Mumbai: Aura Gem Co. Ltd, a Nirav Modi-linked firm based in Hong Kong that received $30 million credit against fraudulently obtained Punjab National Bank (PNB) guarantees, has its origins in British Virgin Islands, a tax haven also home to various entities named in the Panama papers money-laundering case.
According to documents filed by Aura Gem at the Registrar of Companies in Hong Kong, the firm was incorporated in the city state on 28 May 2010 by Atlantic Sensor Ltd, almost a year before the alleged fraud began in 2011. Atlantic Sensor is also incorporated in the British Virgin islands, but there is no information on its shareholders.
The British Virgin Islands link has appeared in several suspected transactions involving money-laundering, including the Panama papers leak, in which the International Consortium of Investigative Journalists (ICIJ) published details of 2,14,000 offshore entities created in 21 jurisdictions across the world in 2016.
In 2012, Atlantic