New Delhi [India], Sept 13 (ANI): Interpol has issued a Red Corner Notice (RCN) against Nehal Modi, the step-brother of fugitive diamantaire Nirav Modi in alleged connection with a money laundering case.
The Interpol issued the notice against Nehal, who is a Belgian citizen, on the request of Enforcement Directorate (ED).
"The ED had registered two separate money laundering cases in Punjab National Bank (PNB) scam against Nirav Modi, Mehul Choksi and others under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) on the basis of FIRs registered by the CBI under Sections 120-B and 420 of the IPC and Section 13(2) read with 13(1)(d) of PC Act, 1988 for the offence of cheating Punjab National Bank in connivance with certain bank officials by fraudulently getting the Letters of Undertaking (LOU) issued and Foreign Letter of Credits (FLCs) enhanced thus caused wrongful loss to the bank," read a statement by the ED.
As per the ED, Nehal is one of the accused in the case against whom prosecution complaints have been filed the cases before the special PMLA court in Mumbai.
The special court was pleased to issue two separate open-ended Non-Bailable Warrants (NBWs) against Nehal Modi.
Nehal was looking after the affairs of Twin Fields Investments Limited & Bailey Bank and Biddle for Nirav Modi. Both these companies had received around USD 50 million from dummy companies of Nirav Modi which in turn received this fund from the fraud committed on the PNB.
For Nirav Modi, Nehal became the protector and investment advisor of 'The Ithaca Trust', which got the tainted funds to the tune of USD 30 million after extensive layering and two immovable properties have been purchased in the USA from these tainted funds.
After the case broke out, Nehal had dealt with the Proceeds of Crime and had taken away diamonds having value USD 6 million and 150 boxes of pearls from Hong Kong and cash of AED 3.5 million and 50 Kg Gold (along with Mihir Bhansali- another co-conspirator) from Dubai, the statement by the ED reads.
He was also involved in destroying the digital evidence (mobile phones and server) pertaining to the case in Dubai. In the case of Choksi, Nehal was in-charge of Samuels Jewellers INC and Diamlink Inc. At his instance, these companies had received around USD 19 million of Proceeds of Crime in the guise of royalty, advances etc. from the Dubai based shell companies of Choksi, the ED also stated.
Further investigation in the case is underway. (ANI)