velu Posted April 1, 2019 Share Posted April 1, 2019 Quote The use of the Racketeer Influenced and Corrupt Organizations Act (RICO), framed in 1970, signals the prosecutor’s aggressive approach in this case. The Chicago Outfit and the Gambino crime family are among mobster families convicted under this law. After Punjab National Bank (PNB) last February accused Modi’s companies of perpetrating a $2 billion fraud across seven years, three of his companies—Firestar Diamond, A. Jaffe and Fantasy—filed for bankruptcy protection in the US. Subsequently, the US Bankruptcy Court for the Southern District of New York appointed Richard Levin as the managing trustee in the bankruptcy case. The complaint filed in the bankruptcy court against Modi, Mihir Bhansali and Ajay Gandhi, top executives of the three bankrupt US companies, accused them of “breach of fiduciary duty, aiding and abetting breach of fiduciary duty, corporate waste, and violations of the RICO Act". gujju mafias https://www.livemint.com/news/india/nirav-modi-aides-charged-under-us-law-used-to-nail-mobsters-1554059100639.html Link to comment Share on other sites More sharing options...
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