Nirav Modi using partner-run businesses, dad to do business

NEW DELHI: Nirav Modi, the fugitive diamond merchant accused of having defrauded the Punjab national bank of Rs 14,000 crore, continues his activity in Brussels undeterred by the fact that all his bank accounts have been frozen in India and one of its companies in Belgium has been declared bankrupt. According to sources, Nirav Modi uses entities headed by his father Deepak Modi and other badociates in Belgium.

Nipur BVBA of Deepak Modi, a subsidiary of Firestar International Ltd, was found trading diamonds allegedly in the name of Nirav Modi. Sources indicated that at least 23 affiliates badociated with Nirav Modi and his family members were registered in countries such as Singapore, the United States, Russia, Hong Kong, Belgium, France, Macao, the United States, WATER and Armenia.

In Brussels, the Indian authorities informed all banks and financial institutions of the investigation against Nirav Modi and requested that his financial transactions be blocked. However, sources said that these preventive measures had little impact on Nirav Modi's activity while he was carrying out operations through the companies run by his father and his badociates.

A court in Belgium declared bankruptcy Firestar Diamond BVBA of Nirav Modi in March. The company was involved in the diamond trade in Europe and Africa. However, this did not restrict Nirav Modi and he carried out his transactions through the other entities. The government revoked Nirav Modi's pbadport on 24 February at the request of the IWC and the Directorate of Enforcement (ED).

However, he was found making frequent trips through the Schengen area using his revoked pbadport. The Ministry of Foreign Affairs wrote to Belgium, the United Kingdom and France and asked them to inform the Indian authorities of the whereabouts of Nirav Modi and to impose restrictions on them.

ED is likely to file an extradition request against Nirav Modi in the United Kingdom, Belgium, and some other countries that have obtained a warrant for arrest against a fugitive from the United States. a court in Mumbai. The IWC and ED have approached Interpol for a red corner notice against Nirav Modi. The request is pending