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

modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

India open to tariff cuts on £17.7 bn worth of US imports: Report

INDIA is considering cutting tariffs on more than half of US imports valued at £17.7 billion as part of ongoing trade negotiations, two government sources told Reuters.

The move, which would be the most significant tariff reduction in years, is aimed at countering reciprocal tariffs.

Keep ReadingShow less
tata-steel-green

Artist’s impression of Tata Steel’s state-of-the-art Electric Arc Furnace facility being built in Port Talbot. (Image credit: Tata Steel)

Tata Steel

Tata Steel hires local firms for Port Talbot project, creating 300 jobs

TATA STEEL has appointed three South Wales contractors to support its £1.25 billion investment in green steelmaking at Port Talbot. The contracts will create over 300 skilled jobs in the local supply chain.

Bridgend-based Darlow Lloyd & Sons will oversee excavation, recycling, infrastructure, and drainage work for the transition to Electric Arc Furnace (EAF) steelmaking.

Keep ReadingShow less
 Survey Reveals More Britons Reducing Everyday Spending

About 43 per cent of consumers said they were cutting back on everyday purchases, while more than a third reported increasing their savings as a precaution. (Photo: Getty Images)

Getty Images

Survey shows more Britons cutting back on everyday expenses

CONSUMERS in the UK are reducing spending on everyday items as confidence in the economy declines ahead of chancellor Rachel Reeves’s spring statement, according to a KPMG survey.

The survey, conducted among 3,000 UK consumers, found that 58 per cent believed the economy was worsening in the three months to February, up 15 percentage points from the previous quarter, The Guardian reported.

Keep ReadingShow less
23andMe

Many users trusted 23andMe with some of their most sensitive personal information

Getty Images

DNA data of millions at risk as 23andMe declares bankruptcy

The recent Chapter 11 bankruptcy filing by genetic testing company 23andMe has raised serious concerns about the privacy and security of the DNA data of millions of users. Founded in 2006, 23andMe has long been a leader in consumer genetic testing, offering individuals insights into their predisposition to various diseases and the possibility of connecting with unknown relatives. However, with the company now seeking buyers in bankruptcy proceedings, the sale of this genetic data has become a source of alarm for privacy advocates and experts.

Many users trusted 23andMe with some of their most sensitive personal information, their DNA. However, as the company faces financial struggles, privacy experts warn that the future handling of this data may be far less secure. Tazin Kahn, CEO of the nonprofit Cyber Collective, which promotes privacy and cybersecurity for marginalised groups, expressed deep concern about the potential consequences. “Folks have absolutely no say in where their data is going to go,” she said. “How can we be so sure that the downstream impact of whoever purchases this data will not be catastrophic?”

Keep ReadingShow less
uk construction

The construction sector accounts for around 6 per cent of gross domestic product and supports growth in other industries.

iStock

Government pledges £600 million to address construction skills gap

BRITAIN will invest £600 million to train construction workers and address skills shortages that could affect its plan to build 1.5 million homes by 2029 and support economic growth, the government announced on Saturday.

Housebuilding and infrastructure development are central to the Labour government’s growth strategy. The construction sector accounts for around 6 per cent of gross domestic product and supports growth in other industries.

Keep ReadingShow less