fugitive diamond jeweler a month ago Nirav Modi Having fled India in January 2018, his sister Purvi Modi set up a firm in the British Virgin Islands to act as the corporate protector of a trust formed through Trident Trust Company, Singapore.
records checked by Indian Express Show that the firm, Brookton Management Limited, was established in December 2017 to act as the corporate custodian of the Deposit Trust.
Eastern, in the incorporation form of BVI Companies, declared that the source of the money to be invested in Brookton was salary and his personal earnings, as creative director of Firestar, the firm that was accused of fraudulent letters to Punjab National Bank (PNB). is accused of cheating through the medium. of undertaking (LoU).
These documents of the new firm and are part of the trust established by Eastern Pandora Letter.
It is worth noting that Purvi, who was earlier named as an accused in the $2 billion (Rs 13,600 crore) money laundering case registered by the Enforcement Directorate (ED) against Nirav Modi and his uncle Mehul Choksi, has now become a government witness. and is likely to escape prosecution. The court has waived him on the condition of making full and correct disclosure.
The Trident Trust document shows the ownership details and the Cypriot nationality of Adani.
There is also an Interpol red notice against the Belgian citizen East.
Purvi Modi’s lawyer Manvendra Mishra, in response to an email to The Indian Express, said, “We are the lawyers working for Ms Purvi Modi in India. We deny all allegations in your email below. We are not in a position to react or comment at this stage as the matter is sub-judice before the special PMLA court.”
Records also show that Purvi and his brother Neeshal Modi are beneficial owners of three BVI firms: Integrated Investing Ltd.; Exclusive Consultant Ltd.; and Panera Assets Inc, which according to the ED, was used by Nirav Modi to launder money.
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According to Trident Trust Company records, Integrated Investments established a branch in Dubai named Diagems FZC in October 2012. Similarly, Exclusive Consultants Limited established Universal Fine Jewelery FZE in January 2012. The ED has alleged that both Diagems and Universal Fine are “dummy companies” which were used by Nirav Modi to pay $265 million (Rs 1,811 crore) to his sister Purvi Modi.
Records show that Purvi Modi was also the settlor and beneficial owner of the Monte Cristo Trust, which is managed by Trident Trust Singapore.
The trust, documents show, established a BVI firm, Belvedere Holdings Group Ltd., in 2013. The ED has alleged that in 2017, a property in London was purchased in the name of Belvedere Holdings Group Ltd for €6.25 million. This property, which belongs to Purvi, has been attached by the ED as a part of proceeds of crime allegedly generated by Nirav Modi while committing bank fraud.
Nirav Modi left India in the first week of January 2018 before the PNB scam became public. In March 2019, Modi was arrested in the United Kingdom and is currently lodged in London’s Wandsworth Prison.
Last month, Nirav Modi moved the UK High Court for an oral hearing with a fresh “permission to appeal” application for a judge, to determine whether it would stand against a lower court-ordered extradition in full. The appeal may proceed for hearing.
In April, the UK government approved the extradition of Modi to India. Earlier on February 25, a UK court had ordered the extradition of Modi. It held that the evidence against him was prima facie sufficient to order his extradition to India to face charges.
The ED had said on July 1 that it had recovered Rs 17.25 crore from Purvi’s account in the UK, which was opened by Nirav Modi. This was done after Purvi disclosed the information to the investigating agency, the agency said.
The ED has so far attached Modi’s assets worth Rs 2,400 crore in India and abroad.
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