CBI court issues non-bailable warrants against Nirav Modi, Mehul Choksi
What's the story
A special CBI court has issued non-bailable warrants against Nirav Modi and Mehul Choksi, both of whom left the country in January.
The two are the prime accused in what is possibly India's largest bank fraud: they took loans worth Rs. 13,000cr scam from PNB on the basis of fraudulent LoUs.
Last month, a PMLA court had also issued non-bailable warrants against the two.
Scam
How the two pulled off India's biggest banking fraud
During 2011-17, Modi, owner of the Nirav Modi brand of jewels, and Choksi, Gitanjali Gems chairman, connived with PNB officials to get letters of undertaking issued fraudulently.
The scam, initially estimated at Rs. 280cr, has grown significantly in valuation, and probe is still underway.
Modi and Choksi left India weeks before news broke in February.
Responding to summons, both have refused to return.
Status
The worst is over for PNB, says MD Sunil Mehta
Since then, investigating agencies have raided several premises belonging to them, questioned numerous officials associated to them and to PNB, and arrested many.
Officials of the Hong Kong branch of Allahabad Bank have also been summoned for questioning.
PNB MD Sunil Mehta has said the worst is now over for the bank, and that it will be out of the mess in six months.
Information
India requests Hong Kong to provisionally arrest Modi
Last month, when asked if the government has any idea about Modi or Choksi's whereabouts, Gen (retd) VK Singh, MoS External Affairs, said India has requested Hong Kong to provisionally arrest Modi. A provisional arrest is made when a formal extradition request is pending.