Three American cos directly involved in Nirav Modi-led PNB fraud

Three American cos directly involved in Nirav Modi-led PNB fraud: US probe The findings of the examiner in the US court will likely bolster the Indian government’s case against the fugitive diamond merchant

Activists of the youth wing of India’s main opposition Congress party burn a cut-out with an image of billionaire jeweller Nirav Modi during a protest in Mumbai Componies News : Three bankrupt US companies with links to Indian billionaire Nirav Modi were “directly involved” in transactions related to the alleged multibillion-dollar international fraud for which Modi has been charged by Indian authorities, according to an investigation by the courtappointed examiner that was filed Saturday.

The examiner, John J. Carney, found “substantial evidence” that senior officers and directors at Firestar Diamond Inc., A. Jaffe Inc. and Fantasy Inc. had knowledge of and involvement in the criminal conduct alleged by Indian officials.

The “intensive” 120-day investigation found substantial evidence to support the conclusion by Indian officials that the companies and their top officials were involved in the activities, the report said.

The findings of the examiner in the US court will likely bolster the Indian government’s case against the fugitive diamond merchant. U.K. authorities have confirmed to India that Modi has been located in the UK and British officials have asked India for documents necessary to make a provisional arrest, India Today TV reported Aug. 23.

The US court examiner also determined it is “highly likely” that Firestar and A. Jaffe Chief Executive Officer Mihir Bhansali and Chief Financial Officer Ajay Gandhi were involved in assisting in the transactions necessary to the alleged fraud.

ALSO READ: Don’t scrap call data records of officer probing PNB scam: Bombay HC to CBI The trustee in the bankruptcy case, Richard Levin, in a statement Sunday praised the “hard work” of the examiner and said the report will be reviewed “in depth to determine what action is warranted.”

Emails to representatives of Firestar and A. Jaffe and a lawyer for Bhansali weren’t answered…Read More