A month before fugitive diamond jeweler Nirav Modi fled India in January 2018, his sister Purvi Modi set up a business in the British Virgin Islands to act as the corporate protector of a trust set up by the intermediary of the Trident Trust Company, Singapore.
Files reviewed by Indian express show that the company, Brookton Management Ltd, was formed in December 2017 to act as corporate protector of The Deposit Trust.
Purvi, in the BVI corporate incorporation form, said the source of the funds to be pumped into Brookton was her salary and personal income as the creative director of Firestar, the company accused of defrauding the Punjab National Bank ( PNB) through fraudulent letters. company (LOU).
These documents from the new cabinet and the trust set up by Purvi are part of the Pandora Papers.
Significantly, Purvi, previously cited as an accused in the $ 2 billion (Rs 13,600 crore) money laundering case filed by the Directorate of Execution (ED) against Nirav Modi and his uncle Mehul Choksi , has now become an approver and will likely escape prosecution as a court pardoned her on condition of full and true disclosure.
Purvi, a Belgian national, also has a Red Notice from Interpol against her.
Manavendra Mishra, attorney for Purvi Modi, in an email response to The Indian Express, said: “We are the acting attorneys for Ms. Purvi Modi in India. We deny all of the allegations below raised in your email. We are unable to respond or comment at this point as the case is pending before the PMLA Special Court.
The records also show that Purvi and his brother Neeshal Modi are the beneficial owners of three BVI companies: Integrated Investing Ltd; Xclusive Consultant Ltd; and Panera Assets Inc which, according to the ED, were used to launder money by Nirav Modi.
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According to Trident Trust company records, Integrated Investing established a branch in Dubai in October 2012 called Diagems FZC. Likewise, Xclusive Consultants Ltd established Universal Fine Jewelery FZE in January 2012. ED alleged that Diagems and Universal Fine are “shell companies” used by Nirav Modi to embezzle $ 265 million (Rs 1,811 cr) into its sister Purvi Modi.
Records show that Purvi Modi was also the settlor and beneficial owner of Monte Cristo Trust, managed by Trident Trust Singapore.
The trust, according to the documents, established a BVI company, Belvedere Holdings Group Ltd, in 2013. The DE alleged that in 2017 a property in London was purchased in the name of Belvedere Holdings Group Limited for $ 6.25 million. euros. This property, which is owned by Purvi, was seized by ED as part of the proceeds of crime allegedly generated by Nirav Modi during the commission of the bank fraud.
Nirav Modi left India in the first week of January 2018 before the PNB scam was made public. In March 2019, Modi was arrested in the UK and is currently being held at Wandsworth Prison in London.
Last month, Nirav Modi asked the UK High Court for an oral hearing with a new ‘leave to appeal’ request for a judge to determine whether he can proceed to a full appeal hearing against extradition ordered by a lower court.
In April, the British government approved Modi’s extradition to India. Earlier, on February 25, a British court ordered Modi’s extradition. It found that the evidence against him was prima facie sufficient to order his extradition to India to face the charges against him.
On July 1, the ED said it had recovered Rs 17.25 crore from a Purvi account in the UK opened by Nirav Modi. This, the agency said, was done after Purvi leaked the information to the investigative agency.
So far, the ED has seized assets worth Rs 2,400 crore owned by Modi in India and overseas.