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Four more arrested in PNB fraud

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PNB fraud: Internal auditor at Mumbai branch sent to police custody till March 13

"We are aware of recent media reports that Nirav Modi is in the United States but can not confirm them", the spokesperson told PTI when asked about reports that the Indian businessman is in NY.

A senior DRI official said, "The modus operandi indicates that Modi not only evaded duty, but also laundered money, which is being investigated by the Enforcement Directorate".

Earlier, the amount stated to have been defrauded by Modi and Choksi's companies stood at Rs 11,300 crore.

The ED has seized diamonds and other valuables to the tune of around Rs 5,700 crore from Modi's jewellery outlets.

The order restraining 64 entities include those of Nirav Modi, Mehul Choksi and some companies related to the fraud on Punjab National Bank (PNB). He added that the agency received replies from Nirav for two summonses. The diamantaire, however, claimed that he could not join the probe due to business commitments overseas.

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"We apprised the court of the fact that Modi had breached three summons issued by the ED calling upon him to cooperate with the probe". The agency has yet to track down Modi and Choksi, who left India in January before the fraud came to light. News agency ANI reported that apart from Nirav Modi, his companies were found to be eligible for prosecution under various sections of the Customs Act.

Mumbai: A special court on Saturday issued non-bailable warrants (NBW) against diamond traders Nirav Modi and Mehul Choksi in connection with the multi-core Punjab National Bank (PNB) scam.

The estimated Rs 12,700 crore fraud was perpetrated by way of fraudulent Letter of Undertakings (LoUs) in connivance with some bank employees.

The CBI on Thursday arrested Bishnubrata Mishra of Keonjhar, Odisha, who was working as the Internal Chief Auditor of Punjab National Bank (PNB), in connection with the United States dollars 2 billion fraud.

The two billionaires had allegedly fled the country before the cases were even registered against them. It is alleged that LoUs and LCs worth close to Dollars 2 billion were issued to the companies of the unclenephew duo of Choksi and Modi from the Brady Road branch of the bank through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages.

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