Skip to content
Search

Latest Stories

Nirav Modi's sister moves court to intervene in bankruptcy proceedings in US

PUNJAB National Bank scam accused Nirav Modi's sister has approached a special court in Mumbai seeking a direction to the Enforcement Directorate (ED) to intervene in the bankruptcy proceedings against him in the US.

Last month, Purvi Mehta moved the special Fugitive Economic Offenders (FEO) Act court stating that she had been made a defendant in bankruptcy proceedings against her brother in a US court.


According to Mehta's plea, her properties are also being considered by the US court and its proceedings overlap with proceedings in India related to her.

Her application seeks ED's intervention in the case, and requests to block further proceedings against her assets.

In her petition, Mehta said that the PNB should be directed to communicate to the trustee of the US proceedings to refrain from continuing them to avoid "multiplicity of proceedings and possible double jeopardy".

The ED told the FEO Act court on Wednesday (20) that it has already submitted relevant documents before the US court.

The Central agency said the applications for confiscation of Modi's properties including those belonging to Purvi Mehta and located in the US have been placed before the US court. The hearing will continue before the special court judge V C Barde.

Purvi Mehta (47) and her husband Maiank Mehta were made approvers in the case in January 2021 on the condition of making full and true disclosure before the court.

Modi, the main accused in the £1.5 billion PNB scam, was declared a Fugitive Economic Offender in December 2019. He is currently lodged in a UK prison.

In June 2020, the special court for Prevention of Money Laundering Act (PMLA) here ordered the confiscation of his properties which the ED claimed had been bought using proceedings of the crime.

Modi and his uncle Mehul Choksi are accused of cheating the PNB by fraudulently obtaining Letters of Undertaking which act as bank guarantee while taking loans in foreign countries.

(PTI)

More For You

A view inside the boohoo Collective Launch Party at Hyde Sunset Kitchen + Cocktails on August 29, 2024 in Los Angeles, California. (Photo: Getty Images)
A view inside the boohoo Collective Launch Party at Hyde Sunset Kitchen + Cocktails on August 29, 2024 in Los Angeles, California. (Photo: Getty Images)

Police investigate Boohoo executives’ corporate espionage claims

POLICE forces in London, Manchester, and Kent are investigating allegations of stalking and corporate espionage targeting Boohoo executives.

The claims emerged following an investigation by Control Risks, a security consultancy hired by the retailer, which uncovered a campaign of “extensive hostile surveillance” allegedly involving multiple operatives, The Times reported.

Keep ReadingShow less
Jaidev Janardana drives Zopa’s growth with £68m investment
Jaidev Janardana (Photo:Zopa.com)

Jaidev Janardana drives Zopa’s growth with £68m investment

ONLINE bank Zopa has received a £68 million funding boost, led by AP Moller Holding, the owners of shipping giant Maersk.

The new investment aims to support Zopa’s growth plans, including the launch of a current account and further advancements in artificial intelligence (AI), the Times reported.

Keep ReadingShow less
Pakistan International Airlines eyes UK flights as EU ban is lifted
PIA’s authorisation to operate in the EU was suspended in 2020 over safety compliance concerns

Pakistan International Airlines eyes UK flights as EU ban is lifted

PAKISTAN International Airlines (PIA) said last Sunday (1) it expects to resume European routes soon and is eyeing several UK destinations after the EU aviation regulator lifted its bar on the flag carrier.

The European Union Aviation Safety Agency (EASA) suspended PIA’s authorisation to operate in the EU in June 2020 over concerns about the ability of Pakistani authorities and its Civil Aviation Authority (PCAA) to ensure compliance with international aviation standards.

Keep ReadingShow less
Lyttle, who led the company for five years, will remain until a successor is appointed. (Photo: Getty Images)
John Lyttle (Photo: Getty Images)

Former Boohoo boss cites stalking and espionage in resignation

POLICE are investigating allegations of stalking and corporate espionage involving executives at Boohoo Group, including former CEO John Lyttle, current CEO Dan Finley, and co-founder Mahmud Kamani.

The claims have shaken the fast-fashion giant, which also faces a contentious boardroom battle with major shareholder Frasers Group, the Times reported.

Keep ReadingShow less
The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. (Photo: Getty Images)
The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. (Photo: Getty Images)

India’s central bank holds rates at 6.50 per cent despite slowing growth

INDIA'S central bank has decided to keep interest rates unchanged, prioritising inflation risks over concerns about a slowdown in the country's economic growth.

The Reserve Bank of India (RBI) announced on Friday that the repo rate, at which it lends to commercial banks, will remain at 6.50 per cent. This rate has been steady since February 2023.

Keep ReadingShow less