Mumbai: The special CBI court has granted pardon to Maiank Mehta, the brother-in-law of fugitive businessman Nirav Modi, allowing his plea to be an approver in connection with the Punjab National Bank (PNB) fraud case lodged by the CBI against Modi.
Special judge AV Gujarathi, earlier this week, allowed Mehta’s application to turn approver after his confession statement was recorded by the CBI. Mehta was cited as an accused in the case registered by the agency for cheating PNB by fraudulently obtaining letters of undertaking (LOUs) worth Rs 23,780 crore. The court said that the pardon can be granted only after Mehta gives a statement and makes a full and true disclosure of the facts as an approver. The CBI’s case against Modi is a predicate offence.
Following this, the Enforcement Directorate (ED) launched a probe, in which Mehta was declared an approver by the special Prevention of Money Laundering Act (PMLA) court way back in 2021. The CBI, though, made Mehta an accused in the case earlier this month, later agreeing to accept him as an approver. As per the CBI case, the funds obtained through LOUs were transferred to Pacific Diamond FZE, Modi’s shell company in UAE, and subsequently transferred to Mehta through a web of transaction.
The probe revealed that around $30 million were transferred to Mehta’s account from Pacific Diamond FZE. From November 13-26, 2013, Mehta transferred the funds in 10 instalments to Modi’s sister Purvi Mehta’s account. Purvi showed it as gifts given to her by her husband. The CBI claimed that on November 15, 2013, Purvi created four deposits with Syndicate bank for three years, with Mehta appointed as nominee. Later, the CBI alleged that Purvi availed a term loan of $19 million from the Syndicate Bank, London, mortgaging all the FCNR deposits.
On November 22, 2013, she allegedly got the loan transferred to her account maintained with Ratnakar Bank. For the remaining $10 million, she allegedly opened a fixed deposit account with Ratnakar Bank. Against this, she allegedly obtained a packing credit foreign currency facility of $28.50 million through her firm, Radhashree Jewellers Company.
The CBI alleged that out of the funds transferred from the LOUs, $30 million were used by both brother and sister (Nirav Modi and Purvi) through a credit facility taken by Radhashree Jewellers with the assistance of Mehta.
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