Purvi Modi indicted in PNB fraud case

The Central Bureau of Investigation (CBI) has filed its third charge sheet related to the Punjab National Bank (PNB) fraud. This charge sheet names Purvi Modi, the sister of fugitive diamond trader Nirav Modi, and Aditya Nanavati as accused in the case. Purvi Modi is alleged to have helped her brother launder ₹1201.18 crore (about 175.1 million USD). Both she and Nanavati are also named in a previous charge sheet filed by the Enforcement Directorate related to money laundering. The CBI court still needs to review this new charge sheet. Aditya Nanavati is said to have led operations for Firestar Diamonds in Hong Kong, which was connected to the fraudulent activities. According to the charges, Purvi Modi played an active role in generating proceeds from crime and money laundering. She is alleged to have been a director in companies based in Dubai and Hong Kong that received funds derived from dishonest Letters of Undertaking (LoUs) obtained by her brother. Nirav Modi is the main suspect in a much larger ₹13,850 crore fraud at PNB and has been declared a fugitive economic offender since December 2019. He and his uncle Mehul Choksi are accused of defrauding the bank using fraudulent LoUs to secure loans without proper collateral. The scam was uncovered in 2018 and involved collusion from some bank officials. The estimated loss to PNB stands at ₹6,498 crore. Since his arrest in the UK in 2019, Nirav Modi has been fighting extradition to India.