PNB fraud: Blue Corner notice issued against Nirav Modi, Mehul Choksi

PNB fraud ED freezes Nirav Modi's bank account with Rs 30 crore balance

A Central Bureau of Investigation (CBI) official in Delhi said arrested official Bishnubrata Mishra, who was Chief Manager/Internal Chief Auditor of the Punjab National Bank's Brady House branch in Mumbai from 2011 to 2015, was responsible for concurrent audit of the bank between 2011 to 2015.

A Look Out Circular (LoC), also known as a blue corner notice, has already been issued against Modi and Choksi to keep a tab on their entry at all land, air and sea ports in India.

Enforcement Directorate has attached 42 properties worth over 1,200 crore rupees belonging to Gitanjali Gems and its promoter Mehul Choksi in connection with PNB scam. Nirav responded to the email saying, "I have business to run here".

Meanwhile, Nirav Modi has refused to cooperate in the probe by the Central Bureau of Investigation (CBI) stating that he can not join the probe as he has pending business matters to attend to overseas. Investigators have also seized a number of properties from the two, including jewellery and luxury vehicles.

The company is a wholly owned subsidiary of Firestar Group, which in turn is wholly owned by Synergies Corp.

More news: Rahul Gandhi mocks at 'chowkidar' Narendra Modi over PNB fraud

Firestar Diamond was formed as a DE corporation in 2004 under the name Jewelry Solutions International.

However, the company filed for bankruptcy at a NY court Wednesday.

The Rs 12,600 crore fraud-hit Punjab National Bank on Thursday clarified that the Reserve Bank of India (RBI) had done risk-based supervision of the bank on an annual basis.

All these events took place just days after PNB claimed that the extent of fraudulent transactions undertaken by Modi in collusion with some bank officials could increase by $206 million to touch as much as $2 billion. The term operations covers bank branches, joint ventures, subsidiaries, remittance centres and representative offices. "Move towards cost efficiencies and synergies in overseas market", but did not name the banks or the affected operations.

He added, "Sixty-nine operations identified for further examination".

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