The Central Bureau of Investigation today arrested an Internal Chief Auditor of Punjab National Bank in connection to the Rs 11,400 crore PNB scam. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch.&nbsp;

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CBI today arrested an Internal Chief Auditor of Punjab National Bank in the ongoing investigation of the cases related to Nirav Modi group&amp;Gitanjali group. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch <a href="https://t.co/tEv5oIQxWr">pic.twitter.com/tEv5oIQxWr</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/968846109337583617?ref_src=twsrc%5Etfw">February 28, 2018</a></blockquote>
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Meanwhile, 34 more bank accounts of the Gitanjali Group -- with the balance of Rs 1.45 crore -- have been attached by the Income Tax department.&nbsp;

Four more properties of Nirav Modi&#39;s group have also been attached including his Alibaug farm worth Rs 13 crore &amp; 5.24 MW solar power plant with 135 acres of land at Karjat, Ahmednagar worth Rs. 70 crore.

A lookout notice or Blue Corner notice has also been issued against Nirav Modi and Mehul Choksi by the Bureau of Immigration on the IT department&#39;s request.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/we-have-businesses-abroad-so-i-cant-join-investigations-nirav-modi-replies-to-cbis-mail-34348">We have businesses abroad so I can&#39;t join investigations: Nirav Modi replies to CBI&#39;s mail</a>

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34 more bank accounts/FDs of the <a href="https://twitter.com/hashtag/Gitanjali?src=hash&amp;ref_src=twsrc%5Etfw">#Gitanjali</a> group with the balance of Rs 1.45 Crore have been attached: IT Sources
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/968857778121990144?ref_src=twsrc%5Etfw">February 28, 2018</a></blockquote>
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The CBI also registered a case of <a href="http://www.wionews.com/india-news/cbi-registers-rs-51515-crore-bank-loan-fraud-case-against-rp-infosystem-directors-34323">bank loan fraud against RP Infosystem</a> and its directors earlier today. The fraud is estimated to worth nearly Rs 515.15 crore.

Punjab National Bank had earlier this month reported fraudulent transactions worth Rs 11,400 crore from a single Mumbai branch. The bank has since said the total amount scammed might be Rs 1,300 crore more.&nbsp;

Diamantaire Nirav Modi figures at the centre of the Rs 11,400 crore mega PNB scam and is accused of defrauding the bank of Rs 280 crore.&nbsp;

(With inputs from ANI)

Four more properties of Nirav Modi's group have also been attached including his Alibaug farm worth Rs 13 crore

The Central Bureau of Investigation today arrested an Internal Chief Auditor of Punjab National Bank in connection to the Rs 11,400 crore PNB scam. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch. CBI today arrested an Internal Chief Auditor of Punjab National Bank in the ongoing investigation of the cases related to Nirav Modi group&Gitanjali group. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch pic.twitter.com/tEv5oIQxWr — ANI (@ANI) February 28, 2018 × Meanwhile, 34 more bank accounts of the Gitanjali Group -- with the balance of Rs 1.45 crore -- have been attached by the Income Tax department. Four more properties of Nirav Modi's group have also been attached including his Alibaug farm worth Rs 13 crore & 5.24 MW solar power plant with 135 acres of land at Karjat, Ahmednagar worth Rs. 70 crore. A lookout notice or Blue Corner notice has also been issued against Nirav Modi and Mehul Choksi by the Bureau of Immigration on the IT department's request. Also read: We have businesses abroad so I can't join investigations: Nirav Modi replies to CBI's mail 34 more bank accounts/FDs of the #Gitanjali group with the balance of Rs 1.45 Crore have been attached: IT Sources — ANI (@ANI) February 28, 2018 × The CBI also registered a case of bank loan fraud against RP Infosystem and its directors earlier today. The fraud is estimated to worth nearly Rs 515.15 crore. Punjab National Bank had earlier this month reported fraudulent transactions worth Rs 11,400 crore from a single Mumbai branch. The bank has since said the total amount scammed might be Rs 1,300 crore more. Diamantaire Nirav Modi figures at the centre of the Rs 11,400 crore mega PNB scam and is accused of defrauding the bank of Rs 280 crore. (With inputs from ANI)

PNB's Internal Chief Auditor arrested, 34 more bank accounts of Gitanjali Group attached

Shares of Punjab National Bank (PNB) plummeted by over 12 per cent today after it said that the alleged fraud committed by jewellers Nirav Modi and Mehul Choksi may be around $2 billion, over $204 million more than previously estimated.

The stock dropped 12.11 per cent to end at Rs 98.35 on BSE. During the day, it tumbled 14.11 per cent to Rs 96.10 -- its 52-week low.

On NSE, the stock plunged 12.18 per cent to close at Rs 98.35.

In terms of equity volume, 149.07 lakh shares of the company were traded on BSE and over 20 crore shares changed hands on NSE.

The stock has been falling for four straight sessions, down 16 per cent. In these four days, Rs 4,547.35 crore in the bank&#39;s market value has been eroded.

&quot;PNB issue continued to impact the PSU banks and its effect was seen in the broad market as well,&quot; said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

In a late night filing to stock exchanges, the state-owned lender said that &quot;the quantum of reported unauthorised transactions can increase by USD 204.25 million.&quot;

The bank had earlier put the defrauded amount at Rs 11,394.02 crore (USD 1.77 billion). Adding another Rs 1,323 crore would take this to Rs 12,717 crore.&nbsp;

&nbsp;

The stock dropped 12.11 per cent to end at Rs 98.35 on BSE

Shares of Punjab National Bank (PNB) plummeted by over 12 per cent today after it said that the alleged fraud committed by jewellers Nirav Modi and Mehul Choksi may be around $2 billion, over $204 million more than previously estimated. The stock dropped 12.11 per cent to end at Rs 98.35 on BSE. During the day, it tumbled 14.11 per cent to Rs 96.10 -- its 52-week low. On NSE, the stock plunged 12.18 per cent to close at Rs 98.35. In terms of equity volume, 149.07 lakh shares of the company were traded on BSE and over 20 crore shares changed hands on NSE. The stock has been falling for four straight sessions, down 16 per cent. In these four days, Rs 4,547.35 crore in the bank's market value has been eroded. "PNB issue continued to impact the PSU banks and its effect was seen in the broad market as well," said Vinod Nair, Head of Research, Geojit Financial Services Ltd. In a late night filing to stock exchanges, the state-owned lender said that "the quantum of reported unauthorised transactions can increase by USD 204.25 million." The bank had earlier put the defrauded amount at Rs 11,394.02 crore (USD 1.77 billion). Adding another Rs 1,323 crore would take this to Rs 12,717 crore.

PNB stock tanks 12% as fraud amount raised to nearly $2 billion

Gitanjali Gems, embroiled in the Rs 11,400 crore PNB loan scam, today said Independent Director Anil Umesh Haldipur has resigned from its board citing personal reasons.

He is the second independent director to quit the company&#39;s board after the alleged fraud surfaced this month. lready, two top-level executives -- compliance officer Pankhuri Warange and Chief Financial Officer (CFO) Chandrakant Karkare -- have resigned.

In a regulatory filing, Gitanjali Gems submitted Haldipur&#39;s resignation letter dated February 14, 2018.

In the letter, Haldipur said: &quot;Last month, my wife has undergone a major spine operation at Pune. The post-operation recovery is not up to the expected level. This has resulted in restrictions on my movement. Hence travelling for board meetings at Mumbai will be very difficult for me in future.

&quot;Taking this factor into consideration I would like to step down as an independent director with immediate effect from the board and other companies,&quot; he said.

During his tenure as an independent director, Haldipur said he received some legal notices from lawyers as well as a senior civil judge in connection with the dues from the company.

&nbsp;&quot;You are aware as an independent director, I don&#39;t have a role to play in the internal working of the company and the company will take proper steps to resolve these matter,&quot; he added.

On February 14, Punjab National Bank (PNB) disclosed that it detected some fraudulent transactions with the financial implication of about Rs 11,400 crore and the matter has been referred to law enforcement agencies for recovery.

While billionaire jewellery designer Nirav Modi, the alleged perpetrator of this fraud, is not directly linked to any listed company, his relative and business associate Mehul Choksi&#39;s Gitanjali Gems is a listed firm.

In a regulatory filing, Gitanjali Gems submitted Haldipur's resignation letter dated February 14, 2018.

Gitanjali Gems, embroiled in the Rs 11,400 crore PNB loan scam, today said Independent Director Anil Umesh Haldipur has resigned from its board citing personal reasons. He is the second independent director to quit the company's board after the alleged fraud surfaced this month. lready, two top-level executives -- compliance officer Pankhuri Warange and Chief Financial Officer (CFO) Chandrakant Karkare -- have resigned. In a regulatory filing, Gitanjali Gems submitted Haldipur's resignation letter dated February 14, 2018. In the letter, Haldipur said: "Last month, my wife has undergone a major spine operation at Pune. The post-operation recovery is not up to the expected level. This has resulted in restrictions on my movement. Hence travelling for board meetings at Mumbai will be very difficult for me in future. "Taking this factor into consideration I would like to step down as an independent director with immediate effect from the board and other companies," he said. During his tenure as an independent director, Haldipur said he received some legal notices from lawyers as well as a senior civil judge in connection with the dues from the company. "You are aware as an independent director, I don't have a role to play in the internal working of the company and the company will take proper steps to resolve these matter," he added. On February 14, Punjab National Bank (PNB) disclosed that it detected some fraudulent transactions with the financial implication of about Rs 11,400 crore and the matter has been referred to law enforcement agencies for recovery. While billionaire jewellery designer Nirav Modi, the alleged perpetrator of this fraud, is not directly linked to any listed company, his relative and business associate Mehul Choksi's Gitanjali Gems is a listed firm.

PNB scam: Top independent director Anil Umesh Haldipur resigns from Gitanjali Gems board

The income tax department has attached 66 more bank accounts of the Mehul Choksi-owned Gitanjali Group having a total credit balance of Rs 80.07 crores, I-T sources said on Monday.&nbsp;

A search and survey action was initiated at four locations of Mehul Choksi&#39;s uncle and business partner Nirav Modi in Mumbai on February 22, I-T sources said.

At one location, 173 paintings and artworks by eminent artists were found and are currently undergoing valuation by professionals.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/top-independent-director-anil-umesh-haldipur-resigns-from-gitanjali-gems-board-34144">Top independent director Anil Umesh Haldipur resigns from Gitanjali Gems board</a>

Mehul Choksi and Nirav Modi are accused of cheating the Punjab National Bank (PNB) of Rs 11,400 crore, with the purported involvement of a few employees of the bank.

They are currently being investigated by the Enforcement Directorate and other probe agencies following a complaint by the nationalised bank. 
&nbsp;

Mehul Choksi and Nirav Modi are accused of cheating the Punjab National Bank (PNB) of Rs 11,400 crore, with the purported involvement of a few employees of the bank

The income tax department has attached 66 more bank accounts of the Mehul Choksi-owned Gitanjali Group having a total credit balance of Rs 80.07 crores, I-T sources said on Monday. A search and survey action was initiated at four locations of Mehul Choksi's uncle and business partner Nirav Modi in Mumbai on February 22, I-T sources said. At one location, 173 paintings and artworks by eminent artists were found and are currently undergoing valuation by professionals. Also read: Top independent director Anil Umesh Haldipur resigns from Gitanjali Gems board Mehul Choksi and Nirav Modi are accused of cheating the Punjab National Bank (PNB) of Rs 11,400 crore, with the purported involvement of a few employees of the bank. They are currently being investigated by the Enforcement Directorate and other probe agencies following a complaint by the nationalised bank.

