Sources say, Singapore authorities informed India that as Nirav Modi is accused of defrauding PNB to the tune of Rs 6,000 crore, his application was rejected
The Singapore government has rejected fugitive diamond merchant Nirav Modi’s application for citizenship and passport of the country.
Earlier, Nirav’s aides Mihir Bhansali and Rakhi Bhansali had moved a US court, seeking to quash Punjab National Bank’s (PNB) subpoenas issued to the husband-wife duo who allegedly have information relevant to the state-run lender’s claims against the Nirav Modi-controlled American firms.
The Bhansalis have claimed that PNB is not entitled to obtain evidence from them because the state-run bank was “complicit” in the multi-billion dollar fraud activity, involving Nirav Modi, his uncle Mehul Choksi, and some PNB employees.
PNB, the victim of India’s biggest banking fraud said to be perpetrated by Modi and Choksi, was granted the power by the US Bankruptcy Court Southern District of New York to issue its own subpoenas for the production of documents and the examinations of persons in these proceedings.
On July 26, the PNB had served the subpoenas on Mihir Bhansali and Rakhi Bhansali. The bank had also made 60 document requests. (A subpoena is a witness summon issued to compel testimony by a witness or production of evidence.)
Appealing through their attorney, the Bhansalis on August 8, submitted a memorandum of law in support of their motion to quash four subpoenas, which seek the depositions and production of documents from each of them.
WHY REJECTED
- Sources say, Singapore authorities informed India that as Nirav Modi is accused of defrauding PNB to the tune of Rs 6,000 crore, his application was rejected.
- A red corner notice was issued against him in July this year. The notice works as an int’l arrest warrant.
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