PNB fraud: ED says Nirav Modi's sister sent Rs 17.25 cr from UK to Indian govt

The ED on Thursday said fugitive businessman Nirav Modis sister has remitted over Rs 17 crore from a UK bank account to that of the Indian government after she was allowed pardon from criminal proceedings in lieu of extending help in the investigation into the over Rs 13000 crore PNB loan fraud casePurvi Modi alias Purvi Mehta 47 and her husband Maiank Mehta were made approvers granted tender of pardon in the case by a Mumbai court in January on the condition of making full and true disclosurePurvi and her husband are British citizens and have never joined the probeAlso Read UK High Court rejects Nirav Modis extradition plea has 5 days to appeal for oral hearingOn June 24 Purvi Modi intimated Enforcement Directorate that she had received the knowledge of one bank account in London United Kingdom in her name which was opened at the behest of her brother Nirav Modi and that the funds did not belong to herAs Purvi Modi was allowed tender of pardon on conditions of making full and true disclosure she remitted an amount of USD 231688903 from her UK bank account to the bank account of the government of India Directorate of Enforcement the central probe agency said in a statementWith the cooperation of Purvi Modi it said the ED has been able to recover about Rs 1725 crore USD 231688903 from the proceeds of crime it saidAccording to the agency Purvi Modi had assured the ED that she would help the agency in getting confiscated assets worth Rs 579 crore that included flats in New York and London and swiss bank depositThe ED had earlier got issued an Interpol arrest warrant against her in 2018 and had filed two charge sheets under the criminal provisions of the Prevention of Money Laundering Act PMLA in which she and her husband were arraigned as accused in the alleged bank loan fraud caseIn her application made to the court for pardon Purvi Modi had said that she was not a prime accused and has been attributed only a limited role by the investigating agencyShe had said that she fully cooperated with the ED in this investigation by providing all requisite information and documentsHer plea said that on account of being Nirav Modis sister she was in a unique position to provide substantial and important evidence information proof and documents and access to bank accounts assets companies and entities that are relevant to Nirav Modi and his actionsdealingsThe ED had earlier said the assets in the names of Purvi Modi or her companies that are expected to be repatriated with her help are A Rs 195 crore worth flat near Breach Candy on Bhulabhai Desai Road in Mumbai two flats in Central Park south area of New York in the name of a trust wroth Rs 3652 crore and Rs 18282 crore respectively two swiss bank account deposits worth Rs 16808 crore and Rs 10823 crore a Rs 621 crore flat at Marylebone Road in London and bank deposits worth Rs 196 crore kept in a Syndicate Bank branch at Nariman Point in MumbaiNirav Modi and his uncle Mehul Choksi both prime accused in the case along with others are being probed by the ED on money laundering charges for allegedly perpetrating an over USD 2 billion more than Rs 13000 crore bank fraud in connivance with bank officials and by issuance of fraudulent Letters of Undertaking LoUs at the Brady House PNB branch in MumbaiNirav Modi 50 is presently lodged in a UK jail and has lost his extradition plea to India in connection with this case that is also being investigated by the CBIThe ED had issued a statement last month saying that about 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi Choksi and businessman Vijay Mallya has been recovered so far due to its swift action in attaching and freezing their assetsThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever