PNB Fraud: Nirav Modi, Mehul Choksi's Passports Revoked

26 February, 2018, 09:52 | Author: Ellis Copeland
  • Here's What Nirav Modi's 11000 Crore Scam Could Mean In Bollywood Terminology

Similarly, a commercial property owned by the accused at Chandni Chowk in Delhi was valued by Tech Mach at the time of disbursal of the loans at Rs 4.95 crore, but it was actually worth Rs 31 lakh only.

THE Enforcement Directorate has expanded its probe against diamantaires Nirav Modi and Mehul Choksi to include loans taken by them from 16 other banks over the past few years, apart from the Punjab National Bank.

To recall, PNB which is the second-biggest state-run lender shook India's financial sector when it announced that it had discovered fraudulent transactions worth $1.77 billion (Rs 11,400-crore) at a single branch in Mumbai.

The bank decision to transfer these officials came soon after Rs 11,300 crore fraud was detected in its Brady House branch, in which bank officials were also involved.

On Friday, the ED said it had frozen Nirav Modi's bank account and shares worth Rs 43 crore.

To recall, the Income Tax (IT) Department on Thursday attached the special economic zone (SEZ) property of Mehul Choksi's Gitanjali Group in Hyderabad.

"But, now, with false allegations levelled against me of defrauding the PNB Bank and media frenzy, the situation has gone grave, which is turning graver by day", he added. "This was done on January 26, 2018, after Nirav and Choksi had fled the country along with their families", he said. But two days back Modi wrote to ED that he can not come back to India as he was dealing with the fallout of multi-agency probe launched against him.

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Last week, in a regulatory filing, Allahabad Bank had said it has an exposure of almost Dollars 366.87 million in the form LoUs issued by PNB. "At no stage, such facilities were extended by our bank to your three partner firms".

"Your commitment and undertaking for sparing of the total liability was not backed by providing upfront amounts and timelines".

It urged Modi to respond with a "concrete and implementable" repayment plan on outstanding dues.

The letter, accessed by ET through his lawyer Sanjay Abbot, says the HR was being instructed to issue relieving letters and experience certificates to employees.

PNB also denied reports that it has roped in audit firm PricewaterhouseCoopers (PwC) to investigate the alleged fraud by Modi and gather evidence against him and his associates.

Stock exchanges had sought clarification on Modi's comment that "PNB has closed all options to recover dues by going public".

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