NBWs against Nirav, Mehul on CBI plea

Posted April 09, 2018

A special court for CBI cases in Mumbai has issued non-bailable warrants (NBWs) against billionaire jeweller Nirav Modi and his uncle Mehul Choksi in the Punjab National Bank fraud case.

"As this policy was regulated by the RBI, and both absconding accused Nirav Modi and Mehul Choksi were benefited due to this scheme, we want to know why this scheme was designed in this manner and was RBI aware of this", said a CBI official.

The duo have refused to join investigations into one of the biggest banking scam of the country involving Rs 12,700 crore.

"The layers of companies appear to be shell structures. We are anticipating that we will be able to come out of this entire problem in the next six months". The duo also failed to present themselves for questioning despite repeated CBI requests. Mr. Nirav Modi also claimed that he was busy taking care of his business overseas, while Mr. Choksi said his health condition did not permit him to travel. A provisional arrest is made when a formal extradition request is pending.

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Mr. Nirav Modi has been traced to Hong Kong and Mr. Choksi is said to be in the United States.

In February 2018, it had emerged that the fraudulently issued Letters of Undertaking (LoUs) from the Mumbai branch of PNB in favour of Hong Kong branches of Allahabad Bank and Axis Bank.

"The exact roles of the bank employees concerned need to be ascertained based on the communications from the Brady House branch to the concerned overseas bank branches". PNB has said it is working with the investigators and regulators probing the fraud case. "We have just engaged lawyers to represent our bank in the U.S. bankruptcy petition as part of recovery process".

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