A Red Corner Notice (RCN) issued by the Interpol against diamantaire Nirav Modi’s brother Nehal Modi has been made public again. This is likely to expedite his arrest in the multi-thousand crore cheating case.
India Today TV has learnt that Nehal Modi, who is accused in Rs 13,000 crore fraud involving Punjab National Bank, had challenged the Interpol notice issued against him after which the Red Corner notice was removed from public view in October 2019.
According to sources, Nehal’s appeal was rejected by the Interpol and notice against him is now again available for public view on the website.
Nehal Modi is a Belgium national and believed to be staying there.
The red notice against Nehal Modi was issued in September 2019 based on the evidence provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED).
Nehal allegedly destroyed crucial evidence in the PNB scam case on behest of his brother Nirav Modi, according to the investigating agencies.
Before Nehal Modi, separate RCNs were issued against Nirav Modi, brother Nishal Modi and sister Purvi Modi.
The entire Modi family, who were celebrated diamond trader across the globe, are now being hunted and can arrested by the Interpol.
Nirav Modi was arrested in March 2019 by the London police on the basis of RCN issued against him. Nirav Modi is in jail since then and extradition proceedings are being conducted at the Westminster Magistrates Court in London.
Money laundering
Nehal Modi, the younger brother of fugitive Nirav Modi is allegedly involved in laundering of over $100 million for his brother.
Sources within the federal probe agency claim that Nehal Modi was looking after the affairs of Twin Fields Investments Limited and Bailey Bank and Biddle for the diamantaire.
According to the ED, both the companies — Fields Investments Limited and Bailey Bank and Biddle being handled by Nehal Modi — had received around $50 million from Nirav Modi’s dummy companies which in turn received this fund from the fraud committed on PNB.
The ED has alleged, “For Nirav Modi, Nehal became the protector and investment advisor of the Ithaca Trust. The trust got the tainted funds to the tune of $30 million after extensive layering, and two immovable properties have been purchased in the USA from these tainted funds.”
Sources say that after the case broke, Nehal Modi dealt with proceeds of the crime and took away diamonds worth $6 million and 150 boxes of pearls from Hong Kong, cash of AED 3.5 million and 50 Kg gold (along with Mihir Bhansali, another co-conspirator) from Dubai.
Nehal Modi was also involved in destroying the digital evidence (mobile phones and the server) pertaining to the case in Dubai. He is one of the accused in the case against whom chargesheet has been filed before a special PMLA court in Mumbai.
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