Nirav Modi pens to PNB for spoiling his brand

22 February, 2018, 06:57 | Author: Sherman Richardson
  • One of the biggest financial scams of the country surfaced when companies of Nirav Modi and Mehul Choksi approached the PNB’s Brady road branch in Mumbai in January this year seeking LoU for payments to suppliers

Meanwhile, Mumbai's Special CBI court sent Bechu Tiwari, Yashwant Joshi, and Praful Sawant to police custody till March 3.

It is alleged that the issuance of Letters of Undertaking without the sanctioned limits to Nirav's companies, started during Jindal's tenure. He is presently posted as GM Credit, PNB Head Office, New Delhi. The arrested include Vipul Ambani, president (finance) of Firestar International, the flagship firm of Nirav Modi; Arjun Patil, senior executive of Firestar, and Kavita Mankikar, executive assistant and authorised signatory of three accused firms-Diamonds R. Chief Financial Officer of Gitanjali group, Kapil Khandelwal, and its Manager Niten Shahi were also held Tuesday.

Mumbai - India's federal police have arrested six people, including employees of a billionaire jeweller who owns three shops in Macau, as an inquiry into one of the country's biggest bank scams widens, investigators said Wednesday.

Modi, his uncle Mehul Choksi and their companies (the Firestar group and its various affiliates in the case of the first; and the Gitanjali group in the case of the second) are accused of perpetrating the fraud on Punjab National Bank.

Vipul, the son of Dhirubhai Ambani's youngest brother Natulal, has been charged with cheating and criminal conspiracy.

The agency confirmed that searches were also being conducted on Tuesday at Nirav Modi's farmhouse in Alibaug, close to Mumbai.

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The Centre on Wednesday opposed in the Supreme Court a PIL seeking an independent probe and deportation of jeweller Nirav Modi in the over Rs 11,000 crore PNB fraud case, saying that an FIR had already been lodged and a probe was on.

Neerav Modi's lawyer has defended him over the allegations of Modi being a fugitive and is absconding from India to escape Indian authorities.

"This led to the continuance of concealment and large scale fraud in this case on PNB and loss and diversion of thousands of crores of public funds". So far ED has seized diamonds and gold jewellery from Nirav Modi stores worth over Rs 5,700 crore.

The Income Tax Department, which is also probing these instances, had on Tuesday launched action against the shell firms that are reported to have been used by the accused to allegedly launder huge money and evade taxes.

Sources also claimed Rajesh Jindal, a general manager-level officer who was arrested, was also not cooperating with the investigation.

ED said that the agency is talking to senior PNB officials on how LoUs are issued. His ministry is said to have sought a reply from the RBI on whether it found any wrongdoing while inspecting PNB's account books.

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