Tuesday, 22 May, 2018

PNB scam: Non bailable warrant issued against Nirav Modi, Mehul Choksi

PNB scam: CBI questions former Dy Governor of RBI, Harun Rashid Khan CBI questions Ex-RBI Dy Governor over PNB scam and gold scheme
Jean Garcia | 09 April, 2018, 00:45

Mumbai: The Central Bureau of Investigation (CBI) has summoned officers from Hong Kong and is questioning them in connection with the diamantaire Nirav Modi bank fraud case worth over Rs 12,400 crore. The CBI and Enforcement Directorate are now investigating the fraud case worth Rs 12,700 crore.

"Funds, instead of being directly transferred to overseas subsidiaries, have passed through at least two or more companies. We are anticipating that we will be able to come out of this entire problem in the next six months".

Last month, when asked if the government has any idea about Modi or Choksi's whereabouts, Gen (retd) VK Singh, MoS External Affairs, said India has requested Hong Kong to provisionally arrest Modi.

Mehul Choksi is the uncle of billionaire diamond merchant Nirav Modi and promoter of Gitanjali Gems.

Scoreboard: Dakota Raabe, Michigan Hockey Advance to Frozen Four
The semi-finals begin on Thursday, April 5 when Ohio State takes on Minnesota Duluth, followed by MI playing Notre Dame. It is the fifth straight postseason game that Notre Dame has scored in the final minute or overtime.

After questioning the PNB top brass, the agency has now shifted its focus to the policies which could have been exploited by Modi and Choksi to further their alleged cheating.

According to the first person cited earlier, the bulk of these so-called shell structures have been traced back to Hong Kong and Dubai.

The CBI has also questioned several bank officials who had arranged credit for Mr Modi and Mr Choksi on the basis of forged Letters of Undertaking issued by the PNB's Brady House branch in Mumbai. PNB has said it is working with the investigators and regulators probing the fraud case.

The bank has received support from the government, stakeholders and employees, Mehta said, adding, "So the worst is behind us". "We have just engaged lawyers to represent our bank in the USA bankruptcy petition as part of recovery process".

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