Non-bailable warrants against Modi, Choksi

How the rich and the famous parked black money in Nirav Modi firms

A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011. The CBI and Enforcement Directorate are now investigating the fraud case worth Rs 12,700 crore.

Taking cognisance of the CBI applications, the special court issued the non-bailable warrants on Saturday. The warrant was issued at the request of the Central Bureau of Investigation (CBI), which is investigating the multi-agency crackdown on the businessmen.

Officials said that now that a court has issued NBWs the investigating agency can approach the Interpol to get Red Corner notice issued against both Mr Modi and Mr Choksi.

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The agency has also summoned the official who handled foreign exchange transactions in the Hong Kong branch of the Allahabad Bank. The CBI is also questioning officers of overseas branches of Indian banks that extended credit facilities on the basis of the fraudulent letters of undertaking (LOUs), issued by employees of PNB, the source said. This would help extradite Modi who is believed to be holed up in Hong Kong.

On Friday, the CBI which is probing the alleged Rs 13,000-crore PNB fraud had questioned a former Deputy Governor of the Reserve Bank, H R Khan, in connection with alleged bank fraud cases involving diamond traders Nirav Modi and Mehul Choksi and relaxation of gold import policy by the erstwhile UPA government. The development in PNB scam days after Nirmala Sitharaman said that our government will bring back both accused involved in the PNB scam - Mehul Choksi and Nirav Modi. The case, dubbed India´s largest ever bank fraud, has led to a huge probe and 20 arrests have been made so far in relation to the matter.

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