PNB scam: Nirav Modi's close aide arrested by ED
What's the story
The Enforcement Directorate has arrested a "close" associate and the Vice President of a firm of diamantaire Nirav Modi in connection with a money-laundering probe in the over Rs. 12,000cr PNB scam, officials said on Wednesday. Shyam Sunder Wadhwa, the Vice President of the Firestar group, was arrested last night under the Prevention of Money Laundering Act (PMLA), the officials said. Here's more.
Arrest
This is the ED's first arrest in the case
Shyam Sunder Wadhwa was described as a "close confidant" of Nirav Modi. "He is in close touch with Modi and is also involved in money laundering at the behest of and in aid of Nirav Modi," an official said. This is the ED's first arrest in the case. Wadhwa is expected to be produced before a local court in Mumbai today.
Scam
Wadhwa will help in "unraveling the truth behind the scam"
The central probe agency said Wadhwa will help it in "unraveling the truth behind the scam". It alleged that he was trying to "mislead" the agency during interrogation but confessed doing the paperwork for creating two firms and appointing "dummy" directors in them. The agency has filed two money laundering FIRs against Nirav Modi and his uncle and Gitanjali Gems promoter Mehul Choksi.
Information
Total seizure in the case stand at Rs. 7,664 crore
The ED has conducted a total of 251 country-wide searches in the case after it began the criminal probe against the accused in February. The total seizure and attachment of assets in the case stand at Rs. 7,664 crore.