Faced with continued evasion by Nirav Modi, prime accused in the Rs 12,400 crore PNB scam, enforcement directorate said on Thursday sovereign jurisdiction and regulations of different countries were behind delay in bringing him back to India.
Though no time limit could be given on Modi’s return, discussion were on with countries relevant on the process of deportation, sources said. They refused to comment on the query about current address of Modi, and added it would not be in the interest of the investigation.
The agency is not perturbed over transaction trails as it is known by now that fake LoUs that Nirav got issued by PNB through SWIFT were not linked to the bank’s core network. They said law would catch up with Modi as evidence collection is on and all transactions trails are there. ED is said Modi’s companies used most PNB funds to buy fixed assets abroad and settle debts there.
Modi’s firm Firestar Diamond has moved the Delhi High Court against a money laundering case lodged by ED in connection the PNB case. It has sought a direction to the finance ministry and ED to provide it several documents, including a copy of the search warrants.