New Delhi: Purvi Deepak Modi — sister of fugitive diamantaire Nirav Modi — was the owner and director of several shell companies formed solely for the purpose of laundering the money and was the direct beneficiary of the proceeds of crime, says an official. “Purvi Modi played a major role in laundering the proceeds of the crime generated from the PNB scam. She is beneficiary of at least $133 million scam money,” an Enforcement Directorate (ED) official requesting anonymity told IANS.
He said: “She is owner/ director of shell/ investment companies formed solely to launder the proceeds of the crime through companies — Fine Classic FZE (UAE), Lili Mountain Investment, Pristyn Holdings Ltd, Novela International Holdings Ltd and Pavilion Point Cooperation in British Virgin Islands, Islington International Holdings Pvt Ltd and Belvedere Group Holdings Ltd in Singapore.” The official said that these companies were formed and managed in a “very complex manner to camouflage the criminal origin of funds in these companies”. “Some trusts were also incorporated for money laundering,” he said, adding that she was found to have links with Montecristo Trust, Ithaca Trust and New Zealand Trust. (IANS)