Third FIR in PNB scam case

08 March, 2018, 01:12 | Author: Pamela Mathis
  • Post-PNB fraud survey

Billionaire Nirav Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies after the scam recently came to light following a complaint by the PNB that they had allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.

The CBI filed the initial First Information Report on February 14 against Nirav Modi, his wife Ami, brother Nishal, uncle Choksi and his firms Diamond R US, Solar Exports and Stellar Diamond.

Mehta had been earlier questioned in this case by the CBI on the regulatory processes, checks and balances and auditing schedules in place at PNB to monitor its finances and loans.

ICICI Bank said in a statement that it has no exposure to the Nirav Modi group of companies but noted, "We are working capital lenders to the Gitanjali group of companies along with several other banks in the consortium".

Meanwhile, a Mumbai special court March 5 permitted the ED to issue Letters Rogatory to six countries to identify and seize properties of the absconding diamond traders.

So far, these agencies have arrested a total of 19 persons in connection with the scam.

Diamantaire Nirav Modi's flagship company Firestar Diamond moved Delhi High Court against the seizure of his properties.

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Advocate Vijay Aggrawal, appearing for the firm, has sought quashing of the ED action of taking away the movable property and depositing the same with the PNB bank.

The court will hear the plea March 7. He said, "We told them that this is the basis of our petition that there is no information".

Did money route back to banks for fresh LOUs?

He said that under Modi's rule, fraudsters were able to operate with a "fleece, flee and fly" mantra.

The Congress party on Monday, after giving notices for suspension of all business in Parliament to discuss the bank fraud cases, asked why is Prime Minister Narendra Modi silent on the issue of jewellers Nirav Modi and Mehul Choksi.

"What is even more astonishing is that 184 accused in these scams and frauds have escaped".

Nirav Modi will be prosecuted for wrong declaration of value and quantity of the imported Cut and Polished Diamonds, Pearls to Customs and diversion of the Duty Exempted goods to the domestic tariff area clandestinely, the report had said.

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