Punjab National Bank (PNB), at the centre of India's biggest banking fraud, also suspended eight more officials, including one at general manager level, for their suspected involvement.
The Ministry of External Affairs (MEA) on Friday suspended, with immediate effect, the passports of diamantaire Nirav Modi and his business partner Mehul Choksi for four weeks. The Ministry gave them one week to respond on why their passports should not be revoked.
Punjab National Bank (PNB), at the centre of India's biggest banking fraud, also suspended eight more officials, including one at general manager level, for their suspected involvement.
The Central Bureau of Investigation (CBI) also approached the Interpol to locate the accused. The agency hinted that Nirav and his wife were spotted in Manhattan and were reportedly staying in a suite at JW Marriott's Essex House. The Income-Tax department has also stepped up action against Nirav Modi, government sources said. "It has attached 29 immovable properties of Nirav Modi, Ami Modi and various group concerns," sources said, adding, "The department seized 105 bank accounts of Nirav Modi, family members and group concerns."
The added, "It has also issued notices under the anti- black money and taxation laws," sources said. The Ministry of Corporate Affairs has also identified about 150 shell companies for investigation.
"If they fail to respond within the stipulated time, it will be assumed that they have no response to offer, and MEA will go ahead with revocation of their passports," the Ministry said in a statement.
"I can say with confidence that this gentleman is not in touch with any of our officials, and frankly at this stage, we are not aware about his location. He will not be able to travel now," said MEA's spokesperson Raveesh Kumar.
He said Nirav was not part of any official delegation, as alleged by Opposition parties. "Any business delegation is not part of PM delegation. There was no meeting between him and PM. When we came out of meeting (at Davos), Indian CEOs were waiting for PM. It was an impromptu thing that happened between two meetings. There was no exchange of words or greetings," he said.
Officials said PNB will repay other banks their dues by March 31, and would be funded from internal resources. On Wednesday, 10 bank employees had been suspended after reports of fraudulent transactions of more than Rs 11,300 crore.
Officials said PNB will settle liabilities towards other banks by March-end and no further capital infusion would be needed as these would be funded from internal resources.
Meanwhile, the CBI raided the offices of jewellery retailer Gitanjali on Friday in a widening probe into the $1.77 billion loan fraud.
Nirav Modi is accused of colluding with bank employees to fraudulently obtain advances for payments to overseas suppliers to his business stretching from New York to London to Beijing.
(With agency inputs)
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