Enforcement Directorate makes its first arrest in Nirav Modi fraud case
Updated : March 27, 2018 03:32 PM IST
Shyam Wadhwa is a senior official of FireStar Diamond, a company owned by Nirav Modi
Wadhwa is accused of playing a critical role in setting up the shell companies that were used to obtain unauthorized loans from Punjab National Bank (PNB).
Wadhwa has also been accused of managing capital flow from Letters of Understanding (LoUs) to shell companies.