66 more bank accounts of Gitanjali Group frozen: Sources

A Mumbai court has allowed Enforcement Directorate&#39;s(ED) plea to issue Letters Rogatory (LRs) to six countries in connection with the Nirav Modi case.

Meanwhile, a &quot;Look out&quot; circular has been issued to more than 10 executives of firms Nirav Modi and Mehul Choksi.

On Saturday, passports of both Mehul Choksi and Nirav Modi were revoked by the ministry of external affairs (MEA) for failing to respond after cause notice was sent out.&nbsp;

PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were questioned&nbsp;by authorities.

Earlier, Choksi, in a letter to his employees had stated that he would be unable to clear their dues in lieu of the ongoing probe in the Rs 11,300 crore scam.

PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were questioned by authorities

A Mumbai court has allowed Enforcement Directorate's(ED) plea to issue Letters Rogatory (LRs) to six countries in connection with the Nirav Modi case. Meanwhile, a "Look out" circular has been issued to more than 10 executives of firms Nirav Modi and Mehul Choksi. On Saturday, passports of both Mehul Choksi and Nirav Modi were revoked by the ministry of external affairs (MEA) for failing to respond after cause notice was sent out. PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were questioned by authorities. Earlier, Choksi, in a letter to his employees had stated that he would be unable to clear their dues in lieu of the ongoing probe in the Rs 11,300 crore scam.

Nirav Modi case: Mumbai court allows ED to issue letters to six countries

Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller,&nbsp;<a href="http://www.wionews.com/india-news/pnb-scam-ed-attaches-nirav-modis-property-of-over-rs-500-crores-33929">Nirav Modi</a> had deposited cash worth Rs 90 crore at one of the branches of the scam-hit Punjab National Bank (PNB)&nbsp;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, &quot;What does it suggest?&quot;&nbsp;

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A report reveals that Nirav Modi deposited huge cash amount in one PNB branch on 8 th Nov. 2017, hours before PM announced demonitization. What does it suggest ?
&mdash; Majeed Memon MP (@advmajeedmemon) <a href="https://twitter.com/advmajeedmemon/status/967295252364255233?ref_src=twsrc%5Etfw">February 24, 2018</a></blockquote>
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Calling for an investigation into the alleged incident, Memon said that this was reported during the time absconding billionaire jeweller&nbsp;Nirav Modi&nbsp;left India.

&quot;When Nirav Modi left India, at that time it was reported that some hours prior to Prime Minister&#39;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,&quot; Memon told ANI, adding, &quot;I think that there should be proper investigation to see if there is any element of truth to it.&quot;

The allegations by Memon come a day after the government on Saturday<a href="http://www.wionews.com/india-news/passports-of-nirav-modi-mehul-choksi-suspended-mea-gives-one-week-to-respond-33087"> revoked the passports </a>of Nirav Modi and Mehul Choksi who are at the forefront of the alleged multi-million <a href="http://www.wionews.com/india-news/you-were-getting-lous-issued-illegally-says-pnb-in-letter-to-nirav-modi-33705">Punjab National Bank (PNB) fraud</a>.

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.&nbsp;

Senior Congress leader Kapil Sibal had said, &ldquo;Why blame only regulator? What about the political system and the fact that Finance Ministry must&#39;ve known about it.&rdquo;

Nirav Modi, who holds an Indian passport, had left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country&nbsp;the same day. Modi&#39;s wife Ami, a US citizen, left on January 6 and his maternal uncle and business associate Mehul Choksi left on January 4. 
&nbsp;

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

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?" A report reveals that Nirav Modi deposited huge cash amount in one PNB branch on 8 th Nov. 2017, hours before PM announced demonitization. What does it suggest ? — Majeed Memon MP (@advmajeedmemon) February 24, 2018 × 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.

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

Owner of Gitanjali Gems, Mehul Choksi, has written to his employees saying a situation of &ldquo;fear and injustice&rdquo; has been created against him and the company.&nbsp;

Choksi, in a communication to over 3,500 employees, said it would be &quot;very tough&quot; to clear dues of his employees or pay future salaries, as investigative agencies had seized his bank accounts and other properties, adding that the manner of investigation was starting to create havoc, and was hell-bent on stopping the operations.

Highlighting the &quot;situation of fear and injustice&quot; created against him and the company, Choksi, in his letter issued by his advocate, Sanjay Abbott, suggested to employees that in view of the uncertainty looming overpayment of dues, termination of office operations, and &quot;unfair investigation&quot;, they begin scouting for alternate career options.

&quot;I will face my destiny and I know I have done nothing wrong and ultimately the truth shall prevail,&quot; Choksi said in the letter.

Here is the full text of the letter dated 23 February 2018 written by Mehul Choksi to his India employees:

I am constrained to write the present email to you all concerned, as a situation of fear and injustice has been created against me and our organization.

We all together have seen all the highs, while working honestly and with integrity, to achieve our motto of giving true essence of Indian Hospitality to our customers. But, now, with the recent false allegations levelled against me of defrauding the PNB &nbsp;Bank and media frenzy, &nbsp;the situation has gone grave, which is turning graver by the day.

Though I am aware that a lot of hard work has been put by you all to bring our organization to where it is today, but as of now, I am facing a lot of problems due to the manner in which the multiple investigating agencies/ government agencies have started to create a havoc, hell-bent upon stopping &nbsp;the operations.

However, the fact remains that as of today, the justice that I deserve is far off, as it shall take time to prove my innocence, and the future seems uncertain presently.

Even the operations in India have come to a standstill and restarting the same may take time. ln such a situation, it shall be wrong on my part to force you all to sit ideal waiting for the work to restart, when the future for you all is bright.

I will face my destiny and I know that I have done nothing wrong, and ultimately, the truth shall prevail. But, I do not want anybody to get even a shadow of adversity or injustice onto the people just because of their association with me. At this moment, the investigating agencies seem to be interested not in a fair investigation but in creating a fear psychosis within my employees. The kind of unfair treatment, unfair investigation, media frenzy and political statements are making me highly insecure about the safety of myself and my family members.&nbsp;

It is very tough for me, as of now, to be clearing your dues or to pay the future salaries, in view of the seizing of the various bank accounts and other properties by the Government Agencies/ investigating Agencies.

Thus, in &nbsp;view of firstly, no certainty about the payment of the salaries, secondly, no certainty about the payment of electricity and maintenance charges of the office to run the office, thirdly, the unfair investigation conducted by the investigating agencies, I do not want anyone to suffer due to their &nbsp;connection/ association with me, so I request you all to look for other career opportunities elsewhere.

Further, the laptops/ mobile phones, if any, issued from the Office may be retained by you till clearance of your past dues, if any.

Further, tile HR is being instructed to issue relieving letters and experience certificates, should you desire to have it.

I reiterate that I am committed to clear your past dues, if any, once things return to normalcy.

0ur future association may, till the clearance of all allegations against me, be deferred and I would be happy to be re&shy;associated with you all in happy times.

Regards, 
Mehul Choksi

Mehul Choksi claimed that the agencies in India are 'hell bent' on stopping the operations of the company

Owner of Gitanjali Gems, Mehul Choksi, has written to his employees saying a situation of “fear and injustice” has been created against him and the company. Choksi, in a communication to over 3,500 employees, said it would be "very tough" to clear dues of his employees or pay future salaries, as investigative agencies had seized his bank accounts and other properties, adding that the manner of investigation was starting to create havoc, and was hell-bent on stopping the operations. Highlighting the "situation of fear and injustice" created against him and the company, Choksi, in his letter issued by his advocate, Sanjay Abbott, suggested to employees that in view of the uncertainty looming overpayment of dues, termination of office operations, and "unfair investigation", they begin scouting for alternate career options. "I will face my destiny and I know I have done nothing wrong and ultimately the truth shall prevail," Choksi said in the letter. Here is the full text of the letter dated 23 February 2018 written by Mehul Choksi to his India employees: I am constrained to write the present email to you all concerned, as a situation of fear and injustice has been created against me and our organization. We all together have seen all the highs, while working honestly and with integrity, to achieve our motto of giving true essence of Indian Hospitality to our customers. But, now, with the recent false allegations levelled against me of defrauding the PNB Bank and media frenzy, the situation has gone grave, which is turning graver by the day. Though I am aware that a lot of hard work has been put by you all to bring our organization to where it is today, but as of now, I am facing a lot of problems due to the manner in which the multiple investigating agencies/ government agencies have started to create a havoc, hell-bent upon stopping the operations. However, the fact remains that as of today, the justice that I deserve is far off, as it shall take time to prove my innocence, and the future seems uncertain presently. Even the operations in India have come to a standstill and restarting the same may take time. ln such a situation, it shall be wrong on my part to force you all to sit ideal waiting for the work to restart, when the future for you all is bright. I will face my destiny and I know that I have done nothing wrong, and ultimately, the truth shall prevail. But, I do not want anybody to get even a shadow of adversity or injustice onto the people just because of their association with me. At this moment, the investigating agencies seem to be interested not in a fair investigation but in creating a fear psychosis within my employees. The kind of unfair treatment, unfair investigation, media frenzy and political statements are making me highly insecure about the safety of myself and my family members. It is very tough for me, as of now, to be clearing your dues or to pay the future salaries, in view of the seizing of the various bank accounts and other properties by the Government Agencies/ investigating Agencies. Thus, in view of firstly, no certainty about the payment of the salaries, secondly, no certainty about the payment of electricity and maintenance charges of the office to run the office, thirdly, the unfair investigation conducted by the investigating agencies, I do not want anyone to suffer due to their connection/ association with me, so I request you all to look for other career opportunities elsewhere. Further, the laptops/ mobile phones, if any, issued from the Office may be retained by you till clearance of your past dues, if any. Further, tile HR is being instructed to issue relieving letters and experience certificates, should you desire to have it. I reiterate that I am committed to clear your past dues, if any, once things return to normalcy. 0ur future association may, till the clearance of all allegations against me, be deferred and I would be happy to be reassociated with you all in happy times. Regards, Mehul Choksi

Can't pay salaries anymore, look for other jobs: Mehul Choksi writes to his employees

On Saturday, passports of both -&nbsp;owner of Gitanjali Gems, Mehul Choksi and billionaire jeweller&nbsp;<a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970">Nirav Modi</a>&nbsp;- have been revoked by the MEA upon failing to respond after cause notice was given.&nbsp;

PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were also questioned by the CBI on Saturday.&nbsp;

Earlier, after&nbsp;Mehul Choksi, wrote a letter to his employees, his lawyer Sanjay Abbott informed that the letter sent by the owner to the employees was for them to gain clarity on the situation.

&quot;Letter was written because everything has been sealed. My client is not in a position to operate any account to pay the employees. So it was written to tell them that they are free, and dues will be paid when the situation returns to normalcy,&quot; he said.

He further said that the amount was taken towards official purposes, and added that the matter will be examined extensively once the charge-sheet is filed.

Moreover, Abbott informed that he is unaware of his client&#39;s location even though they are in touch.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/full-text-of-nirav-modis-letter-to-pnb-33448">&#39;You destroyed my brand&#39;: Read full text of Nirav Modi&#39;s letter to PNB</a>

Choksi, in a letter to his employees, stated that he would be unable to clear their dues in lieu of the ongoing probe in the 1.77 billion dollar scam.

