The Nirav Modi saga: Details of cases against disgraced billionaire diamantaire

A case under the provisions of PMLA, 2002, was recorded against Nirav Modi on February 14 last year.

Billionaire diamantaire Nirav Modi was arrested on Wednesday in London on India’s extradition request. On Sunday, Westminster Court in London had issued an arrest warrant against Nirav Modi. The arrest warrant was issued days after British home secretary Sajid Javid certified the request filed by the Indian government to extradite him to face charges for his alleged involvement in the Rs 13,500-crore Punjab National Bank (PNB) fraud case.

According to CBI, Nirav Modi-owned firms namely M/s. Diamond R US, M/s. Solar Exports and M/s Stellar Diamond, Surat, India, have got fraudulently issued Letters of Undertaking aggregating to USD 1015.35 million during the period from Feb 2011 to May, 2017 from Punjab National Bank (PNB), Mumbai. 

A case under the provisions of PMLA, 2002, was recorded against Nirav Modi on February 14 last year. After registration of case, searches were conducted on February 15, 2018 and more than 75 searches related to this case were conducted all over India. After the raids, the agencies seized valuables/jewelry/paintings etc amounting to approximately Rs 1600 crore. 

Nirav Modi was summoned thrice to appear personally before the investigating authorities but he refused to appear for questioning.

Ministry of External Affairs later revoked Nirav Modi's passport on the request of ED. The ED has attached properties worth Rs 1873.08 crore vide 12 PAOs and total seizure of Rs.489.75 crore vide 20 seizure orders including various overseas assets and bank accounts. The attachment includes overseas attachment of Rs. 961.49 Crore in Hong Kong, Switzerland, UK, USA, Singapore and UAE. 

The first Prosecution Complaint(PC) was filed on May 24, 2018 establishing role of Nirav Modi and his close associates and family members. The PC provides detail of money trail and evidences of rotation, siphoning and misappropriation of LOUs illegally obtained from PNB using dummy entities in India and abroad.

Special PMLA court took cognizance of the first PC on June 12, 2018 and supplementary Prosecution Complaint were filed on February this year. In the supplementary PC, money trail of USD 927 million out of USD 1015 million has been ascertained. Cognizance of the supplementary PC has been taken on March 15, 2019. 

Apart from Nirav Modi, his wife Ami Modi, sister Purvi Modi, brother Neeshal Modi, father Deepak Kumar Modi, cousin Mihir Bhansali and other associates have also been made accused in these PCs. 

On July 10, 2018, an application was filed under Fugitive Economic Offenders Act against Nirav Modi for declaring him a fugitive offender and for confiscation of his properties worth Rs 1404.7 crore. The next date of hearing of this case is on Friday.

Red Corner Notice have been issued against Nirav Modi, Nishal Modi, Aditya Nanavati, Ms. Purvi Modi, Mihir Bhansali & Subhash Parab on request of ED. 

Income Tax authorities had seized 173 paintings belonging to M/s Camelot Enterprises Private Limited beneficially owned by Nirav Modi during the course of their investigation for recovery of Income tax dues of Rs 95.91 Crore. These paintings valued at Rs 57.72 crore were also provisionally attached by ED. 

In a related development , PMLA Special Court on Wednesday also allowed sale of 11 vehicles belonging to Nirav Modi on the application of ED. These vehicles include Rolls Royce, Porsche, Mercedes and Toyota Fortuner. 

The court has also issued open-ended Non-Bailable Warrant against Ami Modi, wife of Nirav Modi on the request of ED, paving way for further action.