New Delhi: The Enforcement Directorate (ED) is tightening its grip over the money laundering case against Nirav Modi, the main accused in the Rs 14,000-crore fraud case with the public sector Punjab National Bank. . Meanwhile, PNB has said that it has received Rs 24 crore from the US (US) as the first installment of recovery in the Nirav Modi fraud case. At the same time, on the repeated demands of the ED, Interpol has issued an arrest warrant against Nirav Modi’s wife Ami Modi.
PNB expected to get second installment of 50 crore soon
According to a Corporate Affairs Ministry (MCA) official, PNB has told the ministry that it has received $ 32.5 lakh (Rs 24.33 crore) as the first installment of recovery in the Nirav Modi case. US Chapter 11 Trustee has raised Rs 88.66 crore by selling Modi’s assets (Debtors’ Assets). Now trustees are distributing this amount among other creditors including PNB. PNB hopes to get the next installment of Rs 50 crore soon.
After the issuance of Red Corner Notice against Amy Modi by Interpol, 192 member countries will arrest or detain him on his own sight. After this, the extradition process can begin. Please tell that Amy Modi is a US citizen. It is believed that Amy left India after the PNB fraud case surfaced in 2018. The ED has accused Amy Modi, apart from her husband Nirav Modi, of his maternal uncle Mehul Choksi (Mehul Choksi) and others under the Prevention of Money Laundering Act (PMLA).
Nirav Modi facing extradition case in London
Nirav Modi is facing extradition trial in PNB for fraud in London. He is lodged in a London jail. Many agencies of India have filed several cases against Nirav Modi. A Mumbai court had declared Nirav Modi a fugitive economic offender in early 2020. Also ordered to confiscate his properties for recovery. The ED has recently seized about Rs 329.66 crore worth of assets of Nirav Modi.
