PNB Scam: Non-Bailable Warrant Issued Against Nirav Modi, Mehul Choksi by Special CBI Court
The Ministry of External Affairs, in its written response to a specific query in Lok Sabha, said Nirav Modi is in Hong Kong.
Mumbai, April 8: The Special CBI Court on Sunday issued non-bailable warrants against loan fraud accused diamantaires Mehul Choksi and Nirav Modi. The uncle-son duo, who left the nation in January this year, are accused of defrauding the Punjab National Bank to the tune of Rs 13,600 crores.
Earlier, on March 3, a non-bailable warrant was issued against the absconding jewellers by a special court set up under the Prevention of Money Laundering Act (PMLA). The court had also allowed the investigative agencies to issue Letter of Rogatory (LR) to seven countries — Malaysia, Armenia, France, China, Japan, Russia and Belgium — seeking information on the possible presence of Modi, Choksi or their kin on their soils.
Meanwhile, the Ministry of External Affairs, in its written response to a specific query in Lok Sabha, said Nirav Modi is in Hong Kong. MoS, MEA, Gen (retd) VK Singh said the counterparts in Hong Kong have been approached seeking the provincial arrest of the diamond trader.
The scam involving Modi and Choksi came to light on January 29, after the CBI filed its first FIR in the case. What was first considered to be a fraud amounting to nearly Rs 280 crore, snowballed upto the magnitude of Rs 13,600 crore. The duo are also accused of cheating other state-run lenders, which take the collective defrauded amount to nearly Rs 20,000 crores.
The investigation conducted by the agencies so far found the issuance of fraudulent Letter of Undertaking as the modus operandi behind the scandal. Over 18 employees of PNB have so far been arrested, with former deputy manager of the bank's Brady House branch being labelled as the prime facilitator of the scandal.
(The above story first appeared on LatestLY on Apr 08, 2018 04:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).