With the Pandora Papers grabbing headlines, information revealed by the International Consortium of Investigative Journalists (ICIJ) named prominent Indians among the elite list of 'tax evaders' as well.
Fugitive Indian businessman Nirav Modi too features in the leaks, his sister's financial activities in 2018 show, an Indian Express report shows.
Modi's sister, Purvi, aided his escape from India anticipating the PNB scam blowing up and had made arrangements for when the time came.
A month before Nirav's escape from the country in January 2018, Purvi had organised for a firm, Brookton Management Ltd, to be the corporate protector of a trust called The Deposit Trust formed through the Trident Trust Company, Singapore.
Purvi and Neeshal Modi, Nirav's brother, are beneficial owners of three BVI firms: Integrated Investing Ltd, Xclusive Consultant Ltd, and Panera Assets Inc, records accessed by The Indian Express report showed. The three firms were used by Nirav for money laundering, the Enforcement Directorate (ED) had said.
Integrated Investing opened a Dubai-branch called Diagems FZC in 2012 and Xclusive Consultants, in the same year, set up Universal Fine Jewellery FZE, as per records of the Trident Trust company records. Both Diagems FZC and Universal Fine Jewellery FZE were dummy companies using which Nirav diverted funds to his sister.
Aditionally, Purvi was settlor and beneficial owner of Monte Cristo Trust that was managed by Trident Trust Singapore.
In 2013, a BVI firm by the name of Belvedere Holdings Group Ltd was set up, and in 2017 the ED had said a property under the name of the firm was bought in London for 6.25 million euros. The ED said that this property, owned by Purvi, was used by Nirav Modi to embezzle money during the Punjab National Bank fraud.
Before news of the scam was out in they public eye, Nirav escaped to the UK in Januray 2018, but was arrested in March 2019. At present, he is being kept at London's Wandsworth prison.
In July this year, Purvi disclosed information to the ED about Nirav opening a bank account for her. The ED said it had recovered Rs 17.25 crore from that account. The agency has seized assests worth Rs 2,400 crore of Nirav until now. Purvi is likely to escape prosecution since she was pardoned on account of full and true disclosure.
Check out the latest DH videos: