PNB-scam: Nirav Modi 'busy' with business, refuses to join probe
Nirav Modi, accused in the massive PNB scam, has refused to join the CBI investigation citing business engagements abroad. Meanwhile, the estimation of the fraud has increased to roughly Rs. 12,650cr. Days ago, CBI had summoned him through email. After his refusal to return, it has issued him a stricter summons for questioning. The current location of Modi and his aides is unknown.
How India's biggest scam unfolded
Nirav Modi, diamantaire to global celebrities, and uncle Mehul Choksi, Gitanjali Gems chairman, have been accused of defrauding PNB of Rs. 12,650cr. Firms linked to them allegedly acquired fraudulent letters of undertaking (LoUs) from PNB during 2011-17 and based on them, obtained loans from foreign branches of Indian banks. Modi, his family and Choksi left India weeks before the scam was detected last month.
Modi makes 'concrete proposal' for loan repayment to PNB
Recently, Modi forwarded a 'concrete proposal' for repayment of loans to PNB, offering it jewelry (Rs. 2,000cr), current account deposits (Rs. 200cr) and properties (Rs. 50cr). Modi said he wants to "resolve the matter, ensure justice is served to all" and dues of employees cleared. Earlier, he had blamed PNB, saying its "anxiety to recover dues immediately" was responsible for his failure to repay.
Blue Corner notice issued against Modi and Choksi
The Bureau of Immigration has now issued a Blue Corner notice against Modi and Choksi. It can help locate and obtain information about a person of interest facing criminal investigation. In this case, it will be valid till February 22, 2019 at all embarkation ports.
41 properties worth Rs. 1,200cr attached
The ED has attached 41 properties worth Rs. 1,217.2cr belonging to Choksi. These include 15 flats in Mumbai, a farmhouse in Alibaug and a mall in Kolkata. The CBI has arrested PNB's chief auditor MK Sharma, who was responsible for auditing transactions at the Brady House Branch, the site of the scam. It has directed Modi to appear for questioning next week.