In a communication to over 3,500 employees, said it would be &quot;very tough&quot; to clear dues of his employees or pay future salaries, as investigative agencies had seized his bank accounts and other properties, adding that the manner of investigation was starting to create havoc, and was hell-bent on stopping the operations.

<a href="http://www.wionews.com/india-news/cant-pay-salaries-anymore-look-for-other-jobs-mehul-choksi-writes-to-his-employees-33903">Read the full letter dated 23 February 2018 written by Mehul Choksi to his India employees.</a>&nbsp;

PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were also questioned by the CBI on Saturday

On Saturday, passports of both - owner of Gitanjali Gems, Mehul Choksi and billionaire jeweller Nirav Modi - have been revoked by the MEA upon failing to respond after cause notice was given. PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were also questioned by the CBI on Saturday. Earlier, after Mehul Choksi, wrote a letter to his employees, his lawyer Sanjay Abbott informed that the letter sent by the owner to the employees was for them to gain clarity on the situation. "Letter was written because everything has been sealed. My client is not in a position to operate any account to pay the employees. So it was written to tell them that they are free, and dues will be paid when the situation returns to normalcy," he said. He further said that the amount was taken towards official purposes, and added that the matter will be examined extensively once the charge-sheet is filed. Moreover, Abbott informed that he is unaware of his client's location even though they are in touch. Also read: 'You destroyed my brand': Read full text of Nirav Modi's letter to PNB Choksi, in a letter to his employees, stated that he would be unable to clear their dues in lieu of the ongoing probe in the 1.77 billion dollar scam. In a communication to over 3,500 employees, said it would be "very tough" to clear dues of his employees or pay future salaries, as investigative agencies had seized his bank accounts and other properties, adding that the manner of investigation was starting to create havoc, and was hell-bent on stopping the operations. Read the full letter dated 23 February 2018 written by Mehul Choksi to his India employees.

MEA revokes Mehul Choksi, Nirav Modi's passports

<a href="http://www.wionews.com/india-news/ncert-syllabus-to-be-half-from-2019-session-announces-hrd-minister-javadekar-33927">NCERT syllabus to be half from 2019 session, announces HRD Minister Javadekar</a>

Union Human Resource Development (HRD) Minister Prakash Javadekar on Saturday announced to reduce the NCERT syllabus by almost half from the 2019 academic session. The decision was taken in a bid to provide relief to school students, who complained of existing vast syllabus.

<a href="http://www.wionews.com/india-news/daman-diu-pm-modi-launches-rs-1000-crore-projects-flags-off-air-service-between-diu-to-ahmedabad-33921">PM Modi launches Rs 1,000 crore projects in Daman and Diu</a>

Prime Minister Narendra Modi Saturday arrived in Daman to launch several development projects worth Rs 1,000 crore in the Union Territory of Daman and Diu. Prime Minister Narendra Modi Saturday arrived in Daman to launch several development projects worth Rs 1,000 crore in the Union Territory of Daman and Diu.

<a href="http://www.wionews.com/india-news/letter-written-to-gain-clarity-on-the-situation-mehul-choksis-lawyer-33922">MEA revokes Mehul Choksi, Nirav Modi&#39;s passports</a>

On Saturday, passports of both Mehul Choksi and Nirav Modi have been revoked by the MEA upon failing to respond after cause notice was given. PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao have also been called for questioning by the CBI on Saturday.

<a href="http://www.wionews.com/india-news/delhi-diamond-exporter-booked-for-rs-389-crore-obc-loan-fraud-33878">After Nirav Modi, Delhi-based diamond exporter booked for Rs 389-cr OBC loan fraud</a>

After Nirav Modi and Mehul Choksi, the CBI has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of Rs 389.85 crore towards Oriental Bank of Commerce. The CBI has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud.

<a href="http://www.wionews.com/india-news/meghalayas-most-wanted-terrorist-shot-dead-in-police-encounter-33917">Meghalaya&#39;s most wanted terrorist shot dead in police encounter</a>

Meghalaya Police&rsquo;s most wanted Garo National Liberation Army (GNLA) Commander-in-Chief Sohan D Shira has been killed in an encounter in a joint operation by the state police team and Meghalaya&#39;s Special Force-10 commandos Saturday morning in Dobu Agalgre village in the East Garo Hills. 
&nbsp;

NCERT syllabus to be half from 2019 session, announces HRD Minister Javadekar Union Human Resource Development (HRD) Minister Prakash Javadekar on Saturday announced to reduce the NCERT syllabus by almost half from the 2019 academic session. The decision was taken in a bid to provide relief to school students, who complained of existing vast syllabus. PM Modi launches Rs 1,000 crore projects in Daman and Diu Prime Minister Narendra Modi Saturday arrived in Daman to launch several development projects worth Rs 1,000 crore in the Union Territory of Daman and Diu. Prime Minister Narendra Modi Saturday arrived in Daman to launch several development projects worth Rs 1,000 crore in the Union Territory of Daman and Diu. MEA revokes Mehul Choksi, Nirav Modi's passports On Saturday, passports of both Mehul Choksi and Nirav Modi have been revoked by the MEA upon failing to respond after cause notice was given. PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao have also been called for questioning by the CBI on Saturday. After Nirav Modi, Delhi-based diamond exporter booked for Rs 389-cr OBC loan fraud After Nirav Modi and Mehul Choksi, the CBI has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of Rs 389.85 crore towards Oriental Bank of Commerce. The CBI has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud. Meghalaya's most wanted terrorist shot dead in police encounter Meghalaya Police’s most wanted Garo National Liberation Army (GNLA) Commander-in-Chief Sohan D Shira has been killed in an encounter in a joint operation by the state police team and Meghalaya's Special Force-10 commandos Saturday morning in Dobu Agalgre village in the East Garo Hills.

WION Evening News brief, February 24, 2018

The Enforcement Directorate (ED) on Saturday provisionally attached 21 immovable properties of noted jewellery designer Nirav Modi and companies controlled by him, in connection with the 1.77 billion dollar (Rs 11,400 crores) Punjab National Bank (PNB) fraud.

As per an official release, the properties, attached as per the provisions of the Prevention of Money Laundering Act, 2002, possess a total market value of Rs 523.72 crore.

The said properties include a farm house in Alibaug, a solar power plant, 135 acres of land in Ahmednagar, along with residential and office properties in Mumbai and Pune.

The PNB detected a 1.77 billion dollar (Rs 11,400) scam earlier this month, in which noted jewellery designer Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

Also read: <a href="http://www.wionews.com/india-news/letter-written-to-gain-clarity-on-the-situation-mehul-choksis-lawyer-33922">MEA revokes Mehul Choksi, Nirav Modi&#39;s passports</a>

Choksi, Modi&#39;s uncle, is also being probed for his involvement in the fraud.

PNB thereafter lodged two financial fraud complaints of Rs 11400 crore and Rs 280 crore against Nirav Modi, his family members and the owner of Gitanjali Gems.

After the case was registered, the ED and the Central Bureau of Investigation (CBI) have swung into action.

On Thursday, the Income Tax (IT) Department attached the special economic zone (SEZ) property of Mehul Choksi&#39;s Gitanjali Group in Hyderabad, sources at the department said.

As per the assessee&#39;s own valuation, the property is worth about Rs 1200 crore.Meanwhile, the ED on Friday froze assets of Nirav Modi worth Rs. 43.86 crore.&nbsp;

 
&nbsp;

 
&nbsp;

The properties include a farm house in Alibaug, a solar power plant, 135 acres of land in Ahmednagar, along with residential and office properties in Mumbai and Pune

The Enforcement Directorate (ED) on Saturday provisionally attached 21 immovable properties of noted jewellery designer Nirav Modi and companies controlled by him, in connection with the 1.77 billion dollar (Rs 11,400 crores) Punjab National Bank (PNB) fraud. As per an official release, the properties, attached as per the provisions of the Prevention of Money Laundering Act, 2002, possess a total market value of Rs 523.72 crore. The said properties include a farm house in Alibaug, a solar power plant, 135 acres of land in Ahmednagar, along with residential and office properties in Mumbai and Pune. The PNB detected a 1.77 billion dollar (Rs 11,400) scam earlier this month, in which noted jewellery designer Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. Also read: MEA revokes Mehul Choksi, Nirav Modi's passports Choksi, Modi's uncle, is also being probed for his involvement in the fraud. PNB thereafter lodged two financial fraud complaints of Rs 11400 crore and Rs 280 crore against Nirav Modi, his family members and the owner of Gitanjali Gems. After the case was registered, the ED and the Central Bureau of Investigation (CBI) have swung into action. On Thursday, the Income Tax (IT) Department attached the special economic zone (SEZ) property of Mehul Choksi's Gitanjali Group in Hyderabad, sources at the department said. As per the assessee's own valuation, the property is worth about Rs 1200 crore.Meanwhile, the ED on Friday froze assets of Nirav Modi worth Rs. 43.86 crore.

PNB scam: ED attaches Nirav Modi's property of over Rs 500 crores

When the dust settles a bit on the Punjab National Bank scam surrounding luxury jeweller Nirav Modi and his uncle Mehul Choksi&#39;s Gitanjali Jewels, whose shares tanked through the week, we are likely to find that the disgraced companies being investigated by authorities for bank frauds and/or loan defaults may be sitting on hidden assets. I speak of intellectual property such as brands and designs, relationships with exquisite artisans who craft jewellery, and valuable staff who might have done no wrong while their masters made pots of money through dubious means.

Among the welter of jokes, memes, innuendos, explanations and scandalised messages that I received on the elusive Nirav Modi last week, one from a woman friend stood out: &quot;Nirav Modi designs are too good. I love to copy them.&quot;

I have my doubts if this Wharton business school dropout himself did his designs, though his official website claims: &quot;Nirav Modi is the only living Indian diamond jeweller lauded at international auctions at Sotheby&#39;s &amp; Christie&#39;s. Our diamond jewellery designs have earned the distinction of being recognised as among the best in the world.&quot;

A bow-tie-clad Modi has been photographed with sultry models sipping champagne, and his name is plastered alongside movie star Priyanka Chopra&#39;s image in the hotspots of Delhi and Mumbai. However, apart from his family origins in the diamond business, what one sees is carefully crafted glitter that is more about the showy man than the jewels he sells. His name may now be a liability but his own letter to the Punjab National Bank, in which he has the audacity to accuse the fraud-hit bank of spoiling his business, reveals he has 2,200 employees, hundreds of who must probably be talented in design, craft or marketing.

Take a look at Gitanjali Jewels. Its website says the company &quot;offers a dazzling bouquet of world&#39;s leading jewellery brands that include Nakshatra, Gili, D&#39;damas, Asmi, Diya, Maya Gold, Parineeta, Collection G, Gold Expressions,..&quot; et al. A deeper probe reveals that Gitanjali&#39;s promoter Mehul Choksi might have sold elegant choker necklaces but also specialised in choking whistleblowers in his group including franchisees and a former managing director who says the company sold fake or substandard diamonds to unsuspecting customers. Two of his key employees quit this week, including the company secretary who said her conscience would not permit staying on amid disclosure problems.

Nirav Modi has written to the PNB that authorities raiding his Firestar group firms seized assets estimated at Rs 5,649 crore that would have covered the money he owed to the bank. There are those who say that these assets, especially uncrafted diamonds, could have been multiplied by value through his skills. But look harder, and you will find the true expertise belong to designers and artisans. In the case of Gitanjali, even a good amount of the capital for investment came from franchisees.

