ED secures red corner notice against Nanavati

Mumbai: The Enforcement Directorate (ED) has secured a red corner notice (RCN) from the Interpol against Aditya Nanavati in connection with the multi crore Punjab National Bank (PNB) fraud case involving fugitives diamantaire Nirav Modi and his uncle Mehul Choksi.

The RCN was issued against him after the investigators found that he headed the operations of Firestar Diamonds in Hong Kong and he was found to be closely connected with Modi’s brother Neeshal. The agency also attached properties worth Rs 637 crore including a flat at Breach Candy in south Mumbai, which is registered in the name of Modi’s sister Purvi. Another flat in London worth Rs 56.97 crore owned by Purvi, a Belgian national.

The assets attached includes jewellery brought from Hong Kong which was rushed out of India after CBI filed case against them. The inflated value of the jewellery was to the tune of Rs 85 crore however its valuation revealed that the actual worth of it was Rs 22.69 crore. The same was brought to India from Hong Kong where it was kept in a vault of a private company. “The agency contacted the company and its London headquarters and after much persuasion and follow up, it successfully brought back the jewellery to India,” the official said.

He also said that the stock value of the jewellery was around Rs 85 crore and the jewellery was sent to Hong Kong by Firestar Group of Companies. On independent valuation, the value of jewellery came to Rs 22.69 crore. The investigators said that the attachments includes assets from four countries including United States, United Kingdom, Singapore and Hong Kong in the form of properties, diamond studded jewellery, bank accounts among others.

The officials said that attached assets includes apartments at Central Park in New York worth around Rs 216 crore that are registered in the name of Nirav Modi. The list of bank accounts includes five of them in the name of Modi and other family members including his sister that was stashed with Rs 278 crore.

The south Mumbai flat attached by ED is worth Rs 19.5 crore that was purchased by Purvi in 2017. Modi’s brother Neeshal, who is also in Belgium, officials said, holds the power of attorney.