From Mumbai To New York Via Emirates: New Link In Nirav Modi Money Trail
New Delhi : An NDTV investigation has found links between money from Indian banks allegedly embezzled by jeweller Nirav Modi, and his US-based companies.
These links may shed light on the mystery of the final destination of Rs 12,000 crore (approximately $2 billion), the amount that Indian investigative agencies claim was defrauded by Mr Modi and his uncle, Mehul Choksi, also in the jewellery business.
In its formal charges, the CBI claims that loans Mr Modi took from Punjab National Bank to pay off his overseas suppliers may have been diverted elsewhere.
Two such suppliers named in the FIR by the Central Bureau of Investigation as recipients of ’embezzled’ bank funds are Tri Color Gems FZE and Pacific Diamonds FZE, based in the UAE.
NDTV tried to trace these firms, without much success. Neither of these firms had a website, nor were they responsive on the phone.
And yet, both firms are shown as creditors of A. Jaffe, one of three US-based firms controlled by Nirav Modi that filed for bankruptcy last week in a New York court.
According to court filings accessed by NDTV, A. Jaffe (a legacy New York-based jewellery firm purchased by Mr Modi) owes six million dollars to Tri Color Gems and Pacific Diamonds.
Source: NDTV
