PNB fraud: PMLA issues non-bailable warrants against Modi, Choksi

Mehul Choksi

The bank in January uncovered the alleged fraud in which several bank officials were suspected of colluding with jeweller Nirav Modi and his uncle Mehul Choksi to issue fraudulent letters of undertakings (LoUs), for their companies to raise loans from overseas branches of mostly Indian banks. The FIR filed by the Central Bureau of Investigation has named 10 senior executives of his organizations accusing them of financial fraud amounting to Rs. 4,800 crore.

The market value of the 41 properties attached by ED is Rs 1217.20 crore.

The agency got a tip-off on the room during the questioning of some people. Meanwhile, you (ED) asked me to join the probe. On that, I wrote to the passport authority, requesting it to provide me with reasons for the suspension and proposed revocation of my passport.

While Choksi said that his passport was revoked, Modi said that he had work outside India and thus will communicate only through emails.

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Ms Mankikar's lawyer had claimed that she was arrested at 8 PM, while as per the law, a woman can not be arrested after sunset. "Trying to ensure that so far as possible the position of these business creditors (including banks) and employees are properly considered", it added.

Non-bailable warrants (NBWs) have been issued against Nirav Modi and Mehul Chowksi on Saturday by a special Prevention of Money Laundering Act (PMLA) court in Mumbai, for their connection with the Punjab National Bank fraud.

Nirav's lawyer has stated that they will challenge the order in Bombay High Court. "It is obvious that a fraudster like Nirav Modi has utter disregard for the law. We have not even been given a copy of the application that ED filed", his advocate told ANI. The probe agency officials have said the quantum of the alleged fraud perpetrated in the bank by billionaire jewellers Modi and Choksi stands close to United States dollars 2 billion after the teams of the CBI and PNB found fresh LoUs and LCs worth Rs 1,251 crore related to Choksi's Gitanjali group of companies.

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