The Enforcement Directorate (ED), looking at the money trail related to jeweller-designer Nirav Modi , have found it leading to Delaware , in the United States. "The agency is probing details of the operations of Nirav Modi's firms in Delaware," an ED source told IANS, adding that all his bank transactions were under the scanner.Delaware in the US is a tax-free state, attracting a large number of companies from across the country to register there. The ED source said investigators were trying to find out if Nirav Modi had diverted any of the loans raised from Indian banks to the US which had been indicated in the documents they were studying.They are also looking at whether some shell companies were set up in the US. A Chapter 11 filing under the Bankruptcy Code usually allows a company to reorganise its business.Modi -- who along with uncle Mehul Choksi of Gitanjali Group is the main accused in the Punjab National Bank fraud -- has been shown as an inventor in details filed against his company registered at 5th Avenue in New York. The ED has attached properties valued by them at Rs 6,000 crore.

Source: Economic Times February 27, 2018 16:52 UTC