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New Delhi:
The central authorities on Tuesday mentioned that Punjab National Bank (PNB) has knowledgeable the Ministry of Corporate Affairs (MCA) that it has acquired USD 3.25 million (the equal of Rs. 24.33 crores) as the primary tranche of recoveries in fugitive Nirav Modi case from the USA.
“Upon liquidation of the debtors” assets by the US Chapter 11 Trustee, a sum of $ 11.04 million (equivalent of Rs. 82.66 crore) is available for distribution to unsecured creditors including PNB. Further recovery therefrom is subject to other expenses and settlement of claims of other claimants,” MCA mentioned in a launch.
The Ministry additionally has initiated proceedings for disgorgement of monies from the perpetrators– the entities promoted and/or managed by Nirav Modi/Mehul Choksi.
“Punjab National Bank Limited in 2018 informed the MCA that three companies promoted by Nirav Modi, namely Firestar Diamond, A. Jaffee and Fantasy (all Inc) had filed for Chapter 11 Bankruptcy Protection in the Southern District of New York, United States of America,” MCA mentioned.
PNB requested the MCA to help and be a part of the chapter proceedings in New York, USA with a purpose to assist PNB understand its claims within the debtors” belongings.
The US Bankruptcy Court of Southern District of New York, by its order dated July 26, 2018 acknowledged the claims of PNB within the proceeds of sale of belongings of the properties of the debtor firms. It additionally approved PNB to subject subpoenas to compel the examination of Nirav Modi, Mihir Bhansali and Rakhi Bhansali beneath oath.
Subsequently, on August 24, 2018, the Examiner appointed by the New York Bankruptcy Court submitted his report. The Report explains the modus operandi of the fraud and the way through which the US-based workers of the debtors participated within the fraud.
“One prominent feature of the fraud was the apparent facade of independent companies, which were, in reality, entities promoted and/or controlled by Nirav Modi, that engaged in ”round-tripping” of the diamonds amongst themselves,” it mentioned.
Interpol has issued a purple nook discover in opposition to fugitive Nirav Modi’s spouse, Ami Modi, in reference to the practically USD 2 billion Punjab National Bank (PNB) fraud and cash laundering case.
Earlier in July, the ED had connected properties of diamantaire Nirav Modi value Rs 329.66 crores beneath the Fugitive Economic Offenders Act, 2018 (FEOA).
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