Punjab National Bank Fraud
Nirav Modi's sister remits Rs 17.5 cr to ED from London bank account after turning approver
New Delhi/IBNS: Purvi Modi, the sister of fugitive diamond merchant Nirav Modi, has paid Rs 17.5 crore to the Enforcement Directorate (ED) after she turned approver in the Punjab National Bank fraud case, media reports said.
Purvi Modi and her husband Mainak Mehta sought to be government approver for which they applied on January 4 last. Post the approval of their application they were granted pardon in the Rs 13,500 crore Bank fraud, according to an NDTV report.
The couple was granted relief after they agreed to help the probe agency in the investigation.
According to the agreement, she has to make "full and true disclosures" of the information related to the case officials have said.
According to a media report, on June 24, Purvi intimated Enforcement Directorate that an account had been opened in her name in London at the behest of her brother Nirav Modi but the funds in the account did not belong to her.
Since she had been granted pardon on conditions of "full and true disclosures" she remitted an amount of USD 23,16,889 from her UK bank account to the bank account of the government of India, Directorate of Enforcement.
Meanwhile, Nirav Modi lost first stage of extradition appeal in the UK High Court last week.
Post the development, the Foreign Ministry said India "will continue the efforts to pursue his early extradition to India to face justice."
Nirav Modi and his uncle Mehul Choksi are accused of taking huge loans from Punjab National Bank using forged PNB Letters of Undertaking (LoU).
The duo fled India in 2018 weeks before investigations began in the fraud case.
While Nirav Modi is in jail in London Mehul Choksi was recently detained in Dominica for illegal entry.
Choksi had been staying in Antigua and Barbuda since 2018 and took the citizenship of that country.
He has described his detention in Dominica as abduction.
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