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PNB fraud | CBI files FIR against Nirav Modi's partner Mehul Choksi, carries out searches in 20 locations

The CBI is currently conducting searches today against the Gitanjali Group of Companies in related locations at 20 places in six cities across five states in the country.

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Mehul Choksi (L), Nirav Modi
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The CBI on Friday registered an FIR against Nirav Modi's partner Gitanjali Group of Companies' Mehul Choksi in connection to the PNB fraud case. The fresh FIR is based on new complaint received from the PNB on February 13.

Around three companies of Choksi including Gitanjali Gems, Gili India and Nakshatra Brand Ltd have been named in the FIR filed by CBI.

The CBI is currently conducting searches today against the Gitanjali Group of Companies in related locations at 20 places in six cities across five states in the country.

The raids are being carried out at locations belonging to Gitanjali Group including factories, plants, offices and also residences of other accused directors in the PNB scam.

Searches are being conducted in Maharashtra's Mumbai and Pune, Gujarat's Surat, Rajasthan's Jaipur, Telangana's Hyderabad and Tamil Nadu's Coimbatore.

Choksi is accused in the biggest bank scam in the country along with his business partner Nirav Modi.

The Punjab National Bank (PNB) detected a 1.77 billion dollars scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The PNB has suspended its 10 officers involved in this scam and referred the matter to the CBI for investigation.

The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

The CBI had received the complaint from PNB on January 28 and a case was registered in the case on January 31.

The probe agency also issued the circulars against all the accused on January 31.

The alleged loss to PNB is estimated at Rs 4886.72 crores.

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