Mumbai: Maiank Mehta, brother-in-law of businessman Nirav Modi, is set to give confession against Modi before the special CBI court in connection with the cheating case lodged against the fugitive. He is accused of cheating Punjab National Bank by allegedly obtaining LOUs fraudulently worth Rs 23,780 crore.
CBI Court Allows Confession Recording
The special CBI judge Ajay Vitthal Gujarathi had on Thursday allowed the plea of CBI, seeking to record Mehta’s confession statement. Mehta’s lawyer also endorsed the plea. The court has asked Mehta to remain present in the court on Monday for recording his confession statement.
Accused Turned Approver in Scam
Mehta has already been named an accused by the Enforcement Directorate (ED) and has also turned approver in the case. However, the CBI filed a supplementary chargesheet only last month against him; Purvi, Modi's sister and Mehta's wife; and Aditya Nanavati, head of Asia Pacific at Firestar Group, based in Hong Kong.
Funds Moved Through Offshore Shell Company
In its chargesheet, the CBI has pointed out the money trail wherein it alleged that the funds obtained through LOUs were transferred to Pacific Diamond FZE, Modi’ shell company based in UAE, and subsequently transferred to Mehta through a web of transaction.
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The probe revealed that around $30 million were transferred to Mehta’s account from Pacific Diamond FZE. Between November 13, 2013 to November 26, 2013 Mehta further transferred the funds in ten installments to Purvi’s account. Purvi showed it as gifts given to her by her husband.
