NEW DELHI: Nirav Modi, going through a probe within the Rs 11,000 crore Punjab National Bank (PNB) fraud case, is "indirectly" difficult the cash laundering case lodged in connection with the rip-off, the Enforcement Directorate (ED) informed the Delhi High Court today.
The submission that Nirav Modi used to be "indirectly" difficult the case via his company Firestar Diamonds, used to be made by means of the ED prior to a bench of Justices S Muralidhar and I S Mehta.
Additional Solicitor General Sandeep Sethi, representing the ED, mentioned Nirav Modi, who has been absconding, used to be looking to abuse the method of legislation by means of shifting the plea via his company. Firestar Diamond International Private Ltd, which is known as as one of the vital accused within the money laundering case, has sought an interim stay of the ED court cases within the subject.
The ED, in its affidavit filed via central govt standing recommend Amit Mahajan, has contended that the application for interim orders used to be "not maintainable" because it used to be "premature" and "misconceived".
It has also mentioned that "grave miscarriage of justice" will be caused to its probe, which is at a nascent level, if the company's plea for stay of further court cases is granted. "The entire purpose of the application is apparently to hinder the investigation," the ED mentioned.
"Nirav Modi is the director of the petitioner company since incorporation and is signatory to the memorandum and articles of the petitioner. He has no longer joined investigation pursuant to summons issued by means of the ED or even by means of the CBI. His conversation has expressed that he does no longer intend to enroll in investigation.
"He is a fugitive and absconder. Such a person who's evading the legislation and has declined to submit to the jurisdiction of the companies is disentitled to invoke the abnormal jurisdiction beneath Article 226 of the Constitution. On this floor by myself, the petition merits to be pushed aside," the ED affidavit mentioned.
The company's plea used to be misconceived and premature, the ED mentioned, adding it used to be right now on the level of seek and seizure in addition to retention of data and used to be no longer taking ownership of hooked up or frozen homes as apprehended by means of Firestar.
The ED in its affidavit has also claimed that in line with information received and its initial investigation, it has causes to imagine that the Firestar group, beneath the regulate and chairmanship of Nirav Modi, "had dedicated acts which constitute the offence of money laundering and/ or used to be in ownership of such proceeds of crime".
Billionaire Nirav Modi, his uncle Mehul Choksi and others are being investigated by means of multiple probe companies after the rip-off not too long ago came to mild following a grievance by means of the PNB that they had allegedly cheated the nationalised bank to the song of Rs 11,400 crore, with the purported involvement of a couple of staff of the bank.
The ED has registered the cash laundering case towards Nirav Modi, his companies and others on the foundation of a CBI FIR.
Over Rs 11,384 crore worth of Letters of Understanding and Letters of Credit were issued by means of the bank in favour of jewellers Nirav Modi and Choksi via SWIFT messages with handiest smaller sums being entered within the core banking answers system, the companies allege.
The CBI and the ED have registered FIRs to probe the case and intensified the crackdown on Nirav Modi and Choksi with the ED seizing jewelry and belongings worth 1000's of crores of rupees, the I-T department attaching various homes, and the CBI grilling a number of senior executives of his company.
"Quash the ED motion of doing away with the movable property and depositing the same with the PNB bank," the company has mentioned in its plea and added that the agency be directed to provide replica of the Enforcement Case Information Report (ECIR) registered by means of it, pursuant to which the search and seizure used to be conducted by means of the ED in its premises.
It has also sought framing of pointers for conducting seek and seizure by means of the ED, including on the side of whether the victim can also be authorised to be a part of the method as a way to make certain fair and clear functioning of the agency.
The submission that Nirav Modi used to be "indirectly" difficult the case via his company Firestar Diamonds, used to be made by means of the ED prior to a bench of Justices S Muralidhar and I S Mehta.
Additional Solicitor General Sandeep Sethi, representing the ED, mentioned Nirav Modi, who has been absconding, used to be looking to abuse the method of legislation by means of shifting the plea via his company. Firestar Diamond International Private Ltd, which is known as as one of the vital accused within the money laundering case, has sought an interim stay of the ED court cases within the subject.
The ED, in its affidavit filed via central govt standing recommend Amit Mahajan, has contended that the application for interim orders used to be "not maintainable" because it used to be "premature" and "misconceived".
It has also mentioned that "grave miscarriage of justice" will be caused to its probe, which is at a nascent level, if the company's plea for stay of further court cases is granted. "The entire purpose of the application is apparently to hinder the investigation," the ED mentioned.
"Nirav Modi is the director of the petitioner company since incorporation and is signatory to the memorandum and articles of the petitioner. He has no longer joined investigation pursuant to summons issued by means of the ED or even by means of the CBI. His conversation has expressed that he does no longer intend to enroll in investigation.
"He is a fugitive and absconder. Such a person who's evading the legislation and has declined to submit to the jurisdiction of the companies is disentitled to invoke the abnormal jurisdiction beneath Article 226 of the Constitution. On this floor by myself, the petition merits to be pushed aside," the ED affidavit mentioned.
The company's plea used to be misconceived and premature, the ED mentioned, adding it used to be right now on the level of seek and seizure in addition to retention of data and used to be no longer taking ownership of hooked up or frozen homes as apprehended by means of Firestar.
The ED in its affidavit has also claimed that in line with information received and its initial investigation, it has causes to imagine that the Firestar group, beneath the regulate and chairmanship of Nirav Modi, "had dedicated acts which constitute the offence of money laundering and/ or used to be in ownership of such proceeds of crime".
Billionaire Nirav Modi, his uncle Mehul Choksi and others are being investigated by means of multiple probe companies after the rip-off not too long ago came to mild following a grievance by means of the PNB that they had allegedly cheated the nationalised bank to the song of Rs 11,400 crore, with the purported involvement of a couple of staff of the bank.
The ED has registered the cash laundering case towards Nirav Modi, his companies and others on the foundation of a CBI FIR.
Over Rs 11,384 crore worth of Letters of Understanding and Letters of Credit were issued by means of the bank in favour of jewellers Nirav Modi and Choksi via SWIFT messages with handiest smaller sums being entered within the core banking answers system, the companies allege.
The CBI and the ED have registered FIRs to probe the case and intensified the crackdown on Nirav Modi and Choksi with the ED seizing jewelry and belongings worth 1000's of crores of rupees, the I-T department attaching various homes, and the CBI grilling a number of senior executives of his company.
"Quash the ED motion of doing away with the movable property and depositing the same with the PNB bank," the company has mentioned in its plea and added that the agency be directed to provide replica of the Enforcement Case Information Report (ECIR) registered by means of it, pursuant to which the search and seizure used to be conducted by means of the ED in its premises.
It has also sought framing of pointers for conducting seek and seizure by means of the ED, including on the side of whether the victim can also be authorised to be a part of the method as a way to make certain fair and clear functioning of the agency.
Nirav Modi indirectly challenging PMLA case through his firm: ED to HC
![Nirav Modi indirectly challenging PMLA case through his firm: ED to HC]()
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March 19, 2018
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