In all likelihood, the Firestar and Gitanjali companies are headed for the cleaners and promoters may have to make way for the banks and the government to fix the future of the assets they leave behind.&nbsp;

While brand experts debate the future of the jewellery brands, it might make sense for us to look back at the erstwhile Satyam Computer Services Ltd, which was rescued in a government-led effort and folded into the listed Tech Mahindra after being hit by India&#39;s biggest accounting fraud. The sad part is that many employees at the core of the software company left in a maze of uncertainty - in a business in which people are assets.

I think designer jewellery also has a huge amount of unsung human capital, just like software. The PNB fraud may be a good opportunity to look beyond the crony-capitalist promoters and reward the real people who make it happen. My big idea: why not create the jewellery equivalent of Amul (for milk products) or Khadi (for village industries) and fold all the brands and remaining assets of the disgraced jewellery firms into an entity that may be truly world-class while helping artisans and designers?

The place of Tech Mahindra in the Satyam rescue act may theoretically be taken up by a rival like Titan Ltd (which owns Tanishq) or P.C. Jeweller Ltd. However, a third, more enchanting option, would be to create a cooperative of artisans and designers and put it in league with private equity companies and existing staff of Nirav Modi&#39;s Firestar group companies and Gitanjali group entities to form a new age company that rewards old-world talent.

Gujarat, where the origins of Modi and Choksi lie, is also home to Amul. Indian jewellery could do with a Verghese Kurien who can bring together artisans and reward them properly. From all indications, Choksi and Nirav Modi reaped dubious and disproportionate profits standing on the back of the sweat, inspiration and talent of thousands of artisans and designers, besides franchisees who sunk money into stores only to feel cheated. We need to reward the real hard work that went under their facades.

There are dozens of modern jewellery designers in India to match the traditional craft of artisans in and around towns such as Gujarat&#39;s Palanpur whose business families, including those of the Modis and Choksis, have made waves in the Belgian town of Antwerp, the global diamond hub. It is time to craft a new global company whose design matches the best of jewels and one that could shine in an ethical yet trendy manner, the way Amul has done at the top of a milkmen&#39;s cooperative movement.

It is a romantic idea for a corporate rescue but one that I think deserves attention. After all, Prime Minister Narendra Modi wants a big boost to &quot;Make In India.&quot; Let us not confuse that with &quot;Fraud in India.&quot;&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Let’s learn from Amul. It is a romantic idea for a corporate rescue but one that may deserve attention.

When the dust settles a bit on the Punjab National Bank scam surrounding luxury jeweller Nirav Modi and his uncle Mehul Choksi's Gitanjali Jewels, whose shares tanked through the week, we are likely to find that the disgraced companies being investigated by authorities for bank frauds and/or loan defaults may be sitting on hidden assets. I speak of intellectual property such as brands and designs, relationships with exquisite artisans who craft jewellery, and valuable staff who might have done no wrong while their masters made pots of money through dubious means. Among the welter of jokes, memes, innuendos, explanations and scandalised messages that I received on the elusive Nirav Modi last week, one from a woman friend stood out: "Nirav Modi designs are too good. I love to copy them." I have my doubts if this Wharton business school dropout himself did his designs, though his official website claims: "Nirav Modi is the only living Indian diamond jeweller lauded at international auctions at Sotheby's & Christie's. Our diamond jewellery designs have earned the distinction of being recognised as among the best in the world." A bow-tie-clad Modi has been photographed with sultry models sipping champagne, and his name is plastered alongside movie star Priyanka Chopra's image in the hotspots of Delhi and Mumbai. However, apart from his family origins in the diamond business, what one sees is carefully crafted glitter that is more about the showy man than the jewels he sells. His name may now be a liability but his own letter to the Punjab National Bank, in which he has the audacity to accuse the fraud-hit bank of spoiling his business, reveals he has 2,200 employees, hundreds of who must probably be talented in design, craft or marketing. Take a look at Gitanjali Jewels. Its website says the company "offers a dazzling bouquet of world's leading jewellery brands that include Nakshatra, Gili, D'damas, Asmi, Diya, Maya Gold, Parineeta, Collection G, Gold Expressions,.." et al. A deeper probe reveals that Gitanjali's promoter Mehul Choksi might have sold elegant choker necklaces but also specialised in choking whistleblowers in his group including franchisees and a former managing director who says the company sold fake or substandard diamonds to unsuspecting customers. Two of his key employees quit this week, including the company secretary who said her conscience would not permit staying on amid disclosure problems. Nirav Modi has written to the PNB that authorities raiding his Firestar group firms seized assets estimated at Rs 5,649 crore that would have covered the money he owed to the bank. There are those who say that these assets, especially uncrafted diamonds, could have been multiplied by value through his skills. But look harder, and you will find the true expertise belong to designers and artisans. In the case of Gitanjali, even a good amount of the capital for investment came from franchisees. In all likelihood, the Firestar and Gitanjali companies are headed for the cleaners and promoters may have to make way for the banks and the government to fix the future of the assets they leave behind. While brand experts debate the future of the jewellery brands, it might make sense for us to look back at the erstwhile Satyam Computer Services Ltd, which was rescued in a government-led effort and folded into the listed Tech Mahindra after being hit by India's biggest accounting fraud. The sad part is that many employees at the core of the software company left in a maze of uncertainty - in a business in which people are assets. I think designer jewellery also has a huge amount of unsung human capital, just like software. The PNB fraud may be a good opportunity to look beyond the crony-capitalist promoters and reward the real people who make it happen. My big idea: why not create the jewellery equivalent of Amul (for milk products) or Khadi (for village industries) and fold all the brands and remaining assets of the disgraced jewellery firms into an entity that may be truly world-class while helping artisans and designers? The place of Tech Mahindra in the Satyam rescue act may theoretically be taken up by a rival like Titan Ltd (which owns Tanishq) or P.C. Jeweller Ltd. However, a third, more enchanting option, would be to create a cooperative of artisans and designers and put it in league with private equity companies and existing staff of Nirav Modi's Firestar group companies and Gitanjali group entities to form a new age company that rewards old-world talent. Gujarat, where the origins of Modi and Choksi lie, is also home to Amul. Indian jewellery could do with a Verghese Kurien who can bring together artisans and reward them properly. From all indications, Choksi and Nirav Modi reaped dubious and disproportionate profits standing on the back of the sweat, inspiration and talent of thousands of artisans and designers, besides franchisees who sunk money into stores only to feel cheated. We need to reward the real hard work that went under their facades. There are dozens of modern jewellery designers in India to match the traditional craft of artisans in and around towns such as Gujarat's Palanpur whose business families, including those of the Modis and Choksis, have made waves in the Belgian town of Antwerp, the global diamond hub. It is time to craft a new global company whose design matches the best of jewels and one that could shine in an ethical yet trendy manner, the way Amul has done at the top of a milkmen's cooperative movement. It is a romantic idea for a corporate rescue but one that I think deserves attention. After all, Prime Minister Narendra Modi wants a big boost to "Make In India." Let us not confuse that with "Fraud in India." (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Let us give Nirav Modi and Mehul Choksi companies to their employees, make them cooperatives

Punjab National Bank denied media reports that claimed that the bank has transferred close to <a href="http://www.wionews.com/india-news/post-scam-pnb-transfers-nearly-18000-employees-after-cvc-rap-33622" target="_blank">18,000 employees </a>due to the ongoing probe in the Rs 11,400 crore Nirav Modi scam.

In a message on its Twitter handle, PNB clarified that it had transferred a total of 1,415 employees since February 19.

&ldquo;There have been reports appearing in the media that the Bank has transferred close to 18,000 employees, the same is factually incorrect,&rdquo; the bank said in a press statement.&nbsp;

&ldquo;The bank has transferred 257 Sub Staff, 437 Clerks and 721 Officers (Total 1415 employees) since 19th February 2018, as per prevailing Rotational Transfer Policy of the Bank,&quot; the bank said.

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In a message on its Twitter handle, PNB clarified that it had transferred a total of 1,415 employees since February 19. (Others)
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&quot;The working in the branches is going on smoothly and the above transfers are in no way affecting the customer service in the Bank,&quot; it added.

Statement also claimed that these transfers have not impacted the smooth functioning of the branches

Punjab National Bank denied media reports that claimed that the bank has transferred close to 18,000 employees due to the ongoing probe in the Rs 11,400 crore Nirav Modi scam. In a message on its Twitter handle, PNB clarified that it had transferred a total of 1,415 employees since February 19. “There have been reports appearing in the media that the Bank has transferred close to 18,000 employees, the same is factually incorrect,” the bank said in a press statement. “The bank has transferred 257 Sub Staff, 437 Clerks and 721 Officers (Total 1415 employees) since 19th February 2018, as per prevailing Rotational Transfer Policy of the Bank," the bank said. In a message on its Twitter handle, PNB clarified that it had transferred a total of 1,415 employees since February 19. (Others) × "The working in the branches is going on smoothly and the above transfers are in no way affecting the customer service in the Bank," it added.

Punjab National Bank denies reports of transferring 18,000 employees

The government is expected to propose a change to the Swift system -- the&nbsp;global payments network that PNB officials gamed to issue Letters of Understanding (LoUs) to Nirav Modi. Modi had got his bank loans on the basis of the LoUs.&nbsp;

The government is expected to decree that a report of the day&#39;s Swift messages is to be generated at the end of every day, and that one officer other than the two officials who check&nbsp;and authorise the messages are to verify them and place them before the branch head.

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ED seized 9 cars belonging to <a href="https://twitter.com/hashtag/NiravMod?src=hash&amp;ref_src=twsrc%5Etfw">#NiravMod</a> and his companies. These cars include one Rolls Royce Ghost, two Mercedes Benz GL 350 CDIs, one Porsche Panamera, 3 Honda cars, one Toyota Fortuner and one Toyota Innova. <a href="https://t.co/Kfx0rkPrIW">pic.twitter.com/Kfx0rkPrIW</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/966540055337676800?ref_src=twsrc%5Etfw">February 22, 2018</a></blockquote>
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The Enforcement Directorate meanwhile continued its crackdown on tainted diamond czar Nirav Modi. In addition to freezing shares and mutual funds&nbsp;worth Rs 94 crore belonging to Nirav Modi and Mehul Choksi, it also seized a number of luxury cars belonging to the duo. &nbsp;&nbsp;

In total, ED froze mutual funds and shares worth Rs 7.80 crore belonging to Nirav Modi and MF and shares worth Rs 86.72 crore owned by Mehul Choksi.&nbsp;

The investigative agency also seized nine cars belonging to Nirav Modi and his companies. The seized cars include one Rolls Royce Ghost, two Mercedes Benz models GL 350 CDI, one Porsche Panameras, 3 Honda cars, one Toyota Fortuners and one Toyota Innova.

Some precious paintings belonging to Modi including the works of Francis Souza, Amrita Sher-Gil, VS Gaitonde, Akbar Padamsee, Bharti Kher and MF Husain have also been seized. &nbsp;ED is evaluating the authenticity of these paintings.&nbsp;

Meanwhile, Modi and Choksi have asked their employees to look for new jobs. Choksi&#39;s Gitanjali Gems has handed over pink slips to five thousand employees, reported Zee Business.

Nirav Modi too has reportedly written to his employees to look for another job. He is said to have told his employees that the future is unsure and thus they should explore other avenues.

The ED and the Income Tax department have zeroed in on about 200 dummy or shell companies in India and abroad that were being used to route or receive funds as part of the alleged fraud.

