Diamantaire made the news this year for all the wrong reasons. Modi fled India after being accused of money laundering, Rs 11,400-crore fraud involving Punjab National Bank and embezzlement.

The alleged kingpin of the largest banking scam in the country's history, Modi left the country along with his family in the first week of January, before the alleged scam became public.

The PNB, the second largest state-run bank, had, on February 14, informed the exchanges about detecting the fraud at its Brady House branch in Mumbai, and named the firms led by Modi and his uncle Mehul Choksi's Gitanjali Group, and some other diamond and jewellery merchants as suspects.

Central government agencies - the CBI and the Enforcement Directorate - registered cases on the complaint by the bank and launched nationwide searches on dozens of offices and residences of the alleged fraudsters. The bank named Nirav Modi's brother, his American wife Ami, and uncle Mehul Choksi besides some others in the FIR.

In December this year, the Interpol issued a red corner notice (RCN) against Choksi. The notice is a kind of international warrant through which the Interpol requests its member countries to catch fugutives wanted by the international police organisation. Nirav Modi has already been slapped with the RCN in July.

The CBI is also probing an additional loan default of over Rs 5,000 crore given to Choksi's companies.

At a hearing before a special court in Mumbai, his lawyer had said that the fugitive diamantaire cannot return to India as he is afraid of "getting lynched". His last known location is believed to be in the UK and India has approached the British government for his extradition.

Nirav Modi was a regular feature on the lists of rich and famous for years.

Diamantaire made the news this year for all the wrong reasons. Modi fled India after being accused of money laundering, Rs 11,400-crore fraud involving Punjab National Bank and embezzlement.

Diamantaire made the news this year for all the wrong reasons. Modi fled India after being accused of money laundering, Rs 11,400-crore fraud involving Punjab National Bank and embezzlement. The alleged kingpin of the largest banking scam in the country's history, Modi left the country along with his family in the first week of January, before the alleged scam became public. The PNB, the second largest state-run bank, had, on February 14, informed the exchanges about detecting the fraud at its Brady House branch in Mumbai, and named the firms led by Modi and his uncle Mehul Choksi's Gitanjali Group, and some other diamond and jewellery merchants as suspects. Central government agencies - the CBI and the Enforcement Directorate - registered cases on the complaint by the bank and launched nationwide searches on dozens of offices and residences of the alleged fraudsters. The bank named Nirav Modi's brother, his American wife Ami, and uncle Mehul Choksi besides some others in the FIR. In December this year, the Interpol issued a red corner notice (RCN) against Choksi. The notice is a kind of international warrant through which the Interpol requests its member countries to catch fugutives wanted by the international police organisation. Nirav Modi has already been slapped with the RCN in July. The CBI is also probing an additional loan default of over Rs 5,000 crore given to Choksi's companies. At a hearing before a special court in Mumbai, his lawyer had said that the fugitive diamantaire cannot return to India as he is afraid of "getting lynched". His last known location is believed to be in the UK and India has approached the British government for his extradition. Nirav Modi was a regular feature on the lists of rich and famous for years.

Nirav Modi: Fugitive diamantaire and India's most wanted

Interpol on Thursday issued Red Corner Notice (RCN) against Mehul Choksi, accused in the multi-crore <a href="http://wionews.com/india-news/rs-14000-crore-nirav-modi-scam-bygone-says-pnb-md-expecting-profitable-year-168944">Punjab National Bank (PNB) money-laundering case</a>, news agency ANI reported.

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Interpol issues Red Corner Notice against Mehul Choksi, on request of CBI <a href="https://t.co/JLaSC5MZu2">pic.twitter.com/JLaSC5MZu2</a>
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An RCN&nbsp;issued by Interpol works as an international arrest warrant.&nbsp;The notice was issued on request of India's CBI (Central Bureau of Investigation).

