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PNB scam: Overseas bank statements linked to Nirav Modi prove money trail, says ED

  • calendar 13-Mar-2019
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PNB scam: Overseas bank statements linked to Nirav Modi prove money trail, says ED

The Enforcement Directorate (ED), probing the Punjab National Bank (PNB) money laundering case, has found vital evidence in the form of overseas bank statements linked to absconding diamantaire Nirav Modi, which it says proves the overseas money trail . “ED team managed to get several bank statements from Barbados, Dubai, Hong Kong etc., which prove vital overseas links and money trail relating to Modi and his aides,” the agency said on Tuesday while detailing contents of the second charge sheet filed before the special Prevention of Money Laundering (PMLA) court. “ED has gathered vital evidence against Modi, which discloses owning another chain of jewellery named Bailey Bank and Biddle in USA. Diversion of fraudulent letters of undertaking (LoUs) to the tune of at least USD 47 million (around Rs 327 crore) to this firm has also been found during investigations.” The ED said a “maze of transactions to obfuscate the probe and to cover the tracks of money laundering were unearthed by obtaining foreign bank accounts and financial statements of various foreign dummy entities through various sources.”

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