Court sends three accused in PNB fraud case to police custody

Gladys Abbott
February 18, 2018

He also said that RBI has categorically stated that if the fault is from the PNB side, then the lender will have to repay all the banks who have borne the brunt of the fraud.

The CBI had earlier raided the residences of Modi, his brother, wife and Choksi, all partners of Diamond R US, Solar Exports and Stellar Diamonds, and two bank officials - Gokulnath Shetty (now retired) and Manoj Kharat, who were also named in the FIR as accused. The Chief Minister took to Twitter and said that the scam which had started in 2011, is still going on.

Adding to the ongoing political blame game between the BJP and the Congress over the Rs 11,300 crore banking fraud involving celebrity designer Nirav Modi, Defence Minister Nirmala Sitharaman today launched an attack on Congress leader Abhishek Singhvi.

He further said: "Neither adwait nor my family has any interest with modi or Firestone".

On January 16, after Nirav Modi's associates were refused the LOU, they were ready to pay 100 per cent cash margin to avail the facility but it was too late.

The taxman also filed a charge sheet against Modi before a special court in Mumbai under sections 276 C (1) [wilful attempt to evade tax], 277 A (false statement in verification), 278 B (offences by companies) and 278 E (presumption as to culpable mental state) of the Income Tax Act, 1961. "Last August, the company gave notice to quit tenancy and vacated Parel Kamla Mills premises in December 2017". The remaining 150 fraudulent LoUs worth over Rs 4,886 crore issued for Gitanjali Group are part of the second FIR registered by the agency against Choksi and his companies Gitanjali Gems, Nakshatra Brands and Gili, they said.

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Modi, his wife Ami, brother Nishal and uncle Mehul Choksi are partners in Diamonds R US, Solar Exports and Stellar Diamonds, which has shops in foreign locations such as Hong Kong, Dubai, and NY. Modi, who has been accused in a multi-crore banking fraud in India, meanwhile, has been spotted at a plush hotel at NY in the United States, reports said.

The whereabouts of high-profile jewellery designer Nirav Modi, whose jewellery has been also worn by Hollywood stars including Kate Winslet, is unknown.

According to media reports, he is now in NY.

The Punjab National Bank had on Friday suspended eight of its employees, taking the number of suspended employees to 18.

The central probe agency searched 35 locations across India of Nirav Modi and Geetanjali Gems in a case related to fraud in PNB. "Finding NiMo - movie by Punjab National Bank", they tweeted. Internal investigation of the bank is still underway.

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