Fugitive Nirav Modi, the mastermind of the PNB scam, also got a setback in the US court, the case is going on in many countries
Washington. India’s fugitive Nirav Modi has also suffered a major setback in America. The US court has refused to quash the cheating case against Nirav Modi and his two associates. A trustee of three companies has accused Nirav Modi and two of his associates of cheating.
US Court rejects Nirav Modi’s plea for dismissal of fraud allegations#Law #Latest #LatestLaws #LegalNews #India #IndianNews #News #Legal #USA #NiravModi https://t.co/9UTuTTsvcE
— LatestLaws.com (@latestlaws) October 19, 2021
What is the charge?
The American companies are Firestar Diamond, Fantasy Inc., and A. Jeff. These three companies are indirectly owned by Indian businessman Nirav Modi. Richard Levin, the appointed trustee of these companies, has alleged fraud. Levin has also sought a minimum compensation of $15 million for the “losses” caused to creditors to Modi and his associates Mihir Bhansali and Ajay Gandhi.
Modi got a shock from the court
Indian-American lawyer Ravi Batra said the court dismissed US trustee Richard Levine’s plea to dismiss the amended complaint. The accused in this case Nirav Modi, Mahir Bhansali, and Ajay Gandhi had requested the court to dismiss the petition. Batra said that Nirav Modi, by planning to defraud Punjab National Bank and others to the tune of $1 billion, reinvested profits in the form of additional sales to unfairly increase the share price of the company.
Batra told that Nirav Modi got involved in another fraud to get the money wrongly received from his companies through bank fraud and to hide the withdrawal of money for his personal gain and he showed it as such. It should be a normal business transaction.
Levine has made this recommendation
According to the court order, Levin’s petition has sought compensation for damages caused to the borrowers and their assets by Nirav Modi and his associates as a result of Nirav Modi’s six-year international fraud, money laundering, and embezzlement conspiracy.
Case going on in the UK too
Meanwhile, Nirav Modi, lodged in a UK jail, is challenging India’s efforts to extradite him to face charges of fraud and money laundering in the Punjab National Bank (PNB) scam case.