<a href="http://www.wionews.com/india-news/mehul-choksi-not-fit-to-travel-counsel-to-court-177874">Mehul Choksi</a> who owns Gitanjali Gems is under investigation for his role in the PNB scam along with his <a href="http://www.wionews.com/india-news/pnb-scam-accused-nirav-modi-scared-of-mob-lynching-on-return-to-india-180696">nephew Nirav Modi</a>. The CBI had earlier arrested the vice-president of Gitanjali group Vipul Chitalia.

Choksi had reportedly taken Antiguan citizenship last year and moved to the Caribbean country in July this year after leaving India. He had said in a statement that he had moved to Antigua and Barbuda under the Citizenship by Investment program.

A similar Interpol notice was issued to Nirav Modi and his executive Mihir R Bhansali in September.

Punjab National Bank, the country'a second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.

Interpol on Thursday issued Red Corner Notice (RCN) against Mehul Choksi, accused in the multi-crore Punjab National Bank (PNB) money-laundering case, news agency ANI reported.

Interpol on Thursday issued Red Corner Notice (RCN) against Mehul Choksi, accused in the multi-crore Punjab National Bank (PNB) money-laundering case, news agency ANI reported. Interpol issues Red Corner Notice against Mehul Choksi, on request of CBI pic.twitter.com/JLaSC5MZu2 — ANI (@ANI) December 13, 2018 × An RCN issued by Interpol works as an international arrest warrant. The notice was issued on request of India's CBI (Central Bureau of Investigation). Mehul Choksi who owns Gitanjali Gems is under investigation for his role in the PNB scam along with his nephew Nirav Modi. The CBI had earlier arrested the vice-president of Gitanjali group Vipul Chitalia. Choksi had reportedly taken Antiguan citizenship last year and moved to the Caribbean country in July this year after leaving India. He had said in a statement that he had moved to Antigua and Barbuda under the Citizenship by Investment program. A similar Interpol notice was issued to Nirav Modi and his executive Mihir R Bhansali in September. Punjab National Bank, the country'a second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.

PNB bank case: Interpol issues Red Corner Notice against Mehul Choksi

The Maharashtra government told the Bombay High Court Thursday that it had demolished fugitive jeweller Nirav Modi’s illegal bungalow built along the beach at Alibaug in adjoining Raigad district.

Government counsel advocate P B Kakade also told a bench of Chief Justice Naresh Patil and Justice M S Karnik that it had served demolition notices to another 58 private properties in the area constructed in violation of the state’s rules and coastal zone norms.

He made the submissions in compliance with a previous order of the bench whereby, it had directed the government to submit details of all actions taken, and pending litigation concerning the illegal private constructions along the beaches in Alibaug, a coastal town popular with weekend tourists.

The state filed an affidavit in the court stating Modi’s illegal bungalow was demolished on December 5.

It also said 58 other properties were served with the demolition notice on December 4, and their owners asked to raze all illegal structures within a week’s time.

In the affidavit, the state submitted that the owners of around 61 such illegal private structures had managed to get stay orders on demolition from local civil courts.

However, it was planning to initiate legal action to get the stay orders lifted, the government submitted.

The bench took note of the state’s submissions and scheduled the matter for further hearing on December 20.

The bench was hearing a petition filed by an activist, Surendra Dhavale.

The plea had sought that the court direct the authorities to demolish all unauthorised constructions “within the low and high tide areas” in several villages in Alibaug.

As per the petition, such constructions had been carried out in violation of the Maharashtra Coastal Zone Management Authority rules and the state’s land laws.

As per the plea, there are around 175 such private residences in CRZ areas in villages such as Varsoli, Sasvane, Kolgaon and Dokvade, among others, belonging to several “wealthy persons, including Modi, and several businessmen and film actors”.

Nirav Modi, a key accused in the USD 2 billion Punjab National Bank fraud case, has fled the country.

The Maharashtra government told the Bombay High Court Thursday that it had demolished fugitive jeweller Nirav Modi’s illegal bungalow built along the beach at Alibaug in adjoining Raigad district.

