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ED attaches 21 Modi properties

ED attaches 21 Modi properties

CBI on Saturday questioned Punjab National Bank's Managing Director and CEO Sunil Mehta and its Executive Director K V Brahmaji Rao in connection with the Rs 11,400 crore PNB scam while the passports of diamantaire Nirav Modi and owner of Gitanjali Gems Mehul Choksi, the main accused in the Rs 11,400 crore PNB scam, were revoked by the government.

India's central bank has asked commercial lenders to link their core software with the Swift interbank messaging system by the end of April, bankers said, in the latest regulatory action after a $1.8 billion fraud at Punjab National Bank (PNB).

They said the examination is focussed on understanding how the crime was detected by the bank and other procedural issues and their violations.

Two days ago, in an emailed reply to the ED's investigating officer, Nirav Modi cited the temporary suspension of his passport and pending business issues as reasons for his non-appearance before the probe agency. The attached assets include a farm house in Alibag, Solar Power Plant, 135 Acre land in Ahmednagar and residential & office properties in Mumbai and Pune.

While the passport of Nirav Modi and his associate Mehul Choksi have been revoked and is likely to be cancelled if they do not respond within 4 weeks.

It had earlier seized bank deposits, shares and luxury cars worth over Rs 100 crore belonging to the businessman and his group.

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Actress Priyanka Chopra has quit as brand ambassador of celebrity jeweller Nirav Modi's designer product line after allegations that the 48-year-old was at the centre of a massive bank fraud.

Recently, the main accused in the Rs 11,400 crore PNB scam, Nirav Modi, had lashed out on the bank for making details of the amount owed public, alleging that now it would be hard for him to payback the amount due, which he claimed was less than the Rs 11,400 crore alleged by PNB.

Citing sources, the report said the CBI and ED probe into the alleged Rs 11,400-crore fraud perpetrated by Modi and Choksi on PNB indicates that more than two dozen banks may have been exposed to loans ranging between Rs 5,000 crore and Rs 10,000 crore.

Refusing to give out any further details, the officials said the agency is also questioning the 12 accused arrested by the agency so far.

The undertakings, which PNB says were issued between 2011 and 2017 with incomplete ledger entries by the two officials, were used by Modi and Choksi's firms to obtain credit from the overseas branches of mostly Indian lenders.


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