Pandora Papers: Nirav Modi's sister offers Swiss fund to Govttext_fields
Mumbai: The Deposit Trust in which Purvi Modi, sister of fugitive diamond jeweller Nirav Modi, is a settlor, has offered to remit about Rs 275 crore lying in its Swiss bank account to the Indian Government, The Indian Express (TIE) reported. Earlier, TIE had revealed the details of the Deposit Trust Fund through its Pandora Papers investigation.
TIE reports that according to sources, the Government has considered Purvi Modi's offer furnished as part of her full disclosure as a condition for her pardon. The Government is in talks with Swiss authorities for the repatriation of funds.
On October 4, TIE had reported that Purvi Modi set up Brookton Management Ltd in the British Virgin Islands (BVI), a month ahead of Nirav Modi's flee in January 2018. The company was set up to act as a corporate protector of The Deposit Trust formed through the Trident Trust Company, Singapore. Purvi had declared in the incorporation form for BVI companies that the source funds to be infused into Brookton were her salary and personal earnings as the creative director of Firestar, the firm accused of defrauding Punjab National Bank (PNB).
Meanwhile, Purvi's lawyer Mishra had denied the allegations against her and said that the money laundering case is sub-judice.
It was on January 4, on applications made by Purvi Modi and her husband Maiank Mehta, a special Prevention of Money Laundering Act court allowed grant of tender of pardon under Sections 306 and 307 Cr.P.C., on condition of making full and proper disclosure. It also allowed the couple to be marked as an approver in the case. Earlier, they were named as accused in the ED's case against Nirav Modi. Following that, ED recovered Rs 17.25 crore from Purvi's account in the UK, opened by Nirav Modi, after she disclosed the information to the agency.
Nirav Modi and Mehul Choksi are accused of routing transactions worth around Rs13,600 crore through fraudulent LoUs of PNB. Modi was arrested in London and is currently lodged at Wandsworth prison there. UK court ordered Modi's extradition as evidence against him was prima facie sufficient, and the UK Government approved the same.
But in August, the UK high court allowed Modi to appeal against extradition on the grounds of mental health. So far, the ED has seized Modi's assets worth Rs 2400 crore in India and abroad.