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PNB: 'Nirav Modi indirectly blocking fraud case through firm', says ED


The Enforcement Directorate has accused Nirav Modi of an indirect challenge in the money laundering case filed against him. Modi an accused in the Rs 12,000 crore PNB fraud case is using his company, Firestar Diamonds, to "abuse the process of law" and indirectly challenge the case by moving the plea through his firm, the ED told the Delhi High Court.

Nirav Modi

Firestar Diamond International Pvt Ltd, one of the accused in the alleged fraud, has sought an interim stay of the proceedings moved by the ED.

The ED said in its affidavit that Modi's request was "not maintainable" as it was "premature" and "misconceived".

The ED said "grave miscarriage of justice" will be caused to its probe if Firestar Diamond's plea for the stay of further proceedings is granted. "The entire purpose of the application is apparently to hinder the investigation," the ED further said.

"Nirav Modi is the director of the petitioner company since incorporation and is signatory to the memorandum and articles of the petitioner. He has not joined investigation pursuant to summons issued by the ED or even by the CBI. His communication has expressed that he does not intend to join investigation," the ED said.

"He is a fugitive and absconder... On this ground alone, the petition deserves to be dismissed," the ED affidavit said.

The ED has filed the money laundering case against Mr Modi, his firms and others on the basis of a First Information Report filed by the Central Bureau of Investigation (CBI).

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