(Image source from: Telegraph.co.uk)
Fake Transactions and Imports of Nirav Modi Traced:- Jeweler businessman Nirav Modi went absconding from the country and is caught in London. The Indian officials are trying hard to extradite him to the country and the case is going on in London court. Belgian auditor BDO located fake transactions, duplicate invoices and fake employee records which was commissioned by the Punjab National Bank in February 2018 to conduct a forensic audit. These were traced from seven entities and subsidiaries owned by Nirav Modi's groups.
The news has been revealed in its 329-page draft report, handed by a whistleblower to the International Consortium of Investigative Journalists (ICIJ). Indian Express revealed the news. BDO explained in detail about the fake transactions and documents. The final report was submitted with more annexures. The transactions have amounted to 9.41 million USD and they were not shown up in the database of the Customs or in the Core Banking System of Punjab National Bank. All the importers and exporters in the transactions are controlled by Nirav Modi himself.
Duplicate invoices worth Rs 220.7 crores have been traced and are named as fictitious transactions. The report also revealed how 33 LoU issued to the Nirav Modi group were “rolled over” for settlement by issuing fresh 24 LoUs.