BUSINESS
A Billionaire diamond merchant Nirav Modi has refused to join Central Bureau Investigation (CBI) probe in connection with the Punjab National Bank (PNB) fraud.
A Billionaire diamond merchant Nirav Modi has refused to join Central Bureau Investigation (CBI) probe in connection with the Punjab National Bank (PNB) fraud.
The Rs 11,400 crore fraud perpetuated by Nirav Modi is being investigated by various investigative agencies including the Enforcement Directorate and the CBI.
The agency had written to Modi on his official email address asking him to join the investigation, however, he replied, 'we have businesses abroad so I can't join the investigation.'
The CBI directed him to contact the embassy of the concerned country where he is staying so that his travel to India can be arranged.
The agency has directed him to join investigation next week mandatory.
On January 31, the CBI had registered an FIR against Nirav Modi, his companies, and diamond jeweller Mehul Choksi in connection with the PNB fraud.
Later, the ED also started its probe.
Meanwhile, a special court has allowed an Enforcement Directorate (ED) plea seeking issuance of Letters Rogatory (LRs) to six countires for obtaining information about the overseas businesses and assets of diamantaire Nirav Modi in the over Rs 11,000-crore PNB fraud case.
The CBI has so far arrested Vipul Ambani, president (finance) of Nirav Modi's Fire Star Diamond, Kavita Mankikar (executive assistant and authorised signatory of three firms -- Diamond R US, Stellar Diamond, Solar Exports), Arjun Patil (senior executive, Firestar group) and Rajesh Jindal, the then head of the Brady House branch of PNB.
The others arrested are: Bechhu Tiwari, the then chief manager in the Forex department of PNB, Yashwant Joshi, the Scale II manager in the Forex department, Praful Sawant, the Scale-I officer handling the exports section, Gokulnath Shetty, the then deputy manager (now retired) of PNB, Manoj Kharat, a single window operator of PNB, and Hemant Bhat, the authorised signatory of Nirav Modi's company.
Among those arrested in connection with Choksi's firms are Nakshatra group and Gitanjali group CFO Kapil Khandelwal and Gitanjali group manager Niten Shahi.
The FIR had listed eight fraudulent transactions worth over Rs 280 crore, but based on further complaints from the bank, the CBI said the quantum of amount in the first FIR is over Rs 6,498 crore, involving 150 LoUs allegedly issued fraudulently by Shetty and Kharat.
The remaining 150 fraudulent LoUs worth over Rs 4,886 crore issued for Gitanjali group of companies were part of the second FIR registered earlier this month by the agency against Choksi and his companies Gitanjali Gems, Nakshatra Brands and Gili.
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