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ED also froze mutual funds and shares worth Rs 7.80 Crore of <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> and worth Rs 86.72 crore of those belonging to <a href="https://twitter.com/hashtag/MehulChoksi?src=hash&amp;ref_src=twsrc%5Etfw">#MehulChoksi</a> Group.
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/966529433849999360?ref_src=twsrc%5Etfw">February 22, 2018</a></blockquote>
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Modi, Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by the PNB, that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank. The CBI and the ED have registered two FIRs each to probe the case.

 
Vipul Ambani laundered money?

Meanwhile, it&#39;s reliably learned that Vipul Ambani was not just Chief Financial Officer (CFO), he was also the director of eight companies. &nbsp;

&nbsp;Agency sources inform that during the interrogation, Vipul Ambani disclosed details of the companies where he is director/managing director along with his wife Preeti Ambani and others.&nbsp;

 
The details of the companies are:&nbsp; 
&nbsp; 
1.Pratibhuti Holdings Private Limited 
2.Tower Capital And Securities Private Limited&nbsp; 
3. Contango Trading &amp; Commodity Private Limited 
4. Tower Corporate Financial Services Private Limited 
5. Tower Capital Advisors Private Limited 
6. Tower Commodities And Derivatives Private Limited 
7. Tower Capital And Financial Services Private Limited 
8. Unitis Tower Wealth Advisors Private Limited 
&nbsp; 
Agencies suspect that Ambani knew all inside trade of Nirav Modi and company as a CFO and diverted the earned income into companies owned by him. Agencies investigating if these companies were used as a mean for money laundering. If found to be true, there could be more trouble for him in future with other agencies swinging into action against him soon.

Gili director&#39;s residence sealed&nbsp;

The ED on Wednesday sealed the residence of Gili India Limited director Aniyath Shivraman at Kalyan in Maharashtra`s Thane district.&nbsp;

The ED also seized several important documents related to the Punjab National Bank.

The Swift system is the global payments network that PNB officials gamed to issue Letters of Understanding (LoUs) to Nirav Modi. Modi had got his bank loans on the basis of the LoUs

The government is expected to propose a change to the Swift system -- the global payments network that PNB officials gamed to issue Letters of Understanding (LoUs) to Nirav Modi. Modi had got his bank loans on the basis of the LoUs. The government is expected to decree that a report of the day's Swift messages is to be generated at the end of every day, and that one officer other than the two officials who check and authorise the messages are to verify them and place them before the branch head. ED seized 9 cars belonging to #NiravMod and his companies. These cars include one Rolls Royce Ghost, two Mercedes Benz GL 350 CDIs, one Porsche Panamera, 3 Honda cars, one Toyota Fortuner and one Toyota Innova. pic.twitter.com/Kfx0rkPrIW — ANI (@ANI) February 22, 2018 × The Enforcement Directorate meanwhile continued its crackdown on tainted diamond czar Nirav Modi. In addition to freezing shares and mutual funds worth Rs 94 crore belonging to Nirav Modi and Mehul Choksi, it also seized a number of luxury cars belonging to the duo. In total, ED froze mutual funds and shares worth Rs 7.80 crore belonging to Nirav Modi and MF and shares worth Rs 86.72 crore owned by Mehul Choksi. The investigative agency also seized nine cars belonging to Nirav Modi and his companies. The seized cars include one Rolls Royce Ghost, two Mercedes Benz models GL 350 CDI, one Porsche Panameras, 3 Honda cars, one Toyota Fortuners and one Toyota Innova. Some precious paintings belonging to Modi including the works of Francis Souza, Amrita Sher-Gil, VS Gaitonde, Akbar Padamsee, Bharti Kher and MF Husain have also been seized. ED is evaluating the authenticity of these paintings. Meanwhile, Modi and Choksi have asked their employees to look for new jobs. Choksi's Gitanjali Gems has handed over pink slips to five thousand employees, reported Zee Business. Nirav Modi too has reportedly written to his employees to look for another job. He is said to have told his employees that the future is unsure and thus they should explore other avenues. The ED and the Income Tax department have zeroed in on about 200 dummy or shell companies in India and abroad that were being used to route or receive funds as part of the alleged fraud. ED also froze mutual funds and shares worth Rs 7.80 Crore of #NiravModi and worth Rs 86.72 crore of those belonging to #MehulChoksi Group. — ANI (@ANI) February 22, 2018 × Modi, Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by the PNB, that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank. The CBI and the ED have registered two FIRs each to probe the case. Vipul Ambani laundered money? Meanwhile, it's reliably learned that Vipul Ambani was not just Chief Financial Officer (CFO), he was also the director of eight companies. Agency sources inform that during the interrogation, Vipul Ambani disclosed details of the companies where he is director/managing director along with his wife Preeti Ambani and others. The details of the companies are: 1.Pratibhuti Holdings Private Limited 2.Tower Capital And Securities Private Limited 3. Contango Trading & Commodity Private Limited 4. Tower Corporate Financial Services Private Limited 5. Tower Capital Advisors Private Limited 6. Tower Commodities And Derivatives Private Limited 7. Tower Capital And Financial Services Private Limited 8. Unitis Tower Wealth Advisors Private Limited Agencies suspect that Ambani knew all inside trade of Nirav Modi and company as a CFO and diverted the earned income into companies owned by him. Agencies investigating if these companies were used as a mean for money laundering. If found to be true, there could be more trouble for him in future with other agencies swinging into action against him soon. Gili director's residence sealed The ED on Wednesday sealed the residence of Gili India Limited director Aniyath Shivraman at Kalyan in Maharashtra`s Thane district. The ED also seized several important documents related to the Punjab National Bank.

PNB scam: Government to propose change to Swift system; ED seizes Nirav Modi, Mehul Choksi stocks worth Rs 94 crore

More than 18 thousand employees of Punjab National Bank have been transferred in under one week as per Central Vigilance Commission&#39;s directive.

CVC&#39;s order comes in the wake of the ongoing investigations in the Rs 11,400 crore PNB scam involving Nirav Modi, Mehul Choksi among others.

CVC&#39;s order is to be complied with by all public sector banks and calls for all banking officials, employed for at least three years, to be transferred.&nbsp;

The Commission on Monday issued an advisory to all the public sector banks ordering them to transfer the officers who have completed three years as on December 31, 2017.&nbsp;

All clerical staff who have completed five years as on December 31, 2017 &quot;should be transferred immediately&quot;.&nbsp;

&quot;As per Central Vigilance Commission guidelines, all officers should be rotated every 3 years. Further, as per Bank&#39;s Transfer Policy for Officers, no officer should be retained in the same post for a period in excess of 3 years and in the same station (municipal limits) for a period in excess of 5 years,&quot; said a BOI office memorandum.&nbsp;

Meanwhile, the CBI has already arrested five Punjab National Bank officials including Gokulnath Shetty, a former Deputy Manager and Manoj Kharat, Single Window Operator.

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<h5>Shetty is known to have issued LoUs at a frantic pace for at least 6 years before he retired in May 2017 after his long tenure at PNB&#39;S Mumbai Brady House branch.&nbsp;</h5>
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Three officers at PNB&#39;s MCB Brady House branch in Mumbai, who were arrested on Monday, were yesterday sent to police custody until March 3. They are Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export.

It must be noted that Shetty, the retired deputy manager of Punjab National Bank (PNB) arrested on Saturday, figures at the centre of the scam for defrauding the public sector bank.&nbsp;

Shetty is alleged to have helped Nirav Modi and Mehul Choksi by issuing scores of letters of undertaking (LoUs).&nbsp;

PNB previously shared that close 143 LoUs were issued in 63 days, starting March 1, 2017. Around 150 LoUs were issued since 2011.&nbsp;

Shetty is known to have issued LoUs at a frantic pace for at least 6 years before he retired in May 2017 after his long tenure at PNB&#39;S Mumbai Brady House branch.&nbsp;

<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/uuFU3JdlFMk" width="560"></iframe>

Finance Minister Arun Jaitley yesterday called out to the auditors, senior banking officials, chartered accountants and supervisory agencies &quot;to introspect&quot; and identify the loopholes and shortcomings in the Indian banking sector that led to such a massive fraud.&nbsp;

The Finance Minister decried a &quot;lack of ethics&quot; among sections of Indian business on Tuesday and criticised inadequate oversight by auditors and regulators after the financial sector was rocked by the $1.8 billion fraud.

&quot;When authority is given to the management then you are expected to utilize authority effectively and in the right manner. Therefore, the question for management here is if they were found lacking, on the face of it seems they were,&quot; Jaitley noted.&nbsp;

&quot;Also what were the auditors doing? If both internal and external auditors have looked other way and failed to detect then I think CA professionals must introspect. Supervisory agencies also must introspect what are the additional mechanisms they have to put in place,&quot; he added further.&nbsp;

CVC's order comes in the wake of the ongoing investigations in the Rs 11,400 crore PNB scam

More than 18 thousand employees of Punjab National Bank have been transferred in under one week as per Central Vigilance Commission's directive. CVC's order comes in the wake of the ongoing investigations in the Rs 11,400 crore PNB scam involving Nirav Modi, Mehul Choksi among others. CVC's order is to be complied with by all public sector banks and calls for all banking officials, employed for at least three years, to be transferred. The Commission on Monday issued an advisory to all the public sector banks ordering them to transfer the officers who have completed three years as on December 31, 2017. All clerical staff who have completed five years as on December 31, 2017 "should be transferred immediately". "As per Central Vigilance Commission guidelines, all officers should be rotated every 3 years. Further, as per Bank's Transfer Policy for Officers, no officer should be retained in the same post for a period in excess of 3 years and in the same station (municipal limits) for a period in excess of 5 years," said a BOI office memorandum. Meanwhile, the CBI has already arrested five Punjab National Bank officials including Gokulnath Shetty, a former Deputy Manager and Manoj Kharat, Single Window Operator. Shetty is known to have issued LoUs at a frantic pace for at least 6 years before he retired in May 2017 after his long tenure at PNB'S Mumbai Brady House branch. × Three officers at PNB's MCB Brady House branch in Mumbai, who were arrested on Monday, were yesterday sent to police custody until March 3. They are Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export. It must be noted that Shetty, the retired deputy manager of Punjab National Bank (PNB) arrested on Saturday, figures at the centre of the scam for defrauding the public sector bank. Shetty is alleged to have helped Nirav Modi and Mehul Choksi by issuing scores of letters of undertaking (LoUs). PNB previously shared that close 143 LoUs were issued in 63 days, starting March 1, 2017. Around 150 LoUs were issued since 2011. Shetty is known to have issued LoUs at a frantic pace for at least 6 years before he retired in May 2017 after his long tenure at PNB'S Mumbai Brady House branch. Finance Minister Arun Jaitley yesterday called out to the auditors, senior banking officials, chartered accountants and supervisory agencies "to introspect" and identify the loopholes and shortcomings in the Indian banking sector that led to such a massive fraud. The Finance Minister decried a "lack of ethics" among sections of Indian business on Tuesday and criticised inadequate oversight by auditors and regulators after the financial sector was rocked by the $1.8 billion fraud. "When authority is given to the management then you are expected to utilize authority effectively and in the right manner. Therefore, the question for management here is if they were found lacking, on the face of it seems they were," Jaitley noted. "Also what were the auditors doing? If both internal and external auditors have looked other way and failed to detect then I think CA professionals must introspect. Supervisory agencies also must introspect what are the additional mechanisms they have to put in place," he added further.

Post-scam, PNB transfers nearly 18,000 employees after CVC rap

Breaking his silence over the Rs 11,400 crore fraud at India&#39;s second-biggest bank, PNB, Finance Minister Arun Jaitley today said the state will chase down cheaters to the end even as he took the management of the lender to task for its failure to check the delinquents.

Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank&#39;s internal and external auditors could not detect the fraud which had been going on for 7 long years.

&quot;It is incumbent on us as a state, till the last legitimate capacity of the state, to chase these people (fraudsters) to the last possible conclusion to make sure the country is not cheated,&quot; he said addressing the annual meeting of Association of Development Financial Institutions in Asia &amp; Pacific (ADFIAP) here.

Also read: <a href="http://www.wionews.com/india-news/cbi-arrests-former-head-of-pnbs-brady-house-mumbai-branch-33561" target="_blank">CBI arrests former head of PNB&#39;s Brady House branch</a>

Modi, whose diamond creations have draped Hollywood stars such as Kate Winslet and Dakota Johnson, and firms linked to him are alleged to have acquired fraudulent letters of undertaking (LoUs) from one PNB branch in Mumbai between 2011 and 2017 to obtain loans from Indian banks overseas. Investigative agencies have raided Modi&#39;s properties and arrested bank employees.

Jaitley said the government had been step by step addressing issues like high-level of bad debts and need for more capital, but the effort has been put to challenge with the unravelling of the fraud.

He reminded the public sector banks that Prime Minister Narendra Modi gave managements the autonomy they needed with none from the government calling.

&quot;When authority is given to the managements you are expected to utilise that authority effectively and in a right manner. Therefore the question for the management itself is were they found lacking? And on the face of it the answer seems yes they were,&quot; he said.

The lenders, he said, were &quot;unable to check who amongst them were delinquent&quot;. He went on to ask what the auditors were doing.

&quot;Both internal and external auditors really have looked the other way or failed to detect,&quot; he said.

Chartered accountants and those who control the discipline, should start introspection and &quot;say what legitimate actions are to be taken&quot;, he said.

&quot;And also there is an important challenge where the supervisory agencies are now to introspect as what are the additional mechanisms they have to put in place to ensure that stray cases don&#39;t become a pattern again,&quot; he said. &quot;And stray cases are nipped in the bud and an example be made out of people that these bad examples itself are never to be repeated.&quot;

Jaitley said frauds have a cost to the country as well as to the tax payer.

&quot;It&#39;s a direct cost and it has an indirect cost that it impinges on development, which impinges on the lending capacity of banks as an institution and therefore impinges upon developmental finance,&quot; he said.

On the banking sector, the Finance Minister said financing for trade and businesses increases when banks have the ability to lend.

This ability over the past few years has faced challenges in increased bad debt or NPAs. &quot;One of the direct consequences of this was that the ability of the state to spend and lend even for developmental activities itself will get curtailed,&quot; he said.

After struggling to find solution, the government &quot;finally hit upon the right point through the insolvency and bankruptcy code&quot; that provides for recovery of due amounts through sale of assets of defaulters.

Jaitley said initial response to the Code has been encouraging.

Also, he said, government is infusing an unprecedented Rs 2.11 lakh crore capital in the banks.

&quot;That decision itself as some of my friends in Parliament described also had moral issues because at the end of the day when NPAs become unacceptably high, you expect the taxpayer really to fund what unprincipled sections of the industry have been able to take out,&quot; he said.

Stating that though there is a moral hazard in that kind of solution, he said there was no other option and government had to take that difficult course itself.

&quot;As it seems, situation appeared to be coming on track (but) you have now again emerging challenges,&quot; he said. &quot;Therefore these emerging challenges eventually all strike at one of the big purposes, which is development and growth and the need for developmental banks itself. And the need for the increasing the capacity of the developmental finance itself. Any such system of banking really functions on trust.&quot;

That trust is inherent in the lender-creditor relationship. &quot;I think that relationship in India blurred itself out when a section, not so ethical a section perhaps thought that it was not its responsibility to pay back. And therefore we had to come back with hard solutions,&quot; he added.&nbsp;

'It is incumbent on us as a state, till the last legitimate capacity of the state, to chase these people (fraudsters) to the last possible conclusion to make sure the country is not cheated,' Jaitley said

Breaking his silence over the Rs 11,400 crore fraud at India's second-biggest bank, PNB, Finance Minister Arun Jaitley today said the state will chase down cheaters to the end even as he took the management of the lender to task for its failure to check the delinquents. Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank's internal and external auditors could not detect the fraud which had been going on for 7 long years. "It is incumbent on us as a state, till the last legitimate capacity of the state, to chase these people (fraudsters) to the last possible conclusion to make sure the country is not cheated," he said addressing the annual meeting of Association of Development Financial Institutions in Asia & Pacific (ADFIAP) here. Also read: CBI arrests former head of PNB's Brady House branch Modi, whose diamond creations have draped Hollywood stars such as Kate Winslet and Dakota Johnson, and firms linked to him are alleged to have acquired fraudulent letters of undertaking (LoUs) from one PNB branch in Mumbai between 2011 and 2017 to obtain loans from Indian banks overseas. Investigative agencies have raided Modi's properties and arrested bank employees. Jaitley said the government had been step by step addressing issues like high-level of bad debts and need for more capital, but the effort has been put to challenge with the unravelling of the fraud. He reminded the public sector banks that Prime Minister Narendra Modi gave managements the autonomy they needed with none from the government calling. "When authority is given to the managements you are expected to utilise that authority effectively and in a right manner. Therefore the question for the management itself is were they found lacking? And on the face of it the answer seems yes they were," he said. The lenders, he said, were "unable to check who amongst them were delinquent". He went on to ask what the auditors were doing. "Both internal and external auditors really have looked the other way or failed to detect," he said. Chartered accountants and those who control the discipline, should start introspection and "say what legitimate actions are to be taken", he said. "And also there is an important challenge where the supervisory agencies are now to introspect as what are the additional mechanisms they have to put in place to ensure that stray cases don't become a pattern again," he said. "And stray cases are nipped in the bud and an example be made out of people that these bad examples itself are never to be repeated." Jaitley said frauds have a cost to the country as well as to the tax payer. "It's a direct cost and it has an indirect cost that it impinges on development, which impinges on the lending capacity of banks as an institution and therefore impinges upon developmental finance," he said. On the banking sector, the Finance Minister said financing for trade and businesses increases when banks have the ability to lend. This ability over the past few years has faced challenges in increased bad debt or NPAs. "One of the direct consequences of this was that the ability of the state to spend and lend even for developmental activities itself will get curtailed," he said. After struggling to find solution, the government "finally hit upon the right point through the insolvency and bankruptcy code" that provides for recovery of due amounts through sale of assets of defaulters. Jaitley said initial response to the Code has been encouraging. Also, he said, government is infusing an unprecedented Rs 2.11 lakh crore capital in the banks. "That decision itself as some of my friends in Parliament described also had moral issues because at the end of the day when NPAs become unacceptably high, you expect the taxpayer really to fund what unprincipled sections of the industry have been able to take out," he said. Stating that though there is a moral hazard in that kind of solution, he said there was no other option and government had to take that difficult course itself. "As it seems, situation appeared to be coming on track (but) you have now again emerging challenges," he said. "Therefore these emerging challenges eventually all strike at one of the big purposes, which is development and growth and the need for developmental banks itself. And the need for the increasing the capacity of the developmental finance itself. Any such system of banking really functions on trust." That trust is inherent in the lender-creditor relationship. "I think that relationship in India blurred itself out when a section, not so ethical a section perhaps thought that it was not its responsibility to pay back. And therefore we had to come back with hard solutions," he added.

Will chase PNB fraudster to the end, says Jaitley. Blames bank management for scam

The Central Bureau of Investigation has arrested a General Manager rank officer of Punjab National Bank in the alleged Rs 11,400 crore scam, officials said.

Rajesh Jindal, posted at the bank&#39;s head office New Delhi, has been arrested in connection with the fraud involving billionaire jewellers Nirav Modi and his uncle Mehul Choksi, officials said.

Rajesh Jindal, who was the head of the Brady House, Mumbai branch of the bank during 2009-11, was taken into custody last night (February 20), officials said.

It is alleged that the issuance of Letters of Undertaking (LOUs) to Nirav Modi group firms without sanctioned limits started during his tenure.

Rajesh Jindal is presently posted as GM, Credit, PNB Head Office in the national capital.

On Tuesday, the CBI made a<a href="http://www.wionews.com/india-news/pnb-scam-cbi-tightens-noose-on-gitanjali-group-and-others-arrests-officials-33533"> slew of arrests </a>of officials from the Gitanjali Group and Firestar International Group.

Vipul Ambani, President of Finance, Firestar International group; Arjun Patil, Senior Executive, Firestar group; Kapil Khandelwal, CFO, Nakshatra group and Gitanjali group; Niten Shahi, Manager, Gitanjali group and Kavita Mankikar, Authorised Signatory of three accused firms -- Diamond R US, Stellar Diamond, Solar Exports -- were were arrested yesterday.&nbsp;

Besides this, three officers at PNB&#39;s MCB Brady House branch in Mumbai, who were arrested on Monday, were yesterday<a href="http://www.wionews.com/india-news/pnb-fraud-cbi-sends-3-accused-pnb-officials-to-police-custody-33516"> sent to police custody </a>until March 3. They are Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export.

The CBI has already arrested five Punjab National Bank officials including Gokulnath Shetty, a a former Deputy Manager &nbsp;and Manoj Kharat, Single Window Operator.

The CBI has registered two cases in the scam involving billionaire Nirav Modi and Mehul Choksi. These relate to fraudulent issuance of 150 Letters of Undertaking (LoU) (a kind of bank guarantee) worth Rs 6,498 crore and 143 LoUs worth Rs 4,886 crore. The Enforcement Directorate has also registered two separate cases to probe money laundering allegations against Choksi and Modi.

The scam started in 2011 and was detected in the third week of January this year.&nbsp; 
 
(With inputs from PTI)

Rajesh Jindal, posted at the bank's head office New Delhi, has been arrested in connection with the fraud involving billionaire jewellers Nirav Modi and his uncle Mehul Choksi, officials said

The Central Bureau of Investigation has arrested a General Manager rank officer of Punjab National Bank in the alleged Rs 11,400 crore scam, officials said. Rajesh Jindal, posted at the bank's head office New Delhi, has been arrested in connection with the fraud involving billionaire jewellers Nirav Modi and his uncle Mehul Choksi, officials said. Rajesh Jindal, who was the head of the Brady House, Mumbai branch of the bank during 2009-11, was taken into custody last night (February 20), officials said. It is alleged that the issuance of Letters of Undertaking (LOUs) to Nirav Modi group firms without sanctioned limits started during his tenure. Rajesh Jindal is presently posted as GM, Credit, PNB Head Office in the national capital. On Tuesday, the CBI made a slew of arrests of officials from the Gitanjali Group and Firestar International Group. Vipul Ambani, President of Finance, Firestar International group; Arjun Patil, Senior Executive, Firestar group; Kapil Khandelwal, CFO, Nakshatra group and Gitanjali group; Niten Shahi, Manager, Gitanjali group and Kavita Mankikar, Authorised Signatory of three accused firms -- Diamond R US, Stellar Diamond, Solar Exports -- were were arrested yesterday. Besides this, three officers at PNB's MCB Brady House branch in Mumbai, who were arrested on Monday, were yesterday sent to police custody until March 3. They are Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export. The CBI has already arrested five Punjab National Bank officials including Gokulnath Shetty, a a former Deputy Manager and Manoj Kharat, Single Window Operator. The CBI has registered two cases in the scam involving billionaire Nirav Modi and Mehul Choksi. These relate to fraudulent issuance of 150 Letters of Undertaking (LoU) (a kind of bank guarantee) worth Rs 6,498 crore and 143 LoUs worth Rs 4,886 crore. The Enforcement Directorate has also registered two separate cases to probe money laundering allegations against Choksi and Modi. The scam started in 2011 and was detected in the third week of January this year. (With inputs from PTI)

