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In An International Crackdown By Indian Agencies, Nirav Modi's London, New York, Mumbai Assets Attached

Written By Shawan Sen | Mumbai | Published:

Hack:

  • In a massive global crackdown on diamantaire Nirav Modi, Indian agencies have attached his London and New York apartments
  • The attached London apartment is the same which Republic TV’s Shawan Sen has visited a few weeks ago
  • Enforcement Director has attached properties and bank accounts to the tune of Rs 637 crore.

In a massive global crackdown on diamantaire Nirav Modi, Indian agencies have attached his London and New York apartments. The attached London apartment is the same which Republic TV’s Shawan Sen has visited a few weeks ago. Enforcement Director has attached properties and bank accounts to the tune of Rs 637 crore.

The Enforcement Directorate sources have now said that "during the investigation, it has been revealed that the ultimate source of the funds used to purchase this property was stolen fund from PNB."

The top sources in ED has said that 'Nirav Modi bought the apartment in his sisters name and that the property was bought recently and investigation reveals he stayed here for few months.'

For the last three months, Enforcement Directorate has been working in close coordination with overseas agencies in order to identify and attach overseas assets of Nirav Modi, hidden at various locations internationally. This has resulted in provisionally attachment of jewellery, bank accounts, immovable properties of total worth INR 637 Crores in India as well as four foreign jurisdictions under section 5 of Prevention of money laundering Act. This has also resulted in recovery and return of jewelleries from abroad. Bringing back the proceeds of crime from a foreign jurisdiction is perhaps unique to Nirav Modi and Mehul Choksi case.

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HERE’S WHAT ALL HAS BEEN SEIZED BY THE ED:

  • Diamond studded jewellery worth Rs 22.69 Crore has been brought back to India from Hong Kong in 23 shipments. During investigation, it was found that a stock of jewellery had been shipped abroad from India after registration of FIR by CBI. The same had been kept in the vault of a private company in Hong Kong on behalf of Nirav Modi. The ED contacted the subject company and its London Headquarter and after much persuasion, follow up and necessary documentation, ED successfully brought the jewellery back to India. The stock value of this jewellery was declared around Rs 85 Crore and this jewellery was sent to Hong Kong by Firestar Group of Companies to Hong Kong. On independent valuation, the value of the jewellery comes out to 22.69 Crore and the jewellery has been seized.

 

  •   A flat in South Mumbai worth 19.5 Crore and having ownership of Purvi Modi was attached. The same was purchased by Purvi Modi in year 2017.The deed for this flat was signed by Neeshal Modi, her brother to whom “Power of Attorney” was given by her. The consideration for this flat was paid by Purvi Modi from her Barclays Bank account maintained in Singapore.
  • An account belonging to an investment company, registered in British Virgin Island And owned by Purvi Modi and Maiank Mehta in Singapore, having balance of USD 6.12 Million (Rs 44 Crore approx.) has also been attached. Both of them are beneficiary of the stolen money to the tune of USD 30 Million and USD 133 Million respectively. In the prosecution complaint dated April 24, 2018 filed by Enforcement Directorate, both of them are cited as accused in PNB Scam. Special PMLA court has issued Non bailable Warrant against the couple individually and Red Corner Notice has already been issued by Interpol against Purvi Modi.

READ | Union Bank Sues Nirav Modi In Hong Kong Court Over Fraud: Report

  • Five accounts having a total balance of Rs 278 Crore are also attached. These accounts belong to Nirav Modi, Purvi Modi and their controlled companies and are maintained in overseas  banks in foreign jurisdiction. During investigation it was found that most of the money was transferred to these accounts after the scam surfaced.
  • One immovable property having value of Euro 6.25 Million (Rs 56.97 Crores Approx) and beneficially owned by Purvi Modi in London, United Kingdom has also been attached under section 5 of Prevention of Money laundering Act. The property is flat no 103, Marathon House, 200 Marylebone Road, London & this property was purchased on the name of Belvedere Holdings Group Limited  for the value of Euro 6.25 Million in 2017. Belvedere Holdings Group Limited which is managed by Trident Trust , Singapore, has been established by Monte Cristo Trust. The said trust is having Purvi Modi ( sister of Nirav Modi) as settlor and beneficiary. During investigation, it has been revealed that the ultimate source of the funds used to purchase this property was stolen fund from PNB.
  • Two immovable properties having total value of USD 29.99 Million (Rs 216 Crore Approx) and beneficially owned by Nirav Modi in New York, United States of America have also been attached under section 5 of Prevention of Money laundering Act. The properties are in  Central Park New York and these properties were purchased on the name of The Ithaca Trust for the value of USD 25 Million and 4.99 Million respectively. One of the properties in central park south, New York was on the name of Central Park Real Estate LLC, a Group company of Firestar Group and in 2018 it was transferred to the Trust. Mortgage taken on this property from HSBC bank was paid by Firestar Diamond Inc, a beneficiary of the stolen fund. The beneficiary of “The Ithaca Trust” is Ami Modi (wife of Nirav Modi) and her children and the settler of the said trust is Purvi Modi (sister of Nirav Modi). The other property was also purchased on the name of The Ithaca Trust in 2017. The ultimate source of the funds used to purchase this property was stolen money from PNB. Before paying the consideration for the property ,the stolen fund was layered extensively involving multiple jurisdictions like Dubai, Bahamas, USA, Singapore etc. The consideration was paid from a fiduciary account of Commonwealth Trust Company, Singapore and the deal was carried out by a lawyer firm based in USA.

READ | Rahul Gandhi Was At Nirav Modi's Bridal Jewellery Cocktail Party, Claims Former Congress Insider Shehzad Poonawalla

Five separate Provisional attachment orders were issued to attach the above properties and bank accounts. Jewellery brought from Hong Kong was seized under punchnama. Letters of Rogatory have also been sent to the authorities of foreign jurisdictions to enforce the said PAOs.

The further Investigation is underway in the case.

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