Tuesday, September 27, 2022

Interpol issues RCN against Nirav Modi’s brother

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New Delhi: The Interpol has issued a Red Corner Notice (RCN) against Nirav Modi’s brother, Nehal Modi, in connection with the $2 billion PNB scam case, sources said on Friday. According to RCN, Nehal was born in Belgium’s Antwerp and can speak English, Gujarati and Hindi.
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Nirav Modi’s brother charged with destruction of evidence

Sources said that the global arrest warrant has been issued against Nirav Modi’s brother on charges of alleged money laundering that is being probed by the Enforcement Directorate (ED). He has been named in the chargesheet filed by the ED in the case and has been charged with destruction of evidence.

The backdrop

Nirav and his uncle Mehul Choksi have been charged with duping Punjab National Bank (PNB) of nearly Rs 14,000 crores. The scam was uncovered last year. Nirav and his family absconded in early 2018, days before the news of the scam broke in India.

Currently, Nirav is in the United Kingdom and is seeking political asylum in Britain though the government has officially asked for his extradition. The Enforcement Directorate has begun attaching his assets and is seeking to immediate confiscation under the Fugitive Economic Offenders Ordinance.

Nirav is on the Interpol’s wanted list for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering since February 2018.

The bank initially said that two of its employees at the branch were involved in the scam, as the bank’s core banking system was bypassed when the corrupt employees issued Letters of Undertaking to overseas branches of other Indian banks, including Allahabad Bank, Axis Bank, and Union Bank of India, using the international financial communication system, SWIFT. The transactions were noticed by a new employee of the bank. The bank then complained to the CBI, who is currently investigating the scam apart from ED.

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