New Delhi, February 28: The Central Bureau of Investigation (CBI) on Wednesday in an email asked Diamond trader Nirav Modi to join the investigation in connection with the recent PNB fraud that shook the Indian banking system. Modi- the key accused in the alleged PNB fraud worth Rs 11,000-crore said that that he has businesses abroad and can’t be a part of the investigation process. The CBI again wrote an e mail to Modi to contact the High Commission of the concerned country and said that the agency will arrange his travel. As per ANI reports, CBI directed him to join investigation next week mandatory.

Earlier, Modi had written to the state-run bank promising to repay the money. Modi, who is now under the scanner of both the Central Bureau Investigation (CBI) and the Enforcement Directorate (ED), has sought six months to return the money. Modi, his uncle and Gitanjali Gems promoter Mehul Choksi and others are being investigated by multiple probe agencies after it recently came to light. The diamond trader, who was described as India's diamond king in a 2016 Forbes magazine article, told PNB he will raise the necessary money by selling his company Firestar Diamonds.

On February 14, the Punjab National Bank, India's second-largest state-run lender, said it had detected "some fraudulent and unauthorised" transactions amounting to around Rs 11,360 crore at a branch in Mumbai.  As per reports, the fraudulent transactions were for the "benefit of [a] few select account holders with their apparent connivance". Based on the fraudulent transactions, "other banks appear to have advanced money to these customers abroad", PNB added in its statement.

Earlier this week, the CBI has sought from the chief vigilance officers of five banks— Canara Bank, Bank of India, State Bank of India, Allahabad Bank and Axis Bank  the details of financial transactions in the Nostro accounts of Punjab National Bank on the basis of 293 fraudulent Letters of Undertaking issued by it to jewellers Nirav Modi and Mehul Choksi, officials said. Reports state that the overseas branches of the 5 banks had credited over Rs 11,400 crore into the Nostro account of Punjab National Bank on the basis of the guarantees (LoUs) given to Modi and Choksi.

(The above story first appeared on LatestLY on Feb 28, 2018 06:05 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).