PNB scam: CBI arrests former head of bank's Brady House branch

Indian agencies, the Zee Group has learnt, are scrutinising at least three companies and their directors in Hong Kong, to try and verify if the companies are genuine overseas importers or part of the network of shell companies that Nirav Modi used to carry out his scam.&nbsp;

Sources told the Zee Group that Nirav Modi&#39;s firms Solar Exports and Diamonds 4 US imported diamonds from a few Hong Kong-based companies. The firms received hundreds of crores of rupees on the basis of Letters of Understanding (LoU) issued by Punjab National Bank. The Hong Kong branches of Allahabad Bank and Axis Bank made the payments to &nbsp;the firms.&nbsp;

The three firms. the sources said, are Aura Gems, Sino Traders, and Sunshine Gems. All three of them are based out of Hong Kong.&nbsp;

Also read: <a href="http://www.wionews.com/india-news/pnbs-overzealousness-shut-the-doors-on-ability-to-clear-the-dues-nirav-modi-33415" target="_blank">PNB&#39;s &#39;overzealousness&#39; shut door on ability to clear dues, Nirav Modi said in letter to bank</a>

Also read: <a href="http://www.wionews.com/india-news/full-text-of-nirav-modis-letter-to-pnb-33448" target="_blank">Full text of Nirav Modi&#39;s letter to PNB</a>

Over the last one year, Nirav Modi had allegedly started transferring his money through multiple layers, while making transactions at inflated prices. Some of those transactions are thought to have been with fictitious companies which are now being scrutinised by the agencies.&nbsp; 
&nbsp; 
The agencies are closely monitoring transactions between India and five countries &mdash;&nbsp;the US, UK, Singapore, Malaysia, and China. 
&nbsp; 
The agencies suspect funds were routed to different cities worldwide.&nbsp;The&nbsp;funds were first transferred from India to Macau, Hong Kong, Beijing, Singapore, and Kuala Lumpur. They were then transferred to London. &nbsp;And from London, the funds were moved to Hawaii, Las Vegas, and New York before being moving to Modi&#39;s Swiss accounts. 
&nbsp; 
Sometime in December 2017, somebody from PNB &mdash; other than the two&nbsp;main accused &mdash; tipped Nirav Modi off about the meeting held by top PNB officials and that a complaint was to be filed with the CBI.

Indian agencies are trying to verify if the companies are genuine overseas exporters or part of the network of shell companies Nirav Modi used to carry out his scam

Indian agencies, the Zee Group has learnt, are scrutinising at least three companies and their directors in Hong Kong, to try and verify if the companies are genuine overseas importers or part of the network of shell companies that Nirav Modi used to carry out his scam. Sources told the Zee Group that Nirav Modi's firms Solar Exports and Diamonds 4 US imported diamonds from a few Hong Kong-based companies. The firms received hundreds of crores of rupees on the basis of Letters of Understanding (LoU) issued by Punjab National Bank. The Hong Kong branches of Allahabad Bank and Axis Bank made the payments to the firms. The three firms. the sources said, are Aura Gems, Sino Traders, and Sunshine Gems. All three of them are based out of Hong Kong. Also read: PNB's 'overzealousness' shut door on ability to clear dues, Nirav Modi said in letter to bank Also read: Full text of Nirav Modi's letter to PNB Over the last one year, Nirav Modi had allegedly started transferring his money through multiple layers, while making transactions at inflated prices. Some of those transactions are thought to have been with fictitious companies which are now being scrutinised by the agencies. The agencies are closely monitoring transactions between India and five countries — the US, UK, Singapore, Malaysia, and China. The agencies suspect funds were routed to different cities worldwide. The funds were first transferred from India to Macau, Hong Kong, Beijing, Singapore, and Kuala Lumpur. They were then transferred to London. And from London, the funds were moved to Hawaii, Las Vegas, and New York before being moving to Modi's Swiss accounts. Sometime in December 2017, somebody from PNB — other than the two main accused — tipped Nirav Modi off about the meeting held by top PNB officials and that a complaint was to be filed with the CBI.

PNB scam: 3 Hong Kong companies under scanner, say sources

Seven more properties of Mehul Choksi&#39;s Gitanjali Group have been attached by the Income Tax department. While four properties are registered under Gitanjali Gems, one falls under Gili India and the other two belong to Mehul Choksi.

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IT department attaches 7 more properties of <a href="https://twitter.com/hashtag/GitanjaliGroup?src=hash&amp;ref_src=twsrc%5Etfw">#GitanjaliGroup</a>, out of which 4 properties are registered in the name of <a href="https://twitter.com/hashtag/GitanjaliGems?src=hash&amp;ref_src=twsrc%5Etfw">#GitanjaliGems</a>, 2 properties belongs to <a href="https://twitter.com/hashtag/MehulChoksi?src=hash&amp;ref_src=twsrc%5Etfw">#MehulChoksi</a>, 1 property registered in <a href="https://twitter.com/hashtag/Gili?src=hash&amp;ref_src=twsrc%5Etfw">#Gili</a> India&#39;s name. All the attached properties are in Mumbai: IT Sources
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965581830115282944?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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Nine other accounts of Gitanjali Group were attached by the IT department on February 17.&nbsp;

The Central Bureau of Investigation lodged an FIR on February 16 naming three companies led by Mehul Choksi. Gitanjali Gems, Gili India and Nakshatra Brand Ltd. were named in the case that alleges an estimated Rs. 4886.72 crores loss to the Punjab National Bank.&nbsp;

Meanwhile, three officers at PNB&#39;s MCB Brady House branch in Mumbai were arrested earlier today.&nbsp;

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Three officers of Punjab National Bank&#39;s MCB Brady House branch in Mumbai - Bechhu Tiwari, Chief Manager in charge of Forex dept, Yashwant Joshi, Scale II, Manager Forex dept &amp; Praful Sawant, Scale I Officer Export arrested. <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965615057907404800?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export were among the ones arrested. Residential premises of the arrested officers along with Nirav Modi&#39;s office at Peninsula Business Park, Lower Parel are being searched.&nbsp;

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Search begins at the residences of the three arrested officers of PNB&#39;s MCB Brady House branch, in Navi Mumbai, Andheri and Dombivili. Search underway at office of <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> in Peninsula Business Park, Lower Parel. <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965616058802597894?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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Punjab National Bank &quot;in view of fraudulent activities&quot; has asked Gitanjali Group companies to pay &quot;outstanding&quot; dues amounting to Rs 1,045.88 crore, the jewellery firm said in a regulatory filing.

&quot;In view of fraudulent activities by the group companies Gitanjali Gems, Nakshatra Brands and Gili India, it has been decided by the bank to recall facilities being enjoyed by the company with our bank with immediate effect,&quot; PNB noted in a statement.&nbsp;

The bank has demanded Rs 645.12 crore from Gitanjali Gems, Rs 187.52 from Gili India, Rs 110 from Nakshatra Brands, and Rs 103.24 crore from Asmi Jewellery.

Investigating agencies, including Enforcement Directorate, Central Bureau of Investigation and Income Tax Department, has launched a nationwide probe into the alleged fraud.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/pnb-scam-top-gitanjali-gems-officials-quit-33382">PNB scam: Amid nationwide raids, top Gitanjali Gems officials quit</a>&nbsp;&nbsp;

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CBI team seized 10 computers, files and documents in the raid at Punjab National Banks&#39;s MCB Brady House branch in Mumbai. <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965611367783952385?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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The scam started in 2011 and was detected in the third week of January this year.&nbsp;

PNB filed a second complaint with the CBI on February 13. The CBI received the complaint and registered a case on January 31.&nbsp;

(With inputs from PTI)

 
&nbsp;

Nine accounts of Gitanjali Group were attached by the IT department February 17

Seven more properties of Mehul Choksi's Gitanjali Group have been attached by the Income Tax department. While four properties are registered under Gitanjali Gems, one falls under Gili India and the other two belong to Mehul Choksi. IT department attaches 7 more properties of #GitanjaliGroup, out of which 4 properties are registered in the name of #GitanjaliGems, 2 properties belongs to #MehulChoksi, 1 property registered in #Gili India's name. All the attached properties are in Mumbai: IT Sources — ANI (@ANI) February 19, 2018 × Nine other accounts of Gitanjali Group were attached by the IT department on February 17. The Central Bureau of Investigation lodged an FIR on February 16 naming three companies led by Mehul Choksi. Gitanjali Gems, Gili India and Nakshatra Brand Ltd. were named in the case that alleges an estimated Rs. 4886.72 crores loss to the Punjab National Bank. Meanwhile, three officers at PNB's MCB Brady House branch in Mumbai were arrested earlier today. Three officers of Punjab National Bank's MCB Brady House branch in Mumbai - Bechhu Tiwari, Chief Manager in charge of Forex dept, Yashwant Joshi, Scale II, Manager Forex dept & Praful Sawant, Scale I Officer Export arrested. #PNBFraudCase — ANI (@ANI) February 19, 2018 × Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export were among the ones arrested. Residential premises of the arrested officers along with Nirav Modi's office at Peninsula Business Park, Lower Parel are being searched. Search begins at the residences of the three arrested officers of PNB's MCB Brady House branch, in Navi Mumbai, Andheri and Dombivili. Search underway at office of #NiravModi in Peninsula Business Park, Lower Parel. #PNBFraudCase — ANI (@ANI) February 19, 2018 × Punjab National Bank "in view of fraudulent activities" has asked Gitanjali Group companies to pay "outstanding" dues amounting to Rs 1,045.88 crore, the jewellery firm said in a regulatory filing. "In view of fraudulent activities by the group companies Gitanjali Gems, Nakshatra Brands and Gili India, it has been decided by the bank to recall facilities being enjoyed by the company with our bank with immediate effect," PNB noted in a statement. The bank has demanded Rs 645.12 crore from Gitanjali Gems, Rs 187.52 from Gili India, Rs 110 from Nakshatra Brands, and Rs 103.24 crore from Asmi Jewellery. Investigating agencies, including Enforcement Directorate, Central Bureau of Investigation and Income Tax Department, has launched a nationwide probe into the alleged fraud. Also read: PNB scam: Amid nationwide raids, top Gitanjali Gems officials quit CBI team seized 10 computers, files and documents in the raid at Punjab National Banks's MCB Brady House branch in Mumbai. #PNBFraudCase — ANI (@ANI) February 19, 2018 × The scam started in 2011 and was detected in the third week of January this year. PNB filed a second complaint with the CBI on February 13. The CBI received the complaint and registered a case on January 31. (With inputs from PTI)

PNB Scam: 7 more properties of Gitanjali Group attached, 3 PNB officials arrested 

At least 200 shell firms and &quot;benami&quot; assets have come under the scanner of the investigative agencies that are probing the Rs 11,400-crore alleged fraud at the Punjab National Bank (PNB), involving diamond czar Nirav Modi, his relative and business partner Mehul Choksi and others.

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&nbsp;

The Enforcement Directorate (ED), which continued its searches against Modi, Choksi and their companies for the fourth day today, is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act (PMLA).

The ED today raided at least 45 premises, including jewellery showrooms and workshops, across the country.

