Interpol has issued a Red Corner Notice against fugitive businessman Nirav Modi's confidante, Mihir Bhansali - director of US-based firm Firestar Diamond Inc, in connection with the Punjab National Bank money laundering case.
The notice read that Bhansali was second in command in the Firestar Group after Nirav Modi and was allegedly actively involved in the diversion and laundering of the funds received from the fraudulently issued PNB Letters of Understanding (LOUs). "He was a close confidante of Nirav Modi, and head of operations in the United States, where he was instrumental in rotation and diversion of POC," the notice added.
According to the notice, Bhansali, with the help of other officials of Firestar Group, allegedly inducted dummy partners in Solar Exports, Stellar Diamond and Diamond R US ( firms in whose names LOUs were issued). He was instrumental in the formation of overseas dummy companies in Hong Kong and Dubai and employees/ex-employees of Firestar Group were sent as dummy directors/ owners in these entities at his directions.
"A secure internal email communication system was developed at his insistence and its server was deliberately kept in Dubai for any eventuality. Fund transfer, rotation of goods, melting of metal, dismantling of jewellery and low-quality jewellery production with high-value declaration were done on his instructions only. After detection of fraud, he along with Nehal Modi took 50 Kg of gold and substantial cash from Dubai and directed dummy directors not to reveal his name before the authorities. He is the director of few of the dummy BVI based companies controlled by Nirav Modi. He also purchased property in the US having a value around USD 7 Million from the funds believed to be generated from PNB Scam.
Disclaimer: No Business Standard Journalist was involved in creation of this content
