The Enforcement Directorate (ED) has alleged that Purvi Modi helped her brother lauder the funds generated through the scam.
The agency said that Purvi Modi is the owner or director of several companies set up solely for the purpose of money laundering. The agency has identified some of these companies as United Arab Emirates-based Fine Classic FZE, Lili Mountain Investment, Pristyn Holdings Limited, Palmate Investments Limited, Pavilion Point Corporation and Novelar International Holdings Limited in the British Virgin Islands, and Islington International Holdings Private Limited and Belvedere Group Holdings Limited in Singapore.
“These companies were formed and managed in a very complex manner to camouflage the criminal origin of funds,” the ED said.
“Some trusts incorporated for money laundering, such as Montecristo Trust, Ithaca Trust, and New Zeeland Trust, were found to be associated with her,” the ED added.
Further, the ED also alleged that overseas bank accounts were opened in her name and that of her companies in several countries, which include Barbados, Mauritius, Switzerland, Singapore, United Kingdom, and Hong Kong.
“More than Rs. 500 crore, diverted from the funds generated by the Punjab National Bank scam, was put into Firestar India via the Foreign Direct Investment route, using such companies. Immovable assets were also acquired overseas in the name of the entities controlled by her,” said an official.