Reports are suggesting that Nirav Modi, the focus of accusation in the Rs 11,360 crore Punjab National Bank (PNB) fraud, has escaped the country.
Two PNB bank officials, retired deputy manager Gokulnath Shetty and SWO Manoj Hanumant Kharat were suspected to be working with Nirav Modi before and after being alleged in the cheating case. Considering the same, the FIR also has the two officers accused of cheating the bank. Not only these two, ten more employees of the PNB have been found involved in the cheating case.
“Some “fraudulent and unauthorized” transactions worth about $1.77 billion (Rs 11,360 crore approx) have been detected at one of its branches in Mumbai,” Punjab National Bank (PNB) said on Wednesday in a regulatory filing. The statement also added that the transactions were “for the benefit of a few select account holders with their apparent connivance” and that “based on these transactions other banks appear to have advanced money to these customers abroad.”
Nirav Modi was also under the investigative procedure by the Income Tax starting from January 31, 2018. Consequently, his offices at various locations were also raided to collect enough evidence of the wrongdoing. Apart from magnificent offices at posh locations in various countries outside India, he has offices in Delhi, Surat, and Jaipur.
Today, his home, showroom, and offices in Mumbai were also today searched and scrutinized by the Enforcement Directorate. Nirav Modi is found to have been operating various offices across the country after from his registered offices. The ED is also searching those locations spread majorly across Mumbai and Delhi.
Among the accused by the CBI are Nirav Modi, his wife Ami Modi, his brother, and his maternal uncle. These four persons are reportedly believed to have been involved with the PNB bank officials in obtaining Letters of Undertaking (LoU). These letters were issued to Nirav Modi but there was no entry about the same in the books. These letters helped Nirav obtain loans from Hong Kong-based banks.
