NEHAL MODI was arrested in the United States on the basis of an application for issued a Central Investigation Office (CBI) and the Directorate of Recovery (ED) in connection with the case of fraud of Pandjab National Bank (PNB) £13 000, PTI informed about officials.
Who is not Modi?
NEHAL MODI, 46 is a younger brother of refugee Diamond Merchant Nirav Modi. Nemal Modi, born and grew up in Belgium in Antwerp and fluent in English, Gujarati and Hindi, in India is looking for a criminal income for Nirav Modi, held in London’s prison and facing the UK at the request of India.
What is he charged with?
US Prosecutors have initiated proceedings on two accusations, including accusations of money laundering pursuant to Section 3 of the Prevention of the Money Laundry Act (PMLA), 2002 and accusations of criminal plot according to sections 120-B (criminal conspiracy) and 201 (disappearance) of the Indian Criminal Code.
According to the ED and CBI probe, Nehal played an important role in washing the yield of crime on behalf of Nirav Modi. He is accused of helping to hide and transfer a large number of illegal funds through a network of Shell and international transactions, which violates Indian laws.
The indictment filed by ED said that Nehaval was charged with the destruction of evidence and “consciously and intentionally” that helped Nirav Modi, he added.
After PNB fraud went to light, he did not, along with Nirava’s close assistant and executive Mihir R Bhansali, “took 50 kg of gold and considerable cash and ordered the figurine directors not to reveal their name in front of the authorities,” Ed said.
What is the case of PNB fraud?
In 2018, PNB revealed the main fraud worth £13,500 Crore, which began at one branch in Mumbai and included significant figures such as Nirav Modi and his uncle Mehul Choksi, CEO of Gitanjali Gems. Modi and Chorsi are accused of manipulating the bank’s systems to obtain fraudulent letters about the company (Lous) using some rogue banks, allowing them to divert a large amount of money.
What will be for Nehal Modi?
The upcoming hearing is set on July 17th, where Modi could not ask for bail, a step that is assumed that US prosecutors will attack, PTI reported.
Especially this is not the first time that Nehal Modi was charged with such a fraud. In 2020, the New York court condemned Modi from fraudulent acquisition of diamonds worth over $ 2.6 million from LLD Diamonds USA, one of the largest diamond companies around the world, according to Hindustan Times report.
(Tagstotranslate) pnb fraud
