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PNB fraud case: Nirav Modi paid Dummy Directors Rs 8,000 to divert Rs 8,000 crore

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Nirav Modi

New Delhi, June 6: The Enforcement Directorate in its report against the fugitive diamond jeweller Nirav Modi who is the prime accused in the multi-crore PNB scam has stated that owners and directors of five dummy firms in Hong Kong allegedly received Rs 8,270 crore  through Letters of Undertaking (LoUs) issued by the bank.

While Nirav Modi used to pay them only between Rs 8,000 and Rs 30,000 every month, according to the Enforcement Directorate.

ED claimed that Modi and some of his associates used to “communicate dubious transaction instructions” to these dummy firms through accounts that got automatically deleted after a certain period of time. Owners and directors of at least five Hong Kong firms that allegedly received about Rs 8,270 crore from Letters of Undertaking (LoUs) issued by Punjab National Bank, on behalf of jeweller Nirav Modi, used to earn only between Rs 8,000 and Rs 30,000 every month, according to the Enforcement Directorate, according to the Enforcement Directorate, an Indian Express report has revealed.

The ED further added that the so-called directors of five such dummy firms were actually junior employees and former employees of Modi’s Firestar Group.A large chunk of Modi’s wealth was also transferred to Firestar Diamond BVBA, which is based in Antwerp, Belgium

According to the ED complaint, fraudulent LoUs worth $ 3,741.93 million (approximately Rs 24,000 crore) were issued to Modi Group firms between 2011 and 2018. Of these, it alleged, the total current outstanding fraudulent LoUs is $ 1,015.34 million.

The 14,000-page complaint said that UAE-based nine dummy companies were used by Nirav Modi for diverting Rs 1,811 crore to his group firms, his sister Purvi Modi and her husband Maiank Mehta.

The first prosecution complaint (chargesheet) filed by the Enforcement Directorate on May 25, it stated that Modi created over 15 “dummy companies” in UAE and Hong Kong to allegedly rotate the LoU funds “in the guise of export-import transactions” and diverted nearly Rs 4,2999 of Rs 6,939.84 crore to himself, his firms and his relatives.

Modi floated shell companies to transfer funds and moved Rs 100 crore from the US to India and other coutries within a year (January 2017 to February 2018) .The cobweb was specifically designed to dodge agencies and authorities to carry out financial transactions without any legitimate business activities.

India

Rajya Sabha adjourns Sine Die, eight days ahead of schedule

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Parliament of India
  • Rajya Sabha adjourned sine die. Monsoon Session, that was scheduled to go on till October 1st, cut short in the wake of COVID19 pandemic.
  • The Lok Sabha will be adjourned sine die today, eight days ahead of the scheduled end of the monsoon session.
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Business

Airlines on verge of collapse, may shut if situation doesn’t improve: GoAir to SC

SC deferred the hearing of the case for refund of air tickets booked during lockdown period till September 25

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GoAir

New Delhi: A day after aviation regulator Directorate General of Civil Aviation (DGCA) informed the Supreme Court (SC) that passengers who booked tickets during lockdown are eligible for refunds, the government recommended that airlines pay 0.5% interest for delayed refunds.

While both Vistara and AirAsia opposed the levy of interest stating that many of their customers prefer credit shell, country’s largest airline IndiGo said it refunded the tickets for the lockdown period in full.

The government also said it is open to considering the interest of any particular segment of passengers if adversely affected.

New Delhi: A day after aviation regulator Directorate General of Civil Aviation (DGCA) informed the Supreme Court (SC) that passengers who booked tickets during lockdown are eligible for refunds, the government recommended that airlines pay 0.5% interest for delayed refunds.

While both Vistara and AirAsia opposed the levy of interest stating that many of their customers prefer credit shell, country’s largest airline IndiGo said it refunded the tickets for the lockdown period in full.

The government also said it is open to considering the interest of any particular segment of passengers if adversely affected.

Meanwhile, GoAir pleaded with the apex court that many airlines were on the brink of collapse and might shut down if If the situation doesn’t improve.

SC has deferred the hearing on airlines’ fare refund case for September 25.

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India

Time magazine lists PM Modi in ‘100 Most Influential People 2020’ but adds a stinging note

While featuring PM Modi in the influential people’s list, Time did not shy away from suggesting that Modi, as India’s PM, had “brought into doubt” India’s secular nature.

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Narendra Modi

New Delhi: Prime Minister Narendra Modi has made it to Time magazine’s ‘100 Most Influential People 2020’ list. PM Modi is the only politician from India to have been featured in the ‘Leaders’ category.

Other world leaders who feature in the Time list include US President Donald Trump; Chinese President Xi Jinping; Joe Biden, presidential challenger to Trump in 2020 US elections; Kamala Harris, US Democratic vice presidential nominee for the 2020 election; Taiwan President Tsai Ing-wen; German Chancellor Angela Merkel; and Dr Anthony Fauci, director of the US National Institute of Allergy and Infectious Diseases.

While featuring PM Modi in the influential people’s list, Time did not shy away from suggesting that Modi, as India’s PM, had “brought into doubt” India’s secular nature where “Christians, Muslims, Sikhs, Buddhists, Jains and other religious sects – all have abided in India”.

Time noted that “the Dalai Lama (who has spent most of his life in refuge there) has lauded the country as ‘an example of harmony and stability’.”

However, PM Modi’s Bharatiya Janata Party, labelled as Hindu-nationalist, has “rejected not only elitism but also pluralism, specifically targeting India’s Muslims,” claims the short write-up on PM Modi in Time, written by editor at large, Karl Vick.

“The crucible of the pandemic became a pretense for stifling dissent. And the world’s most vibrant democracy fell deeper into shadow,” it concludes, seeking to build a narrative on PM Modi’s rule.

Questioning the populist vote which PM Modi and his BJP got in two successive General Elections in 2014 and 2019 – the second one being a bigger mandate – Time argues “free elections only tell who got the most votes” and does not necessarily represent “those who did not vote for the winner”.

It may be recalled here that during his more than six years’ rule so far, PM Modi has stressed on taking all along the path of development with the motto: “Sabka saath, sabka vikas, sabka vishwas,” meaning “together, for everyone’s growth, with everyone’s trust”.

In May last year as well, Time had in an article called PM Modi “India’s Divider in Chief”. However, just weeks later, the magazine published an article titled ‘Modi Has United India Like No Prime Minister in Decades’.

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