The Indian Wire » Business » Shell companies of Nirav Modi to be probed by SFIO

Shell companies of Nirav Modi to be probed by SFIO

Following the ED and CBI, notices have now been sent by the Serious Fraud Investigation Office to the companies of Nirav Modi and Mehul Choksi asking them to produce all the relevant papers and books which are related to the 117 entities directly or indirectly controlled by the escaped businessmen. According to sources, all these 117 entities are ‘shell’ companies with no authentic business. An officer stated that these entities were companies and trusts which were used by Choksi and Modi to divert the money that was taken from the banks. Notices had been sent by SFIO to Firestar Diamond International Ltd and Adeshwar Dia Jewels Private Ltd asking them to disclose all the information about the executives, employees and, agents including the serving as well as former employees of both the firms and produce the papers of the company.

A huge number of shell companies which are suspected are said to be based in the US, Belgium, Singapore, Macau, South Africa, Armenia, France, and the United Kingdom. Taking the help of Indian missionaries abroad, the investigation agencies are trying to find out the details of the companies, their properties including the bank accounts, cars, and houses owned by Nirav Modi, his wife Ami Nirav Modi, his uncle Mehul Choksi, and his brother Neeshal Modi.  It has been learned that the enforcement directorate has already approached 13 countries including Belgium, UAE, United States and others who are seeking details about the companies to find out about the exact amount of money that has been washed away by Modi and Choksi over the years. CBI and ED both are confident that they will file their charge sheets against Mehul Choksi and Nirav Modi and PNB officials in the next few weeks. An extradition process will be initiated later on in the country which is hiding the businessmen using the charge sheets.

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