Prime Minister announced the ban on Rs 500 and Rs 1000 Indian rupee notes, on November 8, 2016.
Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller, Nirav Modi had deposited cash worth Rs 90 crore at one of the branches of the scam-hit Punjab National Bank (PNB), hours before the announcement of demonetisation.
"When Nirav Modi left India, at that time it was reported that some hours prior to Prime Minister's announcement of demonetisation in 2016, Nirav Modi deposited 90 crore rupees of cash in one branch of PNB, and he probably exchanged it for bullion or something," Memon told ANI, and added, " I think that there should be proper investigation to see if there is any element of truth to it."
Memon also took to Twitter to convey the same, and hinted on suspicion of connivance between the accused and the BJP-led government at the Centre, by adding, "What does it suggest?"
Prime Minister announced the ban on Rs 500 and Rs 1000 Indian rupee notes, on November 8, 2016.
For the unversed, PNB detected a 1.77 billion dollar (Rs 11,400) scam earlier this month, in which Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.
Mehul Choksi, Modi's uncle, is also being probed for his involvement in the fraud.
PNB lodged two financial fraud complaints of Rs 11,400 crore and Rs 280 crore against Nirav Modi, his family members and the owner of Gitanjali Gems.
Meanwhile, passports of Nirav Modi and Mehul Choksi had been revoked, according to the sources in the Ministry of External Affairs (MEA).
Gitanjali Gems Chairman and Managing Director Mehul Choksi and his nephew, famous jeweller Nirav Modi, are the prime accused in the Punjab National Bank (PNB) scam.
The duo, whose locations are not known, are wanted in India for their alleged involvement in siphoning off money from the PNB to the tune of more than 11,000 crore rupees.
Earlier in the day, the Enforcement Directorate (ED) provisionally attached 21 immovable properties, worth Rs. 523.72 crore, of Nirav Modi and companies controlled by him.
The scam, allegedly started in 2011 , was unearthed last month, after which the PNB officials reported it to the concerned agencies.
(With inputs from ANI)
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 "Nirav Modi deposited Rs 90 crore in PNB hours before demonetisation: NCP MP Majeed Memon")
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