Little India: Overseas Indian, NRI, Asian Indian, Indian American

PNB Fraud Case: Nirav Modi Routed Scam Cash to US Firm

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.