Billionaire jeweller Nirav Modi and his Firestar Group is at the centre of the Rs13,000 crore PNB fraud. Shyam Sunder Wadhwa, the vice president of Firestar Group, was arrested last night under the Prevention of Money Laundering Act (PMLA) in Mumbai, the Enforcement Directorate said in a statement. Wadhwa, a chartered accountant, was sent to seven days of ED custody by a special anti-money laundering court in Mumbai on Wednesday. “He is in close touch with Modi and also involved in money laundering at the behest of and in aid of Modi,” an official said. The ED has filed two money-laundering FIRs against Modi and his uncle and Gitanjali Gems promoter Mehul Choksi to probe the alleged over Rs13,000 crore PNB fraud.

Source: Mint March 28, 2018 09:29 UTC