PNB fraud: CBI court issues warrants against Nirav Modi, Mehul Choksi

11 April, 2018, 12:47 | Author: Barbara Daniel
  • Nirav Modi

"If India makes a relevant request to the HKSAR, we believe HKSAR will follow the basic law and relevant laws and judicial agreements with India with the relevant issue".

The case, dubbed India's largest ever bank fraud, has led to a huge probe and 20 arrests have been made so far in relation to the matter. Modi has his shop in Hong Kong besides in Beijing therefore he is absconding from India.

A special CBI court in Mumbai has issued non-bailable warrants (NBWs) against billionaire diamantaire Nirav Modi and his uncle Mehul Choksi in connection with the cases related to over United States dollars 2 billion banking fraud in the Punjab National Bank, officials said in New Delhi on Sunday. It has also asked for a special investigation team (SIT) to probe the case, allegedly involving Nirav Modi and Choksi, and a probe into the role of the top management of PNB. While Modi and his brother Nishal left India on January 1, his wife Ami, a United States citizen, and Choksi left on January 6, all before the CBI received a complaint from the PNB on January 29.

Sharma has filed this PIL expressing serious concern over the fraud committed by the PNB by issuing Letter of Undertaking without proper surety or bank guarantee and without entering the LoU in the bank records.

In February, as the case progressed, Modi fled India along with his maternal uncle, Mehul Choksi. For this, the CBI will have to seek assistance from its counterpart in United Kingdom; acting with alacrity, the agency has already procured Letters Rogatory issued will be handed over to the concerned authority in UK.

The Mumbai court approved the CBI's application to issue non-bailable warrants against Modi and Choksi in the PNB fraud, CBI sources said. "If money has gone from our system and parked in that company, our bank's views should be heard before deciding about insolvency petition", PNB Managing Director Sunil Mehta told PTI in an interview.

The CBI said "the officer who dealt with forex transactions in Allahabad Bank's Hong Kong Branch, has been summoned from Hong Kong and is being questioned".

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