Another blow to the Diamond Don as the New York Court says PNB has claims on Nirav Modi’s US assets!

Here comes a major shocker for the Diamond King and fraudster Nirav Modi and his team regarding the Punjab National Bank scam!! Great job by ministry of corporate affairs. Absconders will not have easy time as in upa time.

In a major development for the ministry of corporate affairs (MCA) regarding the PNB fraud, the United States Bankruptcy court has ordered the issue of summons for Nirav Modi, Mihir Bhansali, Rakhi Bhansali , Ajay Gandhi and Kunal Patel.

The US court also recognized the claim of PNB on proceeds of any asset sold by US debtors of the Nirav Modi entities. Mihir Bhansali was a senior official at Firestar International and Rakhi Bhansali is the spouse of Mihir.

This is the first time that the MCA has intervened in any such foreign case pertaining to an Indian company. Speaking to ANI, “a PNB official confirmed that this order was a big victory for them”.

On July 26, a Special Prevention of Money Laundering Act (PMLA) court in Mumbai had issued summons against Modi and his uncle Choksi in connection with the PNB fraud case and had asked them to appear before it in September or be declared as Fugitive Economic Offenders.

Also, the Enforcement Directorate (ED), in a charge sheet filed on June 28, the details of which recently surfaced, labelled chairman of Gitanjali Group, Mehul Choksi as the “mastermind” behind the PNB fraud case, calling it a “huge economic scam brewing since 2015.”

“The Bankruptcy court also has signed a stipulation recognizing PNB’s agreement with the Chapter 11 Trustee that proceeds of any asset sales by the US debtors will be subject to PNB’s claims of constructive trust regarding the Modi entities,” the court said in its order.

A source at the MCA told Money control that, “This stipulation is important because it means that trustee has recognised that PNB will have claims to assert and is acknowledging that these claims need to be addressed and sorted out before estate sale proceeds and distributed” .

“This is the first time the ministry is intervening in foreign proceedings and we have got a major breakthrough. We have also ordered a Serious Fraud Investigation Office probe in the matter and investigations will be completed soon. The ministry of corporate affairs is also investigating 114 other entities of Modi and Mehul Choksi. The US court also feels this is a fraud involving hundreds of crores and PNB has a claim on foreign assets of Nirav Modi,” it added.

This could only be possible by PM Narendra Modi Government to bring these scamsters back!! We Indians are in a hope of the NDA Government and are sure that thier promises will be kept. We wish the previous UPA Government had taken Bank Scam seriously, this would not be the situation today.


Times of India