News By/Courtesy: Roshni Kapur | 27 Mar 2019 12:02pm IST

HIGHLIGHTS

  • The Enforcement Directorate in it’s investigation with the Central Bureau of Investigation of the Nirav Modi PNB Fraud case
  • This was added after a probe was ordered by the US Judiciary and it was found that Mihir Bansali purchased the apartment on March 12, 2017.
  • Further investigations will reveal if the apartment was funded from the fraudulent proceeds or not and if it will be a part of the auction to be held for this case.

The Enforcement Directorate in it’s investigation with the Central Bureau of Investigation of the Nirav Modi PNB Fraud case involving money laundering of  Rs 13,500 crores, has added a property at 50, Riverdale Boulevard, New York owned by Mihir Bansali, the CEO of Nirav Modi’s Firestar Group of Companies in the States. This was added after a probe was ordered by the US Judiciary and it was found that Mihir Bansali purchased the apartment on March 12, 2017. John J karney, an Examiner appointed by the US Bankruptcy Court of Southern District of New York stated that: “ The timing of the transfer of the apartment is suspect, and further information is needed to determine if the apartment was funded by fraudulent proceeds.

Two days after the investigation into the PNB Fraud began, that is February 28,2018, Mihir Bansali transferred the ownership interest of the apartment worth $7.1 million to his wife for $10. When asked questions regarding this transfer of ownership interest which arose suspicion, Mihir Bansali refused to answer the questions using the Fifth Amendment right against self incrimination.  Further investigations will reveal if the apartment was funded from the fraudulent proceeds or not and if it will be a part of the auction to be held for this case.

The Enforcement Department is trying to find properties as many as for the recovery of the said amount. It is expected to recover Rs 97 crore from the three day auction it is supposed to conduct starting from March 27, 2019 to sell some of his assets mostly involving his possessed paintings.

Section Editor: Shreyashi Tiwari | 27 Mar 2019 12:11pm IST


Tags : #Apartment #NiravModi #US #Aide #Scanner #ED #USA #CBI

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