PNB scam: ED attaches 41 properties of Mehul Choksi

02 March, 2018, 05:20 | Author: Ellis Copeland
  • PNB Scam: ED Attaches 41 Properties Worth Rs. 1217 Crore Connected To Mehul Choksi

The official said Mishra was responsible for auditing procedures and practices followed in the PNB branch and report them.

It was found that jewellery designer Nirav Modi and his maternal uncle Mehul Choksi used letters of understanding that were fraudulently issued from PNB's Brady Road branch in Mumbai in favour of Hong Kong branches of Allahabad Bank and Axis Bank.

The CBI and the ED have registered two FIRs each to probe the case.

With Mishra's arrest, the total number of those who were apprehended by the CBI rose to 14.

The United States government is aware of media reports that diamond jeweller Nirav Modi is in the country but is unable to confirm them, a State Department official said on Thursday.

The premises is believed to be that of Nirav Modi (not in name of the company). Just last week, investigative agencies raided an office of one of India's biggest law firms to examine and seize documents in relation with its former client, Nirav Modi.

So far the CBI has arrested at least 13 people - seven from the bank and six more from Modi and Choksi's companies.

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The agency earlier on Wednesday said that they have sent an email to Modi asking him to join the investigation by next week. The agency again wrote to him to immediately approach the high commission of the country where he is now present and ensure his return as soon as possible.

In the latest development, the diamantaire rejected CBI's summons by refusing to return to the country and taking part in the investigation.

Earlier this week, PNB had said the amount of unauthorised transactions could go up by more than Rs1,300 crore from earlier estimate of Rs11,400 crore.

The agency stated that the fraud involved an amount of around Rs 6,400 crore.

The state-run PNB has the highest exposure to Mehul Choksi' Gitanjali Gems of about Rs1,000 crore while private lender ICICI Bank, also the lead bank in the consortium, has an exposure of over Rs600 crore.

Hyderabad Gems SEZ, a hardware park spread over 170 acres in Andhra Pradesh's Ranga Reddy district worth Rs 500 crore, has also been attached.

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