&quot;As many as 29 properties -- of Modi, his family members and companies -- that have been provisionally attached by the Income Tax department, are being assessed by the ED under the PMLA. A few more assets will be attached soon under the anti-money laundering law,&quot; a senior ED official said.

He added that the ED and the I-T department had zeroed in on about 200 dummy or shell companies in the country and abroad that were being used to route or receive funds as part of the alleged fraud.

It is suspected that the shell firms were being used by the accused to launder money and create &quot;benami&quot; assets in the form of land, gold and precious stones, which is now being probed by the tax department.

Both the ED and the IT department had formed special teams to investigate the case, sources said.

The ED has seized diamonds, gold jewellery and other precious stones worth Rs 5,674 crore till now in the case.

The I-T department yesterday attached nine bank accounts of Gitanjali Gems, its promoter Mehul Choksi and others in connection with a tax evasion probe against them.

It had also attached 29 properties and 105 bank accounts of Modi, his family members and firms owned by them.

Modi, Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by the PNB, that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.

The CBI is also looking into the matter.&nbsp;

The ED has seized diamonds, gold jewellery and other precious stones worth Rs 5,674 crore till now in the case.

At least 200 shell firms and "benami" assets have come under the scanner of the investigative agencies that are probing the Rs 11,400-crore alleged fraud at the Punjab National Bank (PNB), involving diamond czar Nirav Modi, his relative and business partner Mehul Choksi and others. × The Enforcement Directorate (ED), which continued its searches against Modi, Choksi and their companies for the fourth day today, is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act (PMLA). The ED today raided at least 45 premises, including jewellery showrooms and workshops, across the country. "As many as 29 properties -- of Modi, his family members and companies -- that have been provisionally attached by the Income Tax department, are being assessed by the ED under the PMLA. A few more assets will be attached soon under the anti-money laundering law," a senior ED official said. He added that the ED and the I-T department had zeroed in on about 200 dummy or shell companies in the country and abroad that were being used to route or receive funds as part of the alleged fraud. It is suspected that the shell firms were being used by the accused to launder money and create "benami" assets in the form of land, gold and precious stones, which is now being probed by the tax department. Both the ED and the IT department had formed special teams to investigate the case, sources said. The ED has seized diamonds, gold jewellery and other precious stones worth Rs 5,674 crore till now in the case. The I-T department yesterday attached nine bank accounts of Gitanjali Gems, its promoter Mehul Choksi and others in connection with a tax evasion probe against them. It had also attached 29 properties and 105 bank accounts of Modi, his family members and firms owned by them. Modi, Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by the PNB, that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank. The CBI is also looking into the matter.

PNB fraud: 200 shell firms, benami assets under ED, I-T dept scanner

<a href="http://www.wionews.com/india-news/pnb-scam-this-is-how-nirav-modi-planned-his-safe-exit-from-india-33071" target="_blank">This is how Nirav Modi planned his safe exit from India</a>

A lookout notice was issued by the CBI against jeweller Nirav Modi and his associates last month in the&nbsp; <a href="http://www.wionews.com/india-news/pnb-scam-how-punjab-national-bank-fell-victim-to-countrys-biggest-bank-fraud-33009" target="_blank">PNB banking fraud&nbsp;</a>case but by then they had escaped from India.

<a href="http://www.wionews.com/india-news/former-allahabad-bank-director-says-he-resigned-as-he-was-pressurised-to-give-loan-to-gitanjali-gems-33085" target="_blank">Resigned as I was </a><a href="http://www.wionews.com/india-news/former-allahabad-bank-director-says-he-resigned-as-he-was-pressurised-to-give-loan-to-gitanjali-gems-33085" target="_blank">pressurised</a><a href="http://www.wionews.com/india-news/former-allahabad-bank-director-says-he-resigned-as-he-was-pressurised-to-give-loan-to-gitanjali-gems-33085" target="_blank"> to give loan to Gitanjali Gems: Former Allahabad Bank director</a>

Even as the skeletons tumble out of closet in the Rs 11300 crore PNB scam, former Allahabad Bank director revealed that he resigned from his post after he was pressurised to give a loan to Gitanjali Gems.&nbsp;

<a href="http://www.wionews.com/india-news/passports-of-nirav-modi-mehul-choksi-suspended-mea-gives-one-week-to-respond-33087" target="_blank">Passports of Nirav Modi, Mehul Choksi suspended, MEA gives one week to respond</a>

The external affairs ministry on Friday suspended with immediate effect the passports of diamantaire Nirav Modi and his business partner Mehul Choksi for four weeks.

<a href="http://www.wionews.com/south-asia/pakistan-to-deploy-troops-in-saudi-arabia-33091" target="_blank">Pakistan to deploy troops in Saudi Arabia</a>

In a major policy shift, Pakistan has decided to deploy troops in&nbsp;<a href="https://timesofindia.indiatimes.com/topic/Saudi-Arabia" pg="AS1_InlineMedia#AS1_https://timesofindia.indiatimes.com/world/pakistan/pakistan-to-deploy-troops-in-saudi-arabia/articleshow/62945805.cms~Saudi Arabia-https://timesofindia.indiatimes.com/topic/Saudi-Arabia">Saudi Arabia</a>under bilateral security cooperation with the kingdom which is involved in the ongoing civil war in neighbouring Yemen. 
The&nbsp;<a href="https://timesofindia.indiatimes.com/topic/Pakistan-Army" pg="AS1_InlineMedia#AS1_https://timesofindia.indiatimes.com/world/pakistan/pakistan-to-deploy-troops-in-saudi-arabia/articleshow/62945805.cms~Pakistan Army-https://timesofindia.indiatimes.com/topic/Pakistan-Army">Pakistan Army</a>&nbsp;announced the decision after a meeting between Army Chief General&nbsp;<a href="https://timesofindia.indiatimes.com/topic/Qamar-Javed-Bajwa" pg="AS1_InlineMedia#AS1_https://timesofindia.indiatimes.com/world/pakistan/pakistan-to-deploy-troops-in-saudi-arabia/articleshow/62945805.cms~Qamar Javed Bajwa-https://timesofindia.indiatimes.com/topic/Qamar-Javed-Bajwa">Qamar Javed Bajwa</a>&nbsp;and Saudi ambassador to Pakistan Nawaf&nbsp;<a href="https://timesofindia.indiatimes.com/topic/Saeed-Al-Maliki" pg="AS1_InlineMedia#AS1_https://timesofindia.indiatimes.com/world/pakistan/pakistan-to-deploy-troops-in-saudi-arabia/articleshow/62945805.cms~Saeed Al-Maliki-https://timesofindia.indiatimes.com/topic/Saeed-Al-Maliki">Saeed Al-Maliki</a>, at army headquarters in Rawalpindi yesterday.

<a href="http://www.wionews.com/world/uk-pm-theresa-may-heads-to-berlin-to-face-tough-german-line-on-brexit-33083" target="_blank">UK PM Theresa May heads to Berlin to face tough German line on Brexit</a>

British Prime Minister Theresa May travels to Berlin on Friday to meet German leader Angela Merkel, hoping to overcome near-deadlock in her attempts to negotiate a Brexit deal with the European Union.

This is how Nirav Modi planned his safe exit from India A lookout notice was issued by the CBI against jeweller Nirav Modi and his associates last month in the PNB banking fraud case but by then they had escaped from India. Resigned as I was pressurised to give loan to Gitanjali Gems: Former Allahabad Bank director Even as the skeletons tumble out of closet in the Rs 11300 crore PNB scam, former Allahabad Bank director revealed that he resigned from his post after he was pressurised to give a loan to Gitanjali Gems. Passports of Nirav Modi, Mehul Choksi suspended, MEA gives one week to respond The external affairs ministry on Friday suspended with immediate effect the passports of diamantaire Nirav Modi and his business partner Mehul Choksi for four weeks. Pakistan to deploy troops in Saudi Arabia In a major policy shift, Pakistan has decided to deploy troops in Saudi Arabiaunder bilateral security cooperation with the kingdom which is involved in the ongoing civil war in neighbouring Yemen. The Pakistan Army announced the decision after a meeting between Army Chief General Qamar Javed Bajwa and Saudi ambassador to Pakistan Nawaf Saeed Al-Maliki, at army headquarters in Rawalpindi yesterday. UK PM Theresa May heads to Berlin to face tough German line on Brexit British Prime Minister Theresa May travels to Berlin on Friday to meet German leader Angela Merkel, hoping to overcome near-deadlock in her attempts to negotiate a Brexit deal with the European Union.

WION Evening News brief, February 16, 2018

Billionaire jewellery designer Nirav Modi had left the country on January 1 much before the CBI received a complaint from Punjab National Bank on January 29 about a Rs 280-crore fraud, officials said.

His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6, the officials said.

The agency issued a look out circular against all the four after registering the first FIR against them, they said.

The Enforement Direcotorate meanwhile has&nbsp;written&nbsp;to the Ministry of External Affairs asking that the passports of&nbsp;Nirav Modi, his wife Ami Modi, and Mehul Choksi, the Indian promoter of Gitanjali Jewels,&nbsp;be revoked.&nbsp;

A look out circular is issued by enforcement agencies to all exit and entry ports to inform them about the movement of an accused.&nbsp;

Also read: <a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970" target="_blank">Who is Nirav Modi, billionaire jeweller at centre of Rs 11,400 crore scam</a>

Also read:&nbsp;<a href="http://www.wionews.com/india-news/pnb-fraud-after-nirav-modi-3-other-big-jewellers-come-under-the-scanner-32902?src=ilaw" target="_blank">After Nirav Modi, 3 other big jewellers come under the scanner</a>

Modi, who is believed to be in Switzerland, was also present in a group photo of Indian CEOs with Prime Minister Narendra Modi, issued by the Press Information Bureau, in World Economic Forum on January 23, six days before the bank sent its first complaint against him to the CBI, according to the officials.

The diamantaire is an India citizen but his brother Nishal and wife Ami are not Indian nationals, the officials said.

Nirav Modi, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and business partner Choksi on January 31, for allegedly cheating the state-run Punjab National Bank to the tune of Rs 280 crore.

The bank has sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore.&nbsp;

Modi's brother Nishal, a Belgian citizen, also left the country on January 1. His wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali Jewels, left on January 6, the officials said

Billionaire jewellery designer Nirav Modi had left the country on January 1 much before the CBI received a complaint from Punjab National Bank on January 29 about a Rs 280-crore fraud, officials said. His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6, the officials said. The agency issued a look out circular against all the four after registering the first FIR against them, they said. The Enforement Direcotorate meanwhile has written to the Ministry of External Affairs asking that the passports of Nirav Modi, his wife Ami Modi, and Mehul Choksi, the Indian promoter of Gitanjali Jewels, be revoked. A look out circular is issued by enforcement agencies to all exit and entry ports to inform them about the movement of an accused. Also read: Who is Nirav Modi, billionaire jeweller at centre of Rs 11,400 crore scam Also read: After Nirav Modi, 3 other big jewellers come under the scanner Modi, who is believed to be in Switzerland, was also present in a group photo of Indian CEOs with Prime Minister Narendra Modi, issued by the Press Information Bureau, in World Economic Forum on January 23, six days before the bank sent its first complaint against him to the CBI, according to the officials. The diamantaire is an India citizen but his brother Nishal and wife Ami are not Indian nationals, the officials said. Nirav Modi, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and business partner Choksi on January 31, for allegedly cheating the state-run Punjab National Bank to the tune of Rs 280 crore. The bank has sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore.

PNB scam: Nirav Modi left India on January 1, thought to be in Switzerland

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