PNB cash went from India to UAE’s Nirav Modi firms called Tri Color Gems FZE& Pacific Diamonds FZE from there it went to an American jewellery firm again owned by Nirav Modi called A Jaffe
The Hush Post: A links has been established between cash outflow from Indian banks allegedly to UAE and then finally to the United States of America. And the man responsible for the embezzlement happens to be diamantaire Nirav Modi to facilitate his US-based firms.
These links also throw light on how Rs. 11,300 crore which the Indian investigative agencies say was routed by Nirav Modi and, Mehul Choksi.
The charges made by CBI claimed that loans Nirav Modi took from PNB probably were diverted. The suppliers have been named in the complaint by the Central Bureau of Investigation who received embezzled funds. The recipients are Tri Color Gems FZE and Pacific Diamonds FZE, based out of the UAE.
Interestingly, none of these firms have any presence in the social media or have web portals.
The two companies are creditors of A Jaffe, one of three America-based companies of by Nirav Modi which sought bankruptcy last week in a court in New York.
A Jaffe (a jewellery firm bought by Nirav Modi) has to pay six million dollars to Tri Color Gems and Pacific Diamonds.
The two companies are among the top two creditors of A. Jaffe out of 20 of them. To Tri Color Gems, A Jaffe owes 3.3 million dollars and 2.9 million dollars to Pacific Diamonds.
A. Jaffe, which had a total loss of close to 14 million dollars has issued loans to the tune of 11 million dollars to Nirav Modi’s companies.
The Nirav Modi firms, which include Firestar Diamond Inc. and Fantasy Inc. have argued zero involvement as far as the wrongful conduct of their partners in India is concerned.
“If the money was siphoned off (by Nirav Modi), then why would Rs. 5,000 crores be recovered by the Enforcement Directorate from here? Then the whole money would have been taken abroad,” Vijay Aggarwal, Nirav Modi’s legal counsel has said.