Nirav Modi used loan money to invest as FDI in own firm: ED
Nirav Modi used PNB loans to invest as foreign direct investment in his own flagship firm Firestar International, the ED alleged. Nirav's six dummy companies in Dubai, which borrowed from PNB, allegedly diverted $50 million to Lili Mountain Investments, where his sister Purvi Mehta was a director. Lili Mountain allegedly routed these funds through two companies to invest in Firestar.