Nirav Modi-scam: Property worth Rs. 523cr attached, PNB CEO questioned
Continuing its investigation into the Rs. 11,400cr PNB scam, the CBI yesterday questioned two top officials of the bank, including CEO and MD Sunil Mehta. Mehta and Executive Director Brahmaji Rao were questioned for the whole day, though it is not known whether they are being treated as suspects or witnesses. Meanwhile, the ED attached 21 immovable properties of Nirav Modi worth Rs. 523.72cr.
How India's biggest scam unfolded
Nirav Modi, diamantaire to global celebrities, and his uncle Mehul Choksi, Gitanjali Gems chairman, have been at the center of the PNB scam. Firms linked to them allegedly acquired fraudulent letters of undertaking from PNB during 2011-17 and based on them, obtained loans from foreign branches of Indian banks. Despite complaints throughout the years, investigating agencies didn't act till it was too late.
Assets worth over Rs. 6,000cr seized, 12 arrested
Till now, agencies have seized assets worth over Rs. 6,000cr belonging to Modi and his uncle Mehul Choksi, Gitanjali Gems chairman and a co-accused, including a fleet of nine high-end luxury cars and 10,000 imported watches. Around 100 current accounts and 200 shell companies linked to Modi have been detected. Twelve people, including employees of PNB and Modi's firms, have been arrested so far.
Latest seizure includes a power plant and a farmhouse
In the latest crackdown, the ED attached 21 properties of Modi, including an Alibaug farmhouse, 135 acres of land in Ahmed Nagar, residential as well as office premises in Mumbai and Pune, and a solar power plant, under the Prevention of Money Laundering Act.
What's happening in the probe now?
Modi left the country with his family weeks before the scam was detected. He has ignored ED summons till now, but has been asked to appear in front of it tomorrow. Modi explained his inability to attend citing suspension of passport. PNB has now appointed PricewaterhouseCoopers, one of the world's largest professional services firms, as an auditor in the case.
