Nirav Modi case: PNB receives Rs. 24.33 crores as first tranche of recovery from US

News Network
August 26, 2020

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New Delhi, Aug 26: The central government on Tuesday said that Punjab National Bank (PNB) has informed the Ministry of Corporate Affairs (MCA) that it has received USD 3.25 million (the equivalent of Rs. 24.33 crores) as the first tranche of recoveries in fugitive Nirav Modi case from the USA.

"Upon liquidation of the debtors' assets by the US Chapter 11 Trustee, a sum of $ 11.04 million (equivalent of Rs. 82.66 crore) is available for distribution to unsecured creditors including PNB. Further recovery therefrom is subject to other expenses and settlement of claims of other claimants," MCA said in a release.

The Ministry also has initiated proceedings for disgorgement of monies from the perpetrators-- the entities promoted and/or controlled by Nirav Modi/Mehul Choksi.

"Punjab National Bank Limited in 2018 informed the MCA that three companies promoted by Nirav Modi, namely Firestar Diamond, A. Jaffee and Fantasy (all Inc) had filed for Chapter 11 Bankruptcy Protection in the Southern District of New York, United States of America," MCA said.

PNB requested the MCA to support and join the bankruptcy proceedings in New York, USA in order to help PNB realize its claims in the debtors' assets.

The US Bankruptcy Court of Southern District of New York, by its order dated July 26, 2018 recognized the claims of PNB in the proceeds of sale of assets of the properties of the debtor companies. It also authorized PNB to issue subpoenas to compel the examination of Nirav Modi, Mihir Bhansali and Rakhi Bhansali under oath.

Subsequently, on August 24, 2018, the Examiner appointed by the New York Bankruptcy Court submitted his report. The Report explains the modus operandi of the fraud and the manner in which the US-based employees of the debtors participated in the fraud.

"One prominent feature of the fraud was the apparent facade of independent companies, which were, in reality, entities promoted and/or controlled by Nirav Modi, that engaged in 'round-tripping' of the diamonds amongst themselves," it said.

Interpol has issued a red corner notice against fugitive Nirav Modi's wife, Ami Modi, in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case.

Earlier in July, the ED had attached properties of diamantaire Nirav Modi worth Rs 329.66 crores under the Fugitive Economic Offenders Act, 2018 (FEOA).

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News Network
October 2,2024

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Sirens sounded all over the occupied territories on Tuesday night as Iran launched hundreds of missiles towards the Zionist entity, in a retaliatory attack dubbed Operation True Promise II. 

Meanwhile, Israeli officials have promised to respond after Iran fired a barrage of ballistic missiles at key military and security targets in Israel.

Flares and missiles were seen in the Tel Aviv sky and explosions could be heard in the occupied al-Quds, sending Zionist settlers fleeing into shelters.

The Israel Airports Authority said that no aircraft will be allowed to take off or arrive at all Israeli airports. Israeli newspaper Haaretz reported “direct hits” in Negev, Sharon and other locations from Iran’s attack.

The Islamic Revolution Guards Corps (IRGC) issued a statement shortly after the missile attack began.

It said in response to the martyrdom of Hamas chief Ismail Haniyah, Hezbollah leader Sayyed Hassan Nasrallah, and IRGC commander Abbas Nilforoushan, the IRGC Aerospace Force launched dozens of ballistic missiles targeting key military and intelligence bases in the heart of the occupied territories.

The IRGC further said that the attack was in line with the country’s right to legitimate self-defense as per the United Nations Charter, and in response to the regime's escalating crimes—backed by the United States—against the people of Lebanon and Gaza.

The Zionist regime will face more crushing attacks in case it reacts to Iran’s operation, the IRGC added.

In a follow-up statement, the IRGC said three Israeli military bases in Tel Aviv were hit during the operation.

In this operation, a number of air and radar bases, as well as centers for conspiracy and assassination planning against resistance leaders and IRGC commanders were targeted, the statement said.

The IRGC noted that even though the designated areas were shielded by advanced defense systems, 90% of the missiles shot successfully hit their targets.

“The Zionist regime has been terrified by the intelligence and operational dominance of the Islamic Republic,” it added.

The Iranian mission to the United Nations said in a statement that the missile attack was a “legal, rational, and legitimate” response to the terrorist acts of the Zionist regime.

It also warned the Israeli regime that a more “crushing” response would ensue should it dare to respond or commit further acts of malevolence.

Celebratory gunfire erupted in southern Beirut, where Hezbollah chief Nasrallah was killed in a massive Israeli airstrike last week, following Iran’s retaliatory attack.

“Heavy gunfire heard from automatic weapons from areas of the southern suburbs, rejoicing in the missile launch from Iran towards Israel,” Lebanon’s National News Agency said.

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News Network
October 2,2024

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Israel will launch a “significant retaliation” to Iran’s missile attack within days that could target oil production facilities inside Iran, Axios reports citing Israeli officials.

The Israeli military late on Tuesday said Iran launched around 180 missiles at its territory, most of which were intercepted.

Iranian media carried online footage of what they said were missiles being fired, which the Islamic Revolutionary Guard Corps said were targeting “three military bases” around Tel Aviv and other bases.

The Revolutionary Guards said “90 percent” of the missiles “hit their targets” late Tuesday.

Israeli Prime Minister Benjamin Netanyahu has vowed to hit back following the attack.

