Manhattan District Attorney Cy Vance, Jr. today urged the Biden administration to pursue bold new measures to help prosecutors further combat money laundering and financial fraud now that Congress has passed the Corporate Transparency Act, a “laudable first step” in this fight.
“While diamonds may be forever, this flawed scheme was not, and now Mr. Modi will face the clarity of a New York Supreme Court indictment,” said District Attorney Vance.
“If left undetected, this former employee’s alleged tampering could have cost Century 21 more than $50,000,” said District Attorney Vance.
“Although the massive amount stolen sets this case apart from recent prosecutions of unscrupulous attorneys, the pattern is familiar – the defendant moved the stolen fortune into multiple bank accounts and used it to fund a life of luxury.”
“It is my hope that today’s convictions serve as a warning – regardless of whether the perpetrator is an inmate or an officer, illegal behavior in Manhattan’s jails will not be tolerated.”