NEW DELHI: The government has launched a multi-agency probe in the Rs 11,400-crore bank fraud case involving jewellery designer Nirav Modi. Apart from the Central Bureau of Investigation (CBI) and the Enforcement directorate (ED), Serious Fraud Investigation (SFIO), Directorate of Revenue Intelligence (DRI), Financial Intelligence Unit (FIU) are among the central investigating agencies that are probing various aspects of the high-profile case.
The SFIO was directed to probe the role of shell companies. “The SFIO will probe whether Nirav Modi routed money through shell companies or not,” a top official told New Indian Express.
Investigators suspect that Modi carried out deals through more than five shell companies.
On the other side, the DRI and the ED will examine over- invoicing, if any, done by the entities under suspicion. The Income Tax department will probe tax evasion and usage of black money.
I-T officials have provisionally attached 29 properties and 105 bank account of the Nirav Modi group of companies across India. “All agencies have been asked to give daily status report in the case,” a government official said.
Meanwhile, the ED on Friday said it had further searched 35 locations across India and seized diamonds, gold and jewellery worth Rs 549 crore. With today’s action, the total value of diamonds, gold and jewellery seized has gone up to Rs 5,649 crore.
The ED has summoned Modi and his business partner Mehul Choksi under the Prevention of Money Laundering Act (PMLA) and asked them to depose before the investigating officer on February 23.