The Interpol has issued a Red Corner Notice against Nehal Deepak Modi, the brother of diamond merchant Nirav Modi, who is the key accused in the Punjab National Bank scam. Nehal Modi, who lives in Belgium, has been charged with money laundering, according to the Interpol website.
The Enforcement Directorate has charged Nehal Modi, 40, with destruction of evidence, PTI reported.
Earlier this week, Interpol had issued a Red Corner Notice against Purvi Deepak Modi, Nirav Modi’s sister. The Enforcement Directorate of India has charged Purvi Modi with “playing a major role in laundering the proceeds of crime generated from the PNB scam and being a beneficiary of the scam to the tune of at least $133 million [Rs 942 crore]”, PTI reported.
“She is also the owner/director of several shell or investment companies formed solely for the purpose to launder the proceeds of crime in companies located in the UAE, British Virgin Islands and Singapore,” the agency said.
Nirav Modi is currently in London, a fugitive from Indian law. Last week, the Westminster Magistrates’ Court in United Kingdom extended his judicial custody till September 19. Modi has been in jail since March 19, when he was arrested in London for allegedly duping India’s Punjab National Bank of more than Rs 13,000 crore.
In June, the Enforcement Directorate seized four Swiss bank accounts belonging to Nirav Modi and his sister Purvi Modi. The four bank accounts had a total of Rs 283.16 crore. Swiss authorities froze the accounts based on a request from the Enforcement Directorate, which said the money kept in them represented “proceeds of a crime”. The Swiss authorities froze the accounts under the criminal provisions of the Prevention of Money Laundering Act.
Now, follow and debate the day’s most significant stories on Scroll Exchange.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!