PNB scam: 3 Hong Kong companies under scanner, say sources
Reuters PNB
Indian agencies are trying to verify if the companies are genuine overseas exporters or part of the network of shell companies Nirav Modi used to carry out his scam
Indian agencies, the Zee Group has learnt, are scrutinising at least three companies and their directors in Hong Kong, to try and verify if the companies are genuine overseas importers or part of the network of shell companies that Nirav Modi used to carry out his scam.
Sources told the Zee Group that Nirav Modi's firms Solar Exports and Diamonds 4 US imported diamonds from a few Hong Kong-based companies. The firms received hundreds of crores of rupees on the basis of Letters of Understanding (LoU) issued by Punjab National Bank. The Hong Kong branches of Allahabad Bank and Axis Bank made the payments to the firms.
The three firms. the sources said, are Aura Gems, Sino Traders, and Sunshine Gems. All three of them are based out of Hong Kong.
Also read: PNB's 'overzealousness' shut door on ability to clear dues, Nirav Modi said in letter to bank
Also read: Full text of Nirav Modi's letter to PNB
Over the last one year, Nirav Modi had allegedly started transferring his money through multiple layers, while making transactions at inflated prices. Some of those transactions are thought to have been with fictitious companies which are now being scrutinised by the agencies.
The agencies are closely monitoring transactions between India and five countries —the US, UK, Singapore, Malaysia, and China.
The agencies suspect funds were routed to different cities worldwide.Thefunds were first transferred from India to Macau, Hong Kong, Beijing, Singapore, and Kuala Lumpur. They were then transferred to London. And from London, the funds were moved to Hawaii, Las Vegas, and New York before being moving to Modi's Swiss accounts.
Sometime in December 2017, somebody from PNB — other than the twomain accused — tipped Nirav Modi off about the meeting held by top PNB officials and that a complaint was to be filed with the CBI.
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