Purvi Modi, the younger sister of Nirav Modi, has distanced herself from the fugitive diamantaire accused of fraudulent transactions of over Rs 13,500 crore at state-owned Punjab National Bank (PNB) in what could lead to a possible breakthrough for Indian investigative agencies.
Purvi Modi, named an “Interested Person” under the Fugitive Economic Offenders Ordinance, 2018, by the Enforcement Directorate (ED), has said that she will not oppose the confiscation of Indian assets allegedly under her name in court.
Under the recently promulgated ordinance, an “Interested Person” refers to a person who may have an interest in any property listed for confiscation.
An affidavit filed by Purvi Modi on September 25 through her counsel in a special court in Mumbai states, “It is submitted that the Interested Person (Purvi Modi)…reposed great trust and confidence in her elder brother (Nirav Modi) in the firm belief that he only conducted legitimate businesses and would not do anything to harm or embroil his family with any criminal wrongdoing. As the specified property does not belong to the Interested Person (Purvi), she has no interest in nor is she in a position to opposing the proposed confiscation of the specified property.”
Purvi, a Belgian citizen since 1999, has denied any wrongdoing. She claimed to be a victim of the fraud and is “deeply concerned, extremely shocked and surprised at the charges of money laundering against her.” going by the affidavit, which was reviewed by The Indian Express.
Purvi has also said that the assets attached by ED under her name does not belong to her and she has “no beneficial interest in it”. Purvi stated that she has no objection against the attachment of bank accounts allegedly in her name at Syndicate Bank in India and London, Ratnakar Bank in Mumbai, Barclays Bank in Singapore, and another account in Bank of Singapore.
“Even in relation to these accounts, the Interested Person reiterates what has been stated above and submits that she has no objection for the applicant (ED) and/or this Hon’ble Court to take any and such steps that may be deemed appropriate,” the affidavit states.
Purvi has requested the court to drop her from the proceedings and absolve her from charges levelled against her as an Interested Person.
In its prosecution complaint, the ED has claimed that Purvi Modi was a “beneficiary” of the fraudulent Letters of Undertaking (LoU) funds of PNB to the tune of $133 million and also helped Nirav Modi in “layering and integration” of the money into “main financial system through acquisition of properties or through investment in financial assets”.