INDIA
A look out circular is issued by enforcement agencies to all exit and entry ports to inform them about the movement of an accused.
The Enforcement Directorate (ED) has found that billionaire jewellery designer Nirav Modi, who holds a Belgium passport, had left India just before the Punjab National Bank knocked the doors of investigating agencies. The ED has informed about the development to the Ministry of Finance on Thursday afternoon.
Nirav Modi's brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6, the officials said.
The agency issued a look out circular against all the four after registering the first FIR against them, they said.
A look out circular is issued by enforcement agencies to all exit and entry ports to inform them about the movement of an accused.
Modi, who is believed to be in Switzerland, was also present in a group photo of Indian CEOs with Prime Minister Narendra Modi, issued by the Press Information Bureau, in World Economic Forum on January 23, six days before the bank sent its first complaint against him to the CBI, according to the officials.
The diamantaire is an India citizen but his brother Nishal and wife Ami are not Indian nationals, the officials said.
ED has found that three diamond firms belonging to the Nirav Modi Group and some other firms owned by Gitanjali Gems were involved in the scam. It is probing the role of Gitanjali Gems, which is owned by Choksi.
The PNB, meanwhile, has sent two more complaints to the CBI for further action. The agencies have found that apart from eight Letter of Understanding, that were mentioned in the FIR, a total 142 Letter of Understanding were used.
Seeing the ED sleuths carrying out raids, the CBI sleuths also sealed a flat of Ami Modi at Worli in Mumbai. The ED carried out raids at the locations which were not raided by the CBI.
Explaining the fraud, the ED sleuths stated that firms owned by Modi and Choksi held current accounts at a domestic branch of Punjab National Bank (PNB). These firms purchased raw gems from overseas firms, and had to make payments to the sellers in foreign currency and the sellers held accounts at foreign branches of Indian banks. The firms owned by Modi and Choksi in connivance with officials at PNB fraudulently issued 'letters of undertaking' ( LoUs ), allowing them to get short term loans -- buyers' credit -- from overseas bank branches to pay the sellers. Under the terms of the LoU , PNB was the guarantor of these loans.
(with inputs from Agencies)
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