PNB scam: Interpol issues red notice against Nirav Modi's sister

India's Punjab National Bank, the second-biggest state-run lender, stunned the country's financial sector when it announced it had discovered fraudulent transactions worth $1.77 billion at a single branch in Mumbai.

New Delhi: Interpol has issued a red corner notice (RCN) against Purvi Modi, a Belgian national and absconding billionaire jeweller Nirav Modi's sister, in connection with the alleged USD 2 billion PNB money laundering case, officials said Monday.

The notice, which acts as an international arrest warrant, states that Purvi Deepak Modi, 44, is required on charges of "money laundering".

The RCN against her was requested by the Enforcement Directorate (ED), officials said.

The ED named her in its first charge sheet in the case in March and charged her with laundering the alleged proceeds of crime generated by defrauding the Brady House branch of the Punjab National Bank in Mumbai.

According to the Interpol notice, Purvi speaks English, Gujarati and Hindi and is a Belgian national.

Once an RCN is issued against a fugitive, Interpol asks its 192 member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.

A similar notice was issued against Nirav Modi sometime back as part of a joint probe by the ED and the CBI in the case. Interpol also issued notice against Mihir R Bhansali, a top executive of Nirav Modi's US business concern, on charges of money laundering.

The case pertains to cheating the state-run Punjab National Bank through fraudulent issuance of Letters of Undertaking and Foreign Letters of Credit worth over USD 2 billion (about Rs 13,000 crore) by Nirav Modi and his uncle Mehul Choksi, both absconding since the first week of January.

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