Bigger India
PNB Fraud Case: Nirav Modi Routed Scam Cash to US Firm
Nirav Modi has been accused of diverting over Rs 4,000 crore of the Rs 6,519 crore outstanding fraudulent LoUs issued by PNB to his firms.
An examiner appointed by a bankruptcy court in the United States has found that fugitive diamond jeweller Nirav Modi’s firm A Jaffe Inc, along with a “shadow entity” controlled by his sister Purvi Modi Mehta and a British Virgin Islands firm linked to his father Deepak Modi, allegedly routed at least Rs 576 crore obtained fraudulently through Letters of Undertaking (LoUs) in India to Delaware firm Twin Fields Investments Ltd, via layers of shell companies.