Nirav Modi’s wife Ami may be named in PNB case

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.Vijay V Singh  |  TNN  |  October 04, 2018, 07:59 IST
Nirav Modi’s wife Ami may 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 $5 million into the account of shell companies associated with his sister Purvi Modi.

Purvi then transferred $4.99 million into Ithaca Trust’s account through layers of transaction involving shell firms abroad. The trust then used the money to purchase the second flat in its name.