Nirav Modi created dummy companies in India and abroad: ED
June 27, 2018  23:35
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The Enforcement Directorate, in its charge sheet, mentioned that absconding jeweler Nirav Modi created dummy companies in India as well as abroad for money laundering activities, in its chargesheet filed on March 24.

In a chargesheet filed on March 24 this year, the ED said, "Nirav Modi created dummy companies abroad, and few in India too, namely Bentley Properties Pvt Ltd, Mac Business Enterprises Pvt Ltd, Firestone Trading Pvt Ltd etc with the purpose of acquiring properties & laundering ill-gotten money."

"There were few companies only created in order to facilitate layering and laundering of funds obtained fraudulently from PNB and to camouflage the real intention & identity of beneficiaries of the funds siphoned off from PNB," the chargesheet further pointed out.

According to the officials, the 12,000-page ED chargesheet, or the prosecution complaint, was filed before a special Mumbai court under various sections of the Prevention of Money Laundering Act 2002.

The criminal complaint was filed against Nirav, his associates and businesses and the entire gamut of issuance of fake Letters of Undertaking by Punjab National Bank to his firms in alleged connivance of bank officials.

-- ANI
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