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The deposit trust whose details were revealed in the Pandora Papers investigation by Indian express and in which Purvi Modi, sister of fugitive diamond jeweler Nirav Modi, is a settlor, offered to hand over to the Indian government about 275 crore rupees in her Swiss bank account with the Indian government, sources said.
A settlor is an individual or a party who establishes the trust by investing a particular asset.
Purvi Modi’s offer, provided as part of his full disclosure obligation as a condition of his pardon, is being reviewed by the government, sources told The Indian Express.
October 4, Indian express, as part of his investigation into the Pandora Papers, reported that a month before Nirav Modi fled India in January 2018, Purvi Modi establishes Brookton Management Ltd in the British Virgin Islands act as corporate protector of The Deposit Trust formed through the Trident Trust Company, Singapore.
Purvi, in the BVI company incorporation form, said the source of the funds to be pumped into Brookton was her salary and personal income as the creative director of Firestar, the company accused of defrauding the Punjab National Bank ( PNB) through fraudulent letters of commitment. (LOU).
However, Purvi Modi’s lawyer Mishra denied the allegations and declined to comment, saying the money laundering case was pending.
The Indian Express report from October 4 on Purvi Modi.
Sources said that Purvi Modi delivered a letter of no objection for handing over approximately Rs.275 crore to The Deposit Trust’s bank account.
The surrender by Purvi is underway as she has been authorized to seek a pardon on condition of making full and truthful disclosure to the Enforcement Branch (ED) which is investigating a money laundering case against Nirav Modi.
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According to sources, the Indian government is studying Purvi Modi’s candidacy and is in talks with the Swiss authorities for the repatriation of the funds.
Emails to Purvi Modi’s lawyer about this offer did not elicit a response.
On January 4, a special tribunal under the Prevention of Money Laundering Act (PMLA) issued an order on the requests of Purvi Modi and her husband Maiank Mehta for the granting of pardon under Articles 306. and 307 of the Cr.PC, provided full and true disclosure.
Modi and Mehta were previously cited as accused in the ED v Nirav Modi case. The court also allowed Purvi and Maiank to be marked as approvers in the case.
Subsequently, on July 1, the ED said it had recovered Rs 17.25 crore from a Purvi account in the UK opened by Nirav Modi. This, the agency said, was done after Purvi leaked the information to the investigative agency.
Nirav Modi and his uncle Mehul Choksi, are accused of channeling transactions of around Rs 13,600 crore via fraudulent PNB LoUs.
Modi left India in the first week of January 2018, before the PNB scam was made public. In March 2019, Modi was arrested in the UK and is currently being held at Wandsworth Prison in London.
In April, the British government approved Modi’s extradition to India. Earlier on February 25, a UK court ordered Modi’s extradition, ruling that the evidence against Modi was prima facie sufficient to order his extradition to India to face charges.
In July, Nirav Modi asked the UK High Court for an oral hearing with a new request for ‘leave to appeal’ for a judge to determine whether he can proceed to a full appeal hearing against the extradition ordered by a lower court.
Subsequently, in August, the UK High Court allowed Modi to appeal the extradition to India on mental health grounds.
So far, ED has seized assets worth Rs 2,400 crore owned by Modi in India and overseas.
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