ED to seek details of overseas assets of Nirav Modi, Choksi

Widening its probe into the PNB fraud case, the Enforcement Directorate (ED) will soon send judicial requests to over a dozen countries for obtaining information about the overseas businesses and assets of diamantaire Nirav Modi and owner of Gitanjali Gems Mehul Choksi.

Official sources said the agency will approach a competent court in Mumbai with a request to obtain Letters Rogatories (LRs) to be sent to about 15-17 countries where the central investigation agency has traced the footsteps of the diamond and gold jewellery businesses of the firms owned by Modi, his uncle Choksi and others associated with them. The countries where the LRs would be sent include Belgium, Hong Kong, Switzerland, the United States, the United Kingdom, Dubai, Singapore and South Africa.

Some official requests on the basis of agency-to-agency exchange will also be sent to few countries, the people aware of the matter said.

The attempt of sending these judicial requests for exchange of information is aimed at obtaining the details of the overseas financial holdings of Modi and Choksi, who are accused in the ₹11,400 crore PNB loan fraud case, their bank accounts, assets, partnerships, showrooms, trusts and other assets, they said.

These assets and their sources of income will be investigated and if necessary would be attached under the criminal sections of the Prevention of Money Laundering Act (PMLA) if it is found that they have been created using tainted funds, the sources said.