PNB scam: Did Nirav Modi flee the country before FIR?
Nirav Modi
The police are trying to track down the billionaire even as media reports say he may be Switzerland.
Billionaire jeweller Nirav Modi who is suspected of cheating in Punjab National Bank may have fled the country days before the Enforcement Directorate filed an FIR against him.
The police are trying to track down the billionaire even as media reports say he may be in Switzerland.
As the police and ED officials try to track Nirav, raids are being conducted in Delhi and Mumbai on his glitzy showrooms.
Union Bank reportedly gave a loan of Rs 2,300 crore to the billionaire jeweller with Allahabad Bank forwarding Rs 2,000 loan.
SBI's foreign arm lent Nirav Modi Rs 9,60 crore, reports said.
Nirav Modi has apparently written to banks promising to repay the "loans" and is reportedlyready to pay up Rs 5,000 crore.
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Meanwhile, Delhi CM Arvind Kejriwal waded into the controversy accusing the BJP government of collusion.
In his tweet, the Delhi CM asked: "Is it possible to believe that he(Nirav Modi )or Vijay Mallya left the country without active connivance of BJP govt?"
As the scamgets bigger, PNB officials are hardpressed to explain the scam which has reportedly gone undetected for several years.