Nirav Modi’s wife Ami likely to be named in PNB case
MUMBAI: The Enforcement Directorate (ED) may name Nirav Modi’s wife Ami as an accused in the PNB money laundering case. Out of the Rs 6,400 crore that the fugitive diamantaire defrauded PNB of, he used $30 million (around Rs 220 crore) to purchase two flats in the US for his wife, officials said.
The flats were purchased in the name of Ithaca Trust, in which Ami is the real beneficiary. This is the first time Ami’s name has cropped up in the case. Neither ED nor CBI, which is investigating siphoning of bank funds, has named Ami in their chargesheet.
ED said that Nirav-controlled Firestar Group diverted $25 million into the account of a shell company associated with the couple, Central Park Real Estate, which purchased one of the two flats. The firm in 2018 transferred the flat in the name of Ithaca Trust.
Nirav then transferred a part of the remaining USD 5 million into the account of shell companies associated with his sister Purvi Modi. Purvi then transferred USD 4.99 million into Ithaca Trust’s account through layers of transaction involving shell firms in Dubai, Bahamas, the US and Singapore. Ithaka Trust then used the money to purchase the second flat in its name.
ED officials learnt that Ami was using one of these flats during her stay in the US. The agency recently attached these two flats along with other properties associated with Nirav in four different countries.
Officials said that even if Nirav and Ami get divorce as indicated in some reports, it will not absolve her from criminal liability. They said they will file a supplementary chargesheet. In the supplementary chargesheet, the ED will explain the details of the case progress and include Ami as the accused, a source said.
The ED in May filed its first chargesheet in the case and named all the members of Nirav’s family, excluding his wife and their children. In the first chargesheet, they named Nirav, his brothers Neeshal, Nehal, sister Purvi and their father Deepak as an accused. They also named Purvi’s husband Maiank Mehta as an accused in the case along with 18 others.
The flats were purchased in the name of Ithaca Trust, in which Ami is the real beneficiary. This is the first time Ami’s name has cropped up in the case. Neither ED nor CBI, which is investigating siphoning of bank funds, has named Ami in their chargesheet.
ED said that Nirav-controlled Firestar Group diverted $25 million into the account of a shell company associated with the couple, Central Park Real Estate, which purchased one of the two flats. The firm in 2018 transferred the flat in the name of Ithaca Trust.
Nirav then transferred a part of the remaining USD 5 million into the account of shell companies associated with his sister Purvi Modi. Purvi then transferred USD 4.99 million into Ithaca Trust’s account through layers of transaction involving shell firms in Dubai, Bahamas, the US and Singapore. Ithaka Trust then used the money to purchase the second flat in its name.
ED officials learnt that Ami was using one of these flats during her stay in the US. The agency recently attached these two flats along with other properties associated with Nirav in four different countries.
Officials said that even if Nirav and Ami get divorce as indicated in some reports, it will not absolve her from criminal liability. They said they will file a supplementary chargesheet. In the supplementary chargesheet, the ED will explain the details of the case progress and include Ami as the accused, a source said.
The ED in May filed its first chargesheet in the case and named all the members of Nirav’s family, excluding his wife and their children. In the first chargesheet, they named Nirav, his brothers Neeshal, Nehal, sister Purvi and their father Deepak as an accused. They also named Purvi’s husband Maiank Mehta as an accused in the case along with 18 others.
(This article was originally published in The Times of India)