked him to appear before it the next day-- on September 26.

The agency had moved the court seeking to declare the diamond traders as 'fugitive economic offenders' and to confiscate their assets worth Rs 3,500 crore in the case.

The central probe agency, empowered to enforce the new law brought out by the Modi government to curb big economic crimes and to check the escape of perpetrators from India, had filed two separate applications against the them.

The ED, earlier, had moved a similar application against businessman Vijay Mallya in the Rs 9,000-crore alleged bank loan fraud case and the court has summoned him for August 27.

In this case of the diamantaires, the agency seeks to confiscate assets, both movable and immovable, including those located in the United Kingdom and the UAE.

The move has been made on the basis of the two PMLA charge sheets filed by the agency against the two designer diamond jewellers on charges of alleged money laundering.

"Investigations have revealed that Nirav Modi and Mehul Choksi have committed the offence of cheating against Punjab National Bank (PNB) in connivance with certain bank officials by fraudulently getting the LOUs/FLCs issued without following prescribed procedure and caused a wrongful loss to the bank.

"They have further siphoned off the proceeds of crime so generated through layering through multiple dummy, related, connected entities in India and abroad," the agency had said in its application.

Nirav Modi and Choksi are being investigated by the ED and the CBI after it was detected that they allegedly cheated PNB of more than Rs 13,400 crore with the purported involvement of a few of its employees.

The scam, which reportedly began in 2011, was detected in January this year, after which PNB officials reported it to the probe agencies.

Two criminal complaints were filed by the ED in these instances after taking cognisance of CBI FIRs.

Non-bailable warrants were issued against the two, while an Interpol 'red corner' arrest warrant has been issued against Nirav Modi on the request of the ED.

The ED had conducted 260 searches in this case across the country.

The Fugitive Economic Offenders Act came into force from July 31.

Cases of frauds, cheque dishonour or loan default of over Rs 100 crore would come under the ambit of this ordinance.

The government has said the ordinance offers necessary constitutional safeguards in terms of providing hearing to the person through counsel, allowing him time to file a reply, serving notice of summons to him, whether in India or abroad and appeal before the high court. (PTI)
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Hello Jammu News at 3:59:00 PM 0

Mumbai, Jul 26: A PMLA court here summoned today diamond jeweller Nirav Modi and his uncle Mehul Choksi to appear before it on September 25 and 26 respectively on the Enforcement Directorate's plea seeking action against them under the new fugitive economic offenders law in the alleged USD 2 billion PNB bank fraud case, officials said.

The agency had recently moved the court seeking to declare the diamond traders as 'fugitive economic offenders' and to confiscate their assets worth Rs 3,500 crore in the case.

The court has sought their appearance on September 25 (Nirav Modi) and 26 (Mehul Choksi) respectively under the fugitive economic offender law, they said.

The ED had filed two separate applications against the duo before the special court that hears matters under the Prevention of Money Laundering Act (PMLA).

Parliament yesterday only passed the fugitive bill by a voice vote in the Rajya Sabha. The Lok Sabha had cleared this Bill on July 19.

The agency, early this month, had moved a similar application against businessman Vijay Mallya in the Rs 9,000-crore alleged bank loan fraud case and the court has summoned him for August 27.

In this case of the diamantaires', the agency seeks to confiscate assets, both movable and immovable, including those located in the United Kingdom and the UAE.

The move has been made on the basis of the two PMLA charge sheets filed by the agency against the two designer diamond jewellers on charges of alleged money laundering.

"Investigations have revealed that Nirav Modi and Mehul Choksi have committed the offence of cheating against Punjab National Bank (PNB) in connivance with certain bank officials by fraudulently getting the LOUs/FLCs issued without following prescribed procedure and caused a wrongful loss to the bank. 

"They have further siphoned off the proceeds of crime so generated through layering through multiple dummy, related, connected entities in India and abroad," the agency had said in its application.

Nirav Modi and Choksi are being investigated by the ED and the CBI after it was detected that they allegedly cheated the Punjab National Bank of more than Rs 13,400 crore with the purported involvement of a few of its employees.

The scam, which reportedly began in 2011, was detected in January this year, after which PNB officials reported it to the probe agencies.

Two criminal complaints were filed by the ED in these instances after taking cognisance of CBI FIRs.

Non-bailable warrants were issued against the two, while an Interpol 'red corner' arrest warrant was issued against them on the request of the ED.

The agency had conducted 260 searches in this case across the country.

The Fugitive Economic Offenders Bill, 2018 was introduced in Lok Sabha on March 12 and passed on March 19.

"A fugitive economic offender is a person against whom an arrest warrant has been issued in respect of a scheduled offence and who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution," the government had said.

Cases of frauds, cheque dishonour or loan default of over Rs 100 crore would come under the ambit of this ordinance.

