New Delhi, Sep 13: At the behest of the Enforcement Directorate,Interpol has issued a ‘Red Corner Notice’(RCN) against Nehal Modi, a Belgian citizen and step brother of prime accused Nirav Modi in Punjab National Bank fraud case.
Nehal Modi is one of the accused in the case against whom prosecution complaints have been filed in these cases before the Mumbai Special PMLA Court and the court has issued two separate open-ended Non Bailable Warrants (NBWs) against Nehal Modi, the probing agency said.
Accused Nehal Modi was looking after the affairs of Twin Fields Investments Limited& Bailey Bank and Biddle for Nirav Modi. Both these companies had received around US Dollar 50 million from dummy companies of Nirav Modi which in turn received this fund from the fraud committed on PNB.
For Nirav Modi, he became the protector and investment advisor of ‘The Ithaca Trust’ and this trust got the tainted funds to the tune of US Dollar 30 Million after extensive layering and two immovable properties have been purchased in the USA from these tainted funds”, the agency further said.
After the case broke out, the ED investigation revealed that Nehal Modi had dealt with the ‘Proceeds of Crime’ and had taken away diamonds having value US Dollar 6 million,150 boxes of pearls from Hong Kong and cash of United Arab Emirates Dirham (AED) 3.5 million and also 50 Kg Gold along with Mihir Bhansali,another co-conspirator from Dubai, an official in the probe agency said.
He was also involved in destroying the digital evidence like mobile phones and server, pertaining to the case in Dubai.
Nehal Modi was in-charge of Samuels Jewellers INC and Diamlink Inc. At his instance, these companies had received around US Dollar 19 million of ‘Proceeds of Crime’in the guise of royalty, advances from the Dubai based shell companies of Mehul Choksi, ED said.
The central financial probe agency had registered two separate money laundering cases in Punjab National Bank (PNB) scam against fugitive diamantaire Nirav Modi,Mehul Choksi and others under the provisions of Prevention of Money Laundering Act (PMLA) on the basis of FIRs registered by CBI under sections 120-B and 420 of IPC and Section 13(2) read with 13(1)(d) of PC Act 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 causing 'wrongful loss' to the bank.
The RCN is a request to locate and provisionally arrest an individual pending extradition. It is issued by the General Secretariat at the request of a member country or an international tribunal based on a valid national arrest warrant. Significantly, the RCN is not an international arrest warrant - Interpol cannot compel any of its 192 member countries to arrest an individual who is the subject of such a notice. But, if Nehal is arrested, India will be able to push for his extradition. (UNI)