PNB Fraud: Mauritius offers regulatory help on Nirav Modi’s assets
The Financial Services Commission (FSC) of Mauritius has said that it has taken cognisance of reports about the purported fraud allegations against billionaire jeweller Nirav Modi and his uncle Mehul Choksi. “The FSC is assessing the reported information and is closely monitoring the matter in collaboration with the Bank of Mauritius, the Mauritius Revenue Authority and the Financial Intelligence Unit,” the statement said, “The FSC is also in constant communication with its international counterparts under existing exchange of information agreements.”
The FSC, regulator of non-banking financial services and global business sectors in Mauritius, said it will take “necessary regulatory action” against any licensee, as also individuals or companies under its jurisdiction “found to be linked with any illegal, harmful and/or fraudulent practices that may cause any prejudice to the good repute of Mauritius”.
DNA, on February 18, 2018, had reported that the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) has approached international financial organisations and investigation agencies across the globe and has sought legal help to trace them and seize Modi and Choksi properties. ED had sought help of the Federal Bureau of Investigation of the US to trace and locate the Modi who is hiding in the country.
