Neerav Modi, who had cheated thousands of crores of rupees with Punjab National Bank, changed his status last year and became an NRI. That is, even before the scam came to light, Nirvava Modi had become an Indian NRI.
It is not known whether Nirvava Modi’s move was known to Indian banks, or especially PNB, whether or not the move was known to them. Let me tell you that the Letter of Undertaking (LoU) issued by the PNB was told as the Indian promoter of Nirav Modi’s borrowing companies.
Many Indian banks had given funds and non-fund based loans to companies of Nirav Modi. Neerav Modi’s company, given to the shareholders of ANM Enterprises Private Limited, records that Nirvava Modi is an NRI. This document is registered on the date of 6 November 2017.
Let us know that there are also fake companies on the target of the investigating agencies of Neerav Modi. About 200 such companies are on the target of the CBI, ED, and Income Tax Department. In addition, these agencies are also investigating ‘benami’ properties.
Enforcement Directorate, CBI and Income Tax Department are mainly investigating the fraud of Rs 11,400 crore in PNB, in which diamond trader Neerav Modi, his relative and business partner Mehul Choksi and others are accused of being involved.
Earlier, a senior ED official said, “The income tax department has been evaluating ED under PMLA of 29 properties which have temporarily attached the properties of Neerav Modi, his family members, and companies. Under the Prevention of Money Laundering Act, some more properties will be covered soon.
ED continues to search for companies for Nirav Modi and Choksi on Sunday for the fourth consecutive day. ED is going to charge at least two dozen fixed assets under the Prevention of Money Laundering Act (PMLA). ED raided 45 jewelry showrooms and workshops in 15 cities across the country.
The ED has so far seized diamonds, gold jewelry and prized gems worth Rs 5674 crore in the case. In connection with the investigation of tax evasion, the Income Tax Department had banned the transaction from nine bank accounts of Gitanjali James, its promoter Mehul Choksi and others on Saturday. Along with, 29 bank accounts of Nirav Modi, his family members, and their owned firms were banned and 105 bank accounts were banned.