“Iran made a big mistake tonight - and it will pay for it,” he said at the outset of an emergency political security cabinet meeting late on Tuesday, according to a statement.

Washington said it would work with longtime ally Israel to ensure Iran faced “severe consequences” for Tuesday’s attack.

US Secretary of Defense Lloyd Austin spoke to Israeli Defense Minister Yoav Gallant late on Tuesday and said Washington was “well-postured” to defend its interests in the Middle East, the Pentagon said in a statement.

“The minister and I expressed mutual appreciation for the coordinated defense of Israel against nearly 200 ballistic missiles launched by Iran and committed to remain in close contact,” Austin said separately in a post on X.

US Navy warships fired about a dozen interceptors against Iranian missiles headed toward Israel, the Pentagon said. Britain said its forces played a part “in attempts to prevent further escalation in the Middle East”, without elaborating.

The Pentagon said Tuesday’s airstrikes by Iran were about twice the size of April’s assault by Iran on Israel.

A painful response

Israel activated air defenses against Iran’s bombardment on Tuesday and most missiles were intercepted “by Israel and a defensive coalition led by the United States,” Israeli Rear Admiral Daniel Hagari said in a video on X, adding: “Iran’s attack is a severe and dangerous escalation.”

Iran’s forces on Tuesday used hypersonic Fattah missiles for the first time, and 90 percent of its missiles successfully hit their targets in Israel, the Revolutionary Guards said.

In a statement on state media, the general staff of Iran’s armed forces said any Israeli response would be met with “vast destruction” of the latter’s infrastructure.

It also said it would target the regional assets of any Israeli ally that got involved.

Fears that Iran and the US could be drawn into a regional war have risen with Israel’s growing assault on Lebanon in the past two weeks, including the start of a ground operation there on Monday, while its conflict in the Gaza Strip is a year old.

US President Joe Biden expressed full US support for Israel and described Iran’s attack as “ineffective.” Vice President Kamala Harris, the Democratic presidential candidate, backed Biden’s stance and said the United States would not hesitate to defend its interests against Iran.

“We will act. Iran will soon feel the consequences of their actions. The response will be painful,” Israel’s UN Ambassador Danny Danon told reporters.

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News Network
September 24,2024

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The Israeli regime’s warplanes have conducted extensive airstrikes against towns and villages across Lebanon, killing at least 492 people.

Lebanon’s health ministry announced the death toll on Monday, saying the victims included 35 children and 58 women.

The ministry said at least 1,645 others had also been wounded in the attacks that targeted the areas earlier in the day.

Lebanon’s health minister Firass Abiad said that the health ministry is working to ensure those injured in Israeli strikes are getting the health care they need.

The health minister said he had asked hospitals to stop taking regular, light cases to make space for the wounded from the south.

“We working on directives for the first-aid centres to be turned into places that can receive the wounded. The displaced people who have cancer, kidney failure and other chronic diseases, we have the plan to continue their treatment in different medical centers,” he said.

The country’s media outlets said the aircraft had bombed all the towns and villages lying on the southern border as well as their surroundings.

Israeli warplanes also reportedly targeted eastern Lebanese areas, including the Bekaa Valley and Baalbek.

Lebanese sources said the airstrikes had targeted a total of more than 40 areas in Lebanon during the attacks.

The Sheikh of the Druze community reached out to the Deputy Head of the Supreme Islamic Shia Council and expressed solidarity and reaffirmed support for the people of southern Lebanon, the southern suburbs, and the Bekaa during this critical period for the country.

The Commissioner of Marjayoun-Hassbaya in the Muslim Scouts, Sheikh Hussein Al-Nader, was killed in an Israeli airstrike that targeted his home in the town of Dibbine, Marjayoun district, South Lebanon.

Three people were injured in an Israeli airstrike targeting the Deir El-Zahrani highway, in South Lebanon.

A family of four was killed in Hermel, Bekaa, due to the recent Israeli airstrikes.

Israeli media outlets, meanwhile, alleged that the attacks had hit locations lying as far as 125 kilometers (77 miles) inside the Lebanese territory.

Israeli military spokesman Danieh Hagari said the regime "will engage in [more] extensive and precise strikes” against Lebanon, adding that the attacks would "go on for the near future.”

The regime has markedly intensified its attacks against the country since October 7, when it launched a genocidal war on the Gaza Strip.

Lebanon’s Hezbollah resistance movement has responded with numerous strikes against the occupied Palestinian territories as a means of both retaliating against the regime and displaying support for the war-hit Gazans.

On Sunday, the group staged its farthest-reaching strikes against the territories since October, firing scores of rockets against the Ramat David Airbase, 20 kilometers (12 miles) southeast of the city of Haifa, and the Rafael weapons manufacturing facility in the Zevulun area north of the city.

It described the strike against the facility as its “initial response” to the regime’s detonation of thousands of booby-trapped pagers and walkie-talkie radios that killed at least 39 people and wounded 3,000 others across Lebanon over Tuesday and Wednesday.

Also on Sunday, Hezbollah’s Deputy Secretary General Sheikh Naim Qassem said the movement was in a "new phase" in its battle against the regime.

"Threats will not stop us... We are ready to face all military possibilities,” he noted.

Qassem made the remarks while attending the funeral of Ibrahim Aqil, one of the group’s senior commanders.

Aqil had been martyred alongside 37 others, including three children and seven women, during an Israeli attack on a residential building in a southern suburb of Lebanon’s capital Beirut on Friday.

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