The Enforcement Directorate (ED) reportedly has evidence to show how Gitanjali Gems and Nirav Modi companies ploughed money back into the country through hawala operators said an official who refused to be identified.
Nirav Modi and his businesses defrauded Punjab National bank using unauthorized Letters of Understanding(LoUs) to the tune of Rs. 13,000-plus crore allegedly from overseas branches.
The money raised thus used to be routed back into the country through hawala operatives.
ED also found evidence of inter-state money transfers by one of the biggest hawala operators who is allegedly very active in a Mumbai-based steel company whose promoters siphoned off money and is now under its scanner.
ED is presently investigating 17 overseas companies which received funds from the PNB scam. Of these, five were mentioned in the second FIR of CBI.