PNB scam: ED issues summons to Nirav Modi's father, sister
New Delhi, May 18: The Enforcement Directorate (ED) has issued summons to absconding diamantaire Nirav Modi's father Deepak Modi, sister Purvi Mehta and her husband Mayank Mehta as part of its probe in the multi-crore Punjab National Bank (PNB) fraud, an official said here on Friday.
The fraud was committed during 2011-17 by illegally issuing Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs).
Deepak, Purvi and Mayank have been asked to appear before the ED investigators at its Mumbai office to record their statements in the case as the agency is in the process of filing chargesheet in a special Prevention of Money Laundering Act (PMLA) court in Mumbai, expectedly by the next week.
ED investigators said Nirav Modi's relatives were summoned in the first week of this month and were given 15 days time to appear before it in the ongoing money laundering probe of over Rs 13,000 crore. The alleged banking fraud was committed by the diamond merchant, his group of companies -- Diamond R US, Solar Exports and Stellar Diamonds -- alongwith uncle Mehul Choksi and others.
An ED official said that further notices would be issued to the three in case they fail to respond to the first summons, an ED official told IANS on condition of anonymity.
Deepak is reportedly based in Antwerp in Belgium, while Purvi and her husband are settled in Hong Kong. "They were sent the summons through mail," the official said.
Purvi is under ED's radar for her alleged role in round-tripping of Nirav Modi's laundered money via Foreign Direct Investment (FDI) back to India while her husband is suspected of supporting the diamond merchant in similar operations.
The multi-crore fraud was committed in connivance with PNB's Mumbai Brady House branch officers between 2011-17.
The ED had started money laundering probe against Nirav Modi, his brother Nishal, wife Ami and others, based on the Central Bureau of Investigation's (CBI) FIR lodged on January 31, following PNB's first complaint against the businessman for allegedly cheating it of Rs 280.70 crore.
ED investigators have claimed to have traced over Rs 5,000 crore assets of Nirav Modi so far. The official said that the crores said to have been sent as FDI transactions from Singapore-based firm Islington International Pte Ltd, whose beneficiary owner is stated to be Purvi's husband, are doubtful in nature.
The ED investigations is also based on Income Tax department's February report to the Central Board of Direct Taxes (CBDT) and the Union Finance Ministry against Nirav Modi and his uncle Choksi in which it is reportedly mentioned that nearly Rs 4,900 crore transactions were unexplained.
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Karnataka Maritime Board announces plans for Mangaluru Water Metro Project
Mangaluru (Karnataka), Nov 4: After being endowed with multi connectivity facilities like three national highways, port and airport, Mangaluru city is now looking at a significant move towards sustainable urban mobility as the Karnataka Maritime Board (KMB) has announced plans for the Mangaluru Water Metro Project (MWMP), officials said on Monday.
This ambitious initiative aims to transform public transportation in the state, utilising National Waterways to connect areas along the Nethravathi (NW-74) and Gurupura (NW-43) rivers, they said.
Set to become India's second-largest water transport system after Kochi, the project promises an eco-friendly, economical and efficient mode of travel, the officials said.
According to officials, the MWMP will connect isolated communities from Bajal to Maravoor, enhancing accessibility and promoting the holistic development of these regions. The initiative is expected to boost local livelihoods and improve the standard of living through integrated transport networks.
According to the project report available with PTI, the MWMP will be rolled out in phases, with the initial stretch covering 30 kilometres along the Nethravathi and Gurupura river backwaters.
The priority route, beginning at Bajal on the Nethravathi and extending to the Maravoor Bridge on the Gurupura, will feature around 17 modern Metro stations.
Key locations such as Someshwara Temple, Ullal and the New Mangalore Port are included in the proposed route. State-of-the-art electric and diesel catamaran boats will be deployed, equipped with essential amenities to ensure a high standard of comfort and operational efficiency.
A comprehensive Feasibility Report (FR) will assess the project's viability, presenting a detailed cost-benefit analysis, market potential, operational strategies and environmental considerations.
"The report will objectively evaluate the project's merits and challenges, providing crucial information for decision-makers, stakeholders and investors," they said.
Officials in the port and fisheries subdivision told PTI that key areas of analysis has been based on assessing the potential to decongest old port areas, exploring the feasibility of cargo movement using Roll-on/Roll-off (Ro-Ro) water metros, examining water level variations influenced by tidal flows, integration with feeder services to ensure seamless last-mile connectivity, demand forecasts over a 25-year period, based on extensive socio-economic research of usage and utility of the MWMP.
The project's Terms of Reference (ToR) emphasise sustainable development, involving thorough site identification, user demand assessments and environmental impact studies. Comprehensive surveys such as LIDAR mapping, bathymetric studies and topographical analysis will ensure accurate planning and implementation, the officials told.
Furthermore, technical collaborations with national institutes of repute will support studies on wave tranquillity, vessel height clearance and infrastructure recommendations for jetties and repair facilities, they said.
A detailed environmental monitoring programme will assess air and water quality, noise levels and aquatic biodiversity in line with Ministry of Environment, Forest, and Climate Change (MOEF&CC) guidelines, the officials added.
The officials of the Maritime Board said the MWMP promises significant economic and environmental benefits, from easing traffic congestion to reducing air pollution. The project will also explore non-fare revenue streams and develop models to ensure financial sustainability.
A socio-economic impact assessment will measure the project's contribution to regional development, backed by projected revenue from passenger fares and ancillary services, a senior official said.
The Board also aims at championing cleaner and greener transportation and to set a precedent for sustainable urban mobility, positioning Mangaluru as a progressive city that leverages its waterways, he added.
