Nirav Modi's close associate admits to money laundering
Shyam Wadhwa, Vice President (Finance) of Firestar Group and a "close" associate of jeweller Nirav Modi, has admitted that he assisted Nirav in forming shell companies to launder money, according to India Today. Wadhwa has also provided "strong evidence" against Nirav. He admitted that Nirav exploited PNB's loan money "for circular trading and round-tripping with the support of hawala operators."