NEW DELHI: With agencies cracking down on perpetrators of financial institution frauds, the Enforcement Directorate persevered its search within the Nirav Modi financial institution scam case on Wednesday at 17 places around the country and seized more diamond and gold jewellery worth Rs 10 crore, whilst in another case the company provisionally hooked up property worth Rs 100 crore of REI Agro.
In a separate action, the source of revenue tax division on Wednesday hooked up more financial institution accounts of Nirav Modi and associated companies taking the entire financial institution accounts hooked up so far to 141 having a cumulative stability of Rs 145 crore. The I-T division has also hooked up four immovable houses of Rotomac crew in Kanpur and Ahmedabad.
The ED also scrutinised papers of one of the crucial shell firms associated with Modi and those of Mehul Choksi of Gitanjali Gems.
Choksi is a co-accused within the Punjab National Bank’s Rs 11,400 crore swindle along side Modi and was partner in three companies related to the case — Diamond R US, Solar Exports and Stellar Diamonds. The other accused within the case are Modi’s wife Ami and brother Nishal.
On Wednesday, ED teams raided four places at Opera House, Peddar Road, Goregaon (East) and Powai in Mumbai but even so searches in other cities. So a ways ED has seized diamonds and gold jewellery from Nirav Modi retail outlets worth over Rs five,700 crore.
The source of revenue tax division had performed searches on 13 firms of the Mehul Choksi’s Gitanjali crew on Tuesday at 20 places in five cities. The searches incorporated one of the crucial shell firms associated with Choksi.
Many of the shell firms searched had huge financial transactions with Choksi’s Gitanjali Gems Ltd and Gili India Ltd though they had insignificant companies. The I-T division has hooked up 29 high-value houses of Modi and eight of Choksi and hooked up their financial institution accounts too.
In another case, the ED on Wednesday provisionally hooked up property worth ?100 crore of REI Agro Ltd in reference to another financial institution fraud case worth about Rs 3,800. The 2nd case pertains to diversion of budget sanctioned through a consortium of banks through the accused to a lot of his shell firms. The case dates again to 2015 when the CBI had first registered an FIR towards REI Agro.
The ED probe printed that REI Agro Ltd and its directors, Sandip Jhunjhunwala and others, had diverted the budget sanctioned as working capital loan through 14 banks underneath consortium led through the UCO Bank. “The accused adopted different modus operandi, including trading in bogus bills and investing the money in shell firms,” a senior officer mentioned.
Jhunjhunwala is accused of arranging false acquire and sales invoices of rice and paddy via agents in Delhi for availing most working capital limits from the consortium of banks and later diverted the budget for capital expenditure.
In a separate action, the source of revenue tax division on Wednesday hooked up more financial institution accounts of Nirav Modi and associated companies taking the entire financial institution accounts hooked up so far to 141 having a cumulative stability of Rs 145 crore. The I-T division has also hooked up four immovable houses of Rotomac crew in Kanpur and Ahmedabad.
The ED also scrutinised papers of one of the crucial shell firms associated with Modi and those of Mehul Choksi of Gitanjali Gems.
Choksi is a co-accused within the Punjab National Bank’s Rs 11,400 crore swindle along side Modi and was partner in three companies related to the case — Diamond R US, Solar Exports and Stellar Diamonds. The other accused within the case are Modi’s wife Ami and brother Nishal.
On Wednesday, ED teams raided four places at Opera House, Peddar Road, Goregaon (East) and Powai in Mumbai but even so searches in other cities. So a ways ED has seized diamonds and gold jewellery from Nirav Modi retail outlets worth over Rs five,700 crore.
The source of revenue tax division had performed searches on 13 firms of the Mehul Choksi’s Gitanjali crew on Tuesday at 20 places in five cities. The searches incorporated one of the crucial shell firms associated with Choksi.
Many of the shell firms searched had huge financial transactions with Choksi’s Gitanjali Gems Ltd and Gili India Ltd though they had insignificant companies. The I-T division has hooked up 29 high-value houses of Modi and eight of Choksi and hooked up their financial institution accounts too.
In another case, the ED on Wednesday provisionally hooked up property worth ?100 crore of REI Agro Ltd in reference to another financial institution fraud case worth about Rs 3,800. The 2nd case pertains to diversion of budget sanctioned through a consortium of banks through the accused to a lot of his shell firms. The case dates again to 2015 when the CBI had first registered an FIR towards REI Agro.
The ED probe printed that REI Agro Ltd and its directors, Sandip Jhunjhunwala and others, had diverted the budget sanctioned as working capital loan through 14 banks underneath consortium led through the UCO Bank. “The accused adopted different modus operandi, including trading in bogus bills and investing the money in shell firms,” a senior officer mentioned.
Jhunjhunwala is accused of arranging false acquire and sales invoices of rice and paddy via agents in Delhi for availing most working capital limits from the consortium of banks and later diverted the budget for capital expenditure.
I-T takes number of Nirav Modi a/cs attached so far to 141
![I-T takes number of Nirav Modi a/cs attached so far to 141]()
Reviewed by Kailash
on
February 22, 2018
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