The government has said the ordinance offers necessary constitutional safeguards in terms of providing hearing to the person through counsel, allowing him time to file a reply, serving notice of summons to him, whether in India or abroad and appeal before the high court. (PTI)
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Hello Jammu News at 3:16:00 PM 0

New Delhi, Jul 2: The Interpol has issued a Red Corner Notice against absconding diamantaire Nirav Modi, his brother Nishal Modi and his employee Subhash Parab on the request of the CBI, probing over USD 2 billion PNB scam, officials said today.

The notice was issued on June 29 but has been made public today by the International police cooperation agency, the sources said, adding that it will make unhindered movement of Modi across border difficult and might lead to his arrest.

The Interpol has issued the Red Corner Notice (RCN) on the basis of charge sheet filed by the CBI in a special court in Mumbai and the arrest warrant issued by the judge Special J C Jagdale there.

In its Red Corner Notice issued against a fugitive, the Interpol asks its 192 member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.

Modi along with his wife Ami Modi, a US citizen, brother Nishal Modi, a Belgian citizen, and uncle Mehul Choksi, all accused in the CBI FIRs in the case, had left the country in the first week of January, weeks before country's biggest banking scam surfaced.

Nishal and Parab have also been charge sheeted by the CBI along with Nirav Modi and Mehul Choksi for alleged corruption and cheating.

Modi and his uncle Mehul Choksi have refused to return India to join probe citing business and health reasons among others, they said.

In the RCN, Interpol has given details of all the five passports of Modi, issued between May 2008 and May 2017, including that these passports have been cancelled by the government yet he has managed to travel on the basis of revoked and cancelled passports, they said.

The CBI which is the National Central Bureau of India, designated for coordinating with Interpol, has provided it with four addresses of Nirav Modi in tony localities of New York --Manhattan, East Chester and Central and one of Dubai in Al Bayan along with his possible travels to Hong Kong, United Kingdom, Belarus, Brussels, New York, UAE among others, the sources said.

The CBI had tried to track the movements of Nirav Modi through a diffusion notice issued through the Interpol on February 15, but it had limited success as only the United Kingdom responded to the CBI request, they said.

Nirav Modi managed to travel across several countries even after information about his passport being revoked by the Indian government was flashed in the Interpol central database on February 24, the CBI had earlier said.

"After the passport was revoked/cancelled by the External Affairs Ministry, we had updated this information in the diffusion notice. The information that Nirav Modi's passport has been revoked was provided in the Interpol central database, available to all the member countries, on February 24," CBI spokesperson Abhishek Dayal had said.

He had said that after the "diffusion" notice was issued by the Interpol on the request of the CBI, the agency followed it up with six countries where Nirav Modi was suspected to have fled. The agency requested these countries to share information about his whereabouts and movements.

The agency sent these reminders to the Interpol coordination agency of the United Kingdom on April 25, May 22, May 24 and May 28.

Similar reminders were also sent to the agencies of the US, Singapore, Belgium, the UAE and France, they said.

The case pertains to cheating the state-run Punjab National Bank through fraudulent issuance of Letters of Undertaking and Foreign Letters of Credit worth over USD 2 billion (about Rs 13,000 crore) by Nirav Modi and his uncle Mehul Choksi, both absconding since the first week of January. (PTI)
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Hello Jammu News at 8:06:00 PM 0
 Mumbai, May 14 :  The Central Bureau of Investigation on Monday filed its first charge sheet in the Rs 13,400 crore Punjab National Bank that involved celebrity jeweller Nirav Modi, his diamond merchant uncle Mehul Choksi and top bank officials.
In the charge sheet Nirav Modi has been named as 'wanted accused.'
The charge sheet, filed in a special court in Mumbai, also names several other top officials of Punjab National. It was filed just before the end of the 90-day period to submit charges against the 19 arrested persons.
As a consequence, the accused will not be able to apply for bail now.
Usha Ananthasubramanian, Managing Director and CEO of the Allahabad Bank, who held the same position at Punjab National earlier, PNB Executive Directors KV Brahmaji Rao and Sanjiv Sharan, and General Manager (international operations) Nehal Ahad have been named as accused by the CBI. A separate charge sheet against Mehul Choksi will be filed later.
The agency has detailed the roles of Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in Nirav Modi’s company, officials said. The charge sheet basically deals with the first FIR registered in the case relating to the fraudulent issuance over Rs 6,000 crore of Letters of Undertaking to Diamond R US, Solar Exports and Stellar Diamonds. The agency has not given in detail the role of Mehul Choksi in the present charge sheet.
It is expected to come up when the CBI files supplementary charge sheets in the case related to the probe of the Gitanjali group. The CBI has registered three separate FIRs in connection with the alleged fraud in the public sector bank by the companies of Modi and Choksi who have since fled the country. UNI
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Hello Jammu News at 4:12:00 PM 0


New Delhi, Feb 24: Enforcement Directorate (ED) on Saturday seized 21 immovable properties worth Rs 523 point 72 crore of NiravModi and his companies controlled by him under PMLA, an official statement stated here today. 
The attached assets include a farm house in Alibag, solar power plant, and a 135-acre land in Ahmednagar and residential and office properties in Mumbai and Pune.
Nirav Modi, his uncle and Gitanjali Gems promoter Mehul Choksi and others are being investigated by the ED and other probe agencies after the Rs 11,400-crore PNB scam came to light. The Central Bureau of Investigation and the ED have registered two FIRs each to probe the case. UNI
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Hello Jammu News at 4:28:00 PM 0


