Nirav Modi: Interpol issues red corner notice against his sister

NEW DELHI: Interpol has issued a red corner notice (RCN) against Purvi Modi , sister of fugitive diamond trader Nirav Modi , for her arrest in the Rs 13,500 crore Punjab National Bank swindle. The RCN has been issued on a request made by the Enforcement Directorate ( ED ) which has registered a money laundering case against her, besides other accused.Purvi, a Belgian national, has been accused by ED as a beneficiary of the scam, responsible for laundering at least $133 million (nearly Rs 1,000 crore) from the proceeds of the PNB swindle. "She is owner and director of several shell and investment companies formed solely for the purpose to launder the proceeds of crime," a source in the investigative agency claimed."These companies were formed and managed in a very complex manner to camouflage the criminal origin of funds. Some trusts incorporated for money laundering like Montecristo, Ithaca and New Zealand Trust were found to be associated with her," the source claimed.In its preliminary investigation, ED has found several bank accounts in international jurisdictions, such as Barbados, Mauritius, Switzerland, Singapore, UK and Hong Kong, linked to Purvi and her companies.The ED has alleged in its request for RCN that Purvi has been associated with companies and trusts operated from several tax havens and involved in the scam. Funds stolen from PNB to the tune of more than Rs 500 crore were invested in Firestar India, a Nirav Modi firm, layering them through several companies controlled by her, a source alleged. The agency claims, she had also purchased several immovable properties in overseas jurisdictions in the name of entities linked to her."Earlier she was the beneficiary of Dubai and Hong Kong based dummy companies in which LOUs from PNB were credited. Later on, her name was removed from these companies and dummy directors were introduced. Therefore, she actively participated in the crime of money laundering, layering of the money thus acquired and was also the beneficiary of the proceeds of crime," the agency has noted.The other accused in the case include Nirav, his wife Ami, brother Neeshal and Mehul Choksi of Gitanjali Gems. The ED has filed chargesheet against Nirav and Choksi and moved a Mumbai court in July seeking to declare them as fugitive economic offenders under the recently notified Fugitive Economic Offenders Act. Purvi has been made an accused in the chargesheet filed against her brother. The ED has already attached assets of both Nirav Modi and Choksi, the fair market value of which has been estimated to be over Rs 3,500 crore.