ED finds 47 entities related to Nirav Modi doing Rs 60-bn 'round-tripping'

Out of these 47 entities, 10 are registered in Belgium, three in US, 13 in UAE, eight in Netherlands and rest in India

The Enforcement Directorate (ED) is investigating Rs 60 billion worth of round-tripping by 47 entities related to jeweller Nirav Modi (pictured). 

According to enforcement sleuths, the transactions travelled through at least five banks — State Bank of India (SBI), Bank of India, Union Bank of India, Syndicate Bank and Axis Bank. 

The agency is investigating alleged money laundering in the Rs 130 billion letters of undertaking (LoUs) fraud at Punjab National Bank (PNB), involving Nirav and his uncle Mehul Choksi.

A majority of such transactions took place between the UAE, Belgium and India, while some funds also found their way to New York.