Mumbai: A special court in Mumbai on Friday issued a non-bailable warrant against the wife of fugitive diamantaire Nirav Modi, a key accused in the $2-billion Punjab National Bank Ltd. fraud case. The warrant against Ami Modi was issued by Special Prevention of Money Laundering Act by Judge MS Azmi after he took cognisance of the supplementary charge sheet filed by the Enforcement Directorate against Nirav Modi and other accused a few days ago.
The financial crime probe agency has alleged that Ami Modi used an international bank account to move $30 million, suspected to be proceeds of the scam. The funds were used to buy property located in New York’s Central Park, the Enforcement Directorate has said. In its supplementary charge sheet, the agency has recorded additional evidences gathered in the case and attachments made. It is understood that the Enforcement Directorate has underlined the role of Ami Modi and funds routed by her in the supplementary chargesheet. The Enforcement Directorate had filed the first charge sheet in this case in May last year.
According to investigating agencies, Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated Punjab National Bank to the tune of Rs 14,000 crore through issuance of fraudulent letters of undertaking.
These letters of undertaking were allegedly issued in a fraudulent manner by a Mumbai branch of the Punjab National Bank to the group of companies belonging to Nirav Modi since March 2011 till the fraud came to light in January 2018, the agencies have said.
Nirav Modi, Choksi and other accused are facing charges under the PMLA Act and the Indian Penal Code in the fraud case which is being probed by multiple agencies, including the Enforcement Directorate.
According to a U.K. media report last week, Nirav Modi is currently living in a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block in London, where rent is estimated to cost £17,000 a month.