Nirav Modi exchanged notes worth Rs 90 crore in PNB hours before demonetisation, alleges NCP lawmaker

WION Web Team
New Delhi, Delhi, India Published: Feb 25, 2018, 11:06 AM(IST)

File photo of Nirav Modi. Photograph:( Facebook )

Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller, Nirav Modi had deposited cash worth Rs 90 crore at one of the branches of the scam-hit Punjab National Bank (PNB) hours before the announcement of demonetisation.

Memon also took to Twitter to convey the same, and hinted on suspicion of connivance between the accused and the BJP-led government at the Centre, by adding, "What does it suggest?" 


Calling for an investigation into the alleged incident, Memon said that this was reported during the time absconding billionaire jeweller Nirav Modi left India.

"When Nirav Modi left India, at that time it was reported that some hours prior to Prime Minister's announcement of demonetisation in 2016, Nirav Modi deposited 90 crore rupees of cash in one branch of PNB, and he probably exchanged it for bullion or something," Memon told ANI, adding, "I think that there should be proper investigation to see if there is any element of truth to it."

The allegations by Memon come a day after the government on Saturday revoked the passports of Nirav Modi and Mehul Choksi who are at the forefront of the alleged multi-million Punjab National Bank (PNB) fraud.

The Congress on Saturday accused the Centre of being aware of all details, hours after Finance Minister Arun Jaitley slammed regulators for failing to detect the fraud. 

Senior Congress leader Kapil Sibal had said, “Why blame only regulator? What about the political system and the fact that Finance Ministry must've known about it.”

Nirav Modi, who holds an Indian passport, had left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country the same day. Modi's wife Ami, a US citizen, left on January 6 and his maternal uncle and business associate Mehul Choksi left on January 4.

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