Nirav Modi's firms used PNB funds to buy assets abroad: ED
The Enforcement Directorate (ED) has reportedly alleged that Nirav Modi's firms used most of the funds raised from PNB to buy immovable properties abroad. Part of the funds was allegedly used by the firms to settle their debts to overseas lenders. Notably, the ED has issued judicial requests to 13 foreign jurisdictions to obtain information about Nirav Modi's businesses.