Kohima, Feb 22: Prime Minister Narendra Modi today said that his Government was committed to the resolution of the long-standing Naga issue and the smooth implementation of the historic framework Agreement and stressed on the need for a stable and corruption-free Government in the state and called upon the people to vote for the BJP.
Addressing election rally at Tuensang in Eastern Nagaland today, Prime Minister said 
that Government is committed to the resolution of Naga issue in consultation with all 
stakeholders and exuded confidence that within next few months a respectable solution to the Naga political problem will be arrived at. 
Mr Modi called upon the people to vote for a stable Government in Nagaland, which 
would be fully dedicated to the development of the state. He said only a stable Government can work for the development of the state. 
The Prime Minister said, a BJP Government in Nagaland will ensure that the money sent by the Centre reaches the people of the state.
Talking about the connectivity problem in the state, the Prime Minister said his vision for the North East is 'Transformation by Transportation.' 
He said the Government has added 500 km of National Highways. 
Prime Minister also said the large gathering at the rally ground has sent a strong message to the people who indulge in divisive politics and politics of vote bank.
The BJP is contesting 20 seats in the February 27 elections for the 60-member Nagaland Legislative Assembly and Nationalist Democratic Progressive Party (NDPP) is contesting on remaining 40. 
Neiphiu Rio, who has been declared elected 'uncontested,' is the chief ministerial candidate of the NDPP. UNI
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Hello Jammu News at 2:04:00 PM 0



New Delhi, Feb 21: The Supreme Court on Wednesday adjourned the PIL seeking deportation of accused Nirav Modi within two months for further hearing to March 16.
In the meanwhile, the Centre has oppsed the PIL filed by lawyer, Vineet Dhanda. 
The PIL filed by Dhanda, a lawyer, sought extradition of Nirav Modi within two months. 
The apex court on Wednesday fixed the matter for further hearing to March 16. 
The Attorney General, KK Venugopal, told the apex court three-judge bench that the PIL was not maintainable and should be dismissed. 
The petitioner, Vineet Dhanda, told the top court three-judge bench that the whole country was watching and that the SC must at least issue notice to the Centre as the government has done nothing in the past in a similar case relating to Vijay Mallya. UNI
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Hello Jammu News at 4:13:00 PM 0


New Delhi/Mumbai, Feb 20: Indian billionaire jeweller Nirav Modi, one of the prime accused in India’s largest ever bank fraud, has denied allegations levelled against him by Punjab National Bank (PNB), his lawyer said on Tuesday, according to the Reuters.
“There is nothing, there is nothing in it,” Vijay Aggarwal, a lawyer representing Modi, told Reuters, referring to the police complaint filed by PNB that alleges that companies linked to Modi and one of his relatives received credit worth nearly $1.8 billion between 2011 and 2017 using false guarantees supplied by two bank officials.
Aggarwal, speaking by telephone, declined to comment on where Modi was. Indian officials are on the lookout for Modi and his family, who police say left India in January prior to the case being filed.
“Everything is documented,” Aggarwal said of Modi’s dealings with PNB, adding that the state-owned bank had regularly levied fees on its dealings with the jeweller’s firms.
Asked about his legal strategy, Aggarwal said: “Until there is no chargesheet, there is no strategy. When there is a chargesheet, there will be a strategy.”
According to a police complaint by PNB, the two officials at a Mumbai branch of the bank steered fraudulent loans to companies linked to Modi and entities tied to jewellery retailer Gitanjali Gems, which is led by Modi’s uncle, Mehul Choksi.
“They are covering themselves up,” Aggarwal said of the complaint. “They want to avoid liability ... that is why they are cooking up this story.”
Choksi, who has also left the country, has not commented. Gitanjali, in a stock exchange filing, has denied Choksi’s involvement in the alleged fraud.
Five bank officials, including the two at the Mumbai branch, have been arrested.
The fraud case has stunned financial markets and it sent PNB shares tumbling for a fifth straight trading day on Tuesday.
Shares in PNB, which has shed nearly a third of its market value since disclosing the fraud, were down 3.5 percent in early trading after rating agency Fitch placed the bank on negative watch. Later, Moody’s also placed the bank’s ratings under review for a downgrade.
Separately, in a letter to PNB officials, Modi stated that his companies owe the bank under 50 billion rupees ($775.25 million), much lower than the amount alleged by the bank. He also said PNB has jeopardized its chances of recovering the sums owed by going public with its allegations.
“The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns,” he wrote in a letter seen by Reuters. “This thereby jeopardised our ability to discharge the dues of the group to the banks.”
Both companies are controlled by Modi. The fraud allegedly involves at least three firms controlled by Modi and others by Choksi. UNI
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