New Delhi, Feb 16: The Interpol’s diffusion notice has been issued against diamond merchant Nirav Modi, his wife Ami Modi, brother Nishal Modi and Mehul Choksi in connection with Punjab National Bank fraud case, according to news agency ANI.
After almost 24 hours, raids continued at Nirav Modi’s boutique in Kala Ghoda in Mumbai on Friday also. It is alleged that Modi and his associate firms fraudulently acquired PNB guarantees worth USD 1.7 billion that they later used to obtain loans overseas.
Meanwhile, in another major development, the state-owned bank suspended eight more employees taking the total number to 18, which also includes General Manager level officers.
The internal investigation of the bank is still underway.
— ANI (@ANI) February 16, 2018
Yesterday, CBI had sealed the residence of Nirav Modi’s wife in Mumbai’s Worli.
The probe agency sealed her residence after conducting a raid on February 3 and 4. It also seized 95 documents including import bills and applications.
According to the CBI sources, Ami, an American citizen, left India on January 6 while Nirav left on January 1, days before CBI issued a lookout circulars against all accused in the scam, news agency ANI reported.
The probe agency issued the circulars against all the accused on January 31.
The Punjab National Bank detected a 1.77 billion dollars scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.
At least 10 bank employees have been suspended in connection with the fraud so far.
The scam was started in 2011 and was detected in the third week of January this year, after which the officials reported it to the concerned agencies, said PNB MD Sunil Mehta.
Meanwhile, the PNB filed a second complaint with the CBI on February 13.
Earlier, the CBI had received the complaint from PNB on January 28 and a case was registered in the case on January 31.