Hyderabad: An extensive investigation into the bank fraud committed by fugitive diamontaire Nirav Modi revealed that, he parked assets worth Rs 579 crore in the name of his sister Purvi Modi and her husband Maiank Mehta.
The couple (referring to Nirav Modi's sister) has been granted pardon under section 306 and 307 of Criminal Procedure by the special court on a condition that they will cooperate with the investigators and disclose evidence. This comes after Purvi Modi alias Purvi Mehta and her husband Maiank Mehta filed an application before Special (PMLA) Court and ensured to disclose complete documents.
ED's investigation found that Purvi Modi has more than a dozen bank accounts and has ownership of various companies/trusts abroad. However in their statements placed before the adjudicating authority, the couple have categorically stated that all the companies, properties and accounts (Except Pavillion Point Corporation) belongs to Nirav Modi. "She gave her willingness to offer all cooperation to repatriate the assets to India. Both of the accused stated that the funds channelized through their accounts were belonging to Nirav Modi and on Nirav Modi's insistence" ED officials said.
Purvi Modi has also agreed to assist in realizing and repatriating various assets in India and abroad totaling to ₹ 579 crores to the government of India. These assets as detailed below are in Purvi Modi's name or in the names of companies owned by her.
Based on this, the special Court has allowed to pardon them. The court further directed that 'the applicant-accused shall appear before the Court by returning to India, for which purpose the complainant-prosecution shall facilitate the approach of accused at earliest, and shall take suitable steps accordingly.
Diamontaire Nirav Modi is facing investigation into a 7000 crore plus bank fraud case.
These assets as detailed below are in Purvi Modi's name or in the names of companies owned by her.
1.Flat in ( Breach Candy) Bhulabhai Desai Road, Mumbai- Rs ₹ 19.5 Crores
2.Flat in Central Park South, New York, NY In the name of a Trust- Rs 36.52 Crores
3. Central Park South, Unit No 33, New York, NY in the name of a Trust- Rs ₹182.82 Crores
4. Bank Account in Switzerland in the name of Purvi Deepak Modi- Rs 168.08 Crores
5. Bank account in Switzerland, Beneficial Owner: Purvi Modi- Rs 108.23 Crores
6. Flat at MARYLEBONE ROAD, LONDON, NW15PL,UK - Rs ₹ 62.1 Crores
7.Bank Account in Syndicate Bank, Nariman Point, India in the name of Purvi Modi- Rs ₹ 1.96 Crores