Nirav Modi allegedly moved around Rs 89 crore from Singapore to Switzerland shortly after a case was registered against him in the Punjab National Bank fraud, officials familiar with the case told The Indian Express.
He also moved diamonds worth about Rs 66 crore, cash of Rs 6.5 crore, 150 boxes of pearls and 50 kilograms of gold from his firms in Dubai and Hong Kong while he was being questioned by agencies in India, sources told The Indian Express.
He had also transferred money in two portions from the Singapore bank account of Belvedere Holdings Group Ltd, a firm he controls, through his sister Purvi Modi to EFG Bank AG, Zurich. This was allegedly done to avoid attachment of assets by agencies who were probing the case, a source said, according to the report.
The report also said that probe agencies had found that Subhash Parab, who the Interpol had issued a red notice against in July 2018 and is crucial to the probe, is currently in Egypt.
46-year-old Parab, an employee of Modi’s Firestar International Pvt Ltd (FIPL) was in-charge of monitoring incoming and outgoing transactions of six Hong Kong companies that received money in the PNB scam.
Parab was among the directors of 12 firms who had been shifted to Cairo against their will by Modi and his associates. While some of them have returned, Parab is yet to return.
According to the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), Modi has business or residency visas of over seven countries.
A UK court is supposed to hear Modi’s extradition case on 26 April. Modi is currently lodged in a UK prison, having been denied bail twice.
(With inputs from The Indian Express.)
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