The Maharashtra government told the Bombay High Court Thursday that it had demolished fugitive jeweller Nirav Modi’s illegal bungalow built along the beach at Alibaug in adjoining Raigad district. Government counsel advocate P B Kakade also told a bench of Chief Justice Naresh Patil and Justice M S Karnik that it had served demolition notices to another 58 private properties in the area constructed in violation of the state’s rules and coastal zone norms. He made the submissions in compliance with a previous order of the bench whereby, it had directed the government to submit details of all actions taken, and pending litigation concerning the illegal private constructions along the beaches in Alibaug, a coastal town popular with weekend tourists. The state filed an affidavit in the court stating Modi’s illegal bungalow was demolished on December 5. It also said 58 other properties were served with the demolition notice on December 4, and their owners asked to raze all illegal structures within a week’s time. In the affidavit, the state submitted that the owners of around 61 such illegal private structures had managed to get stay orders on demolition from local civil courts. However, it was planning to initiate legal action to get the stay orders lifted, the government submitted. The bench took note of the state’s submissions and scheduled the matter for further hearing on December 20. The bench was hearing a petition filed by an activist, Surendra Dhavale. The plea had sought that the court direct the authorities to demolish all unauthorised constructions “within the low and high tide areas” in several villages in Alibaug. As per the petition, such constructions had been carried out in violation of the Maharashtra Coastal Zone Management Authority rules and the state’s land laws. As per the plea, there are around 175 such private residences in CRZ areas in villages such as Varsoli, Sasvane, Kolgaon and Dokvade, among others, belonging to several “wealthy persons, including Modi, and several businessmen and film actors”. Nirav Modi, a key accused in the USD 2 billion Punjab National Bank fraud case, has fled the country.

Nirav Modi’s illegal bungalow in Alibaug razed, government informs Bombay high court

Senior Congress leader Mallikarjun Kharge on Monday slammed the Central government stating that it has "already found a way to save people like Nirav Modi and Mehul Choksi."

Kharge accused the government of not doing anything with the information they had on the offenders a year back, adding that the accused have now managed to flee the country.&nbsp;

"Govt had already found a way to save people like Nirav Modi&amp;Mehul Choksi. When they had information 1 year ago, they didn’t send any agency for probe&amp;allowed them to escape. With govt &amp; Modi ji’s blessings, they took money from banks&amp;ran away," he stated.&nbsp;

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Mallikarjun Kharge, Congress: Govt had already found a way to save people like Nirav Modi&amp;Mehul Choksi. When they had information 1 year ago, they didn’t send any agency for probe&amp;allowed them to escape. With govt &amp; Modi ji’s blessings, they took money from banks&amp;ran away. <a href="https://t.co/lqUHj11Mo5">pic.twitter.com/lqUHj11Mo5</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1069497511390339072?ref_src=twsrc%5Etfw">December 3, 2018</a></blockquote>
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Last month, the Lok Sabha MP from Karnataka criticised the Prime Minister noting that the PM wants to do to India <a href="http://www.wionews.com/india-news/pm-modi-wants-to-do-to-india-what-hitler-did-to-germany-congress-mallikarjun-kharge-175465">what dictator Adolf Hitler did to Germany</a>.&nbsp;

"The BJP is trying to bring dictatorship in the country. PM Modi wants to do to India what Adolf Hitler did to Germany. The Constitution is in danger and we need to fight the BJP's attempts to destroy it," he claimed.

Senior Congress leader Mallikarjun Kharge on Monday slammed the Central government stating that it has "already found a way to save people like Nirav Modi and Mehul Choksi.

Senior Congress leader Mallikarjun Kharge on Monday slammed the Central government stating that it has "already found a way to save people like Nirav Modi and Mehul Choksi." Kharge accused the government of not doing anything with the information they had on the offenders a year back, adding that the accused have now managed to flee the country. "Govt had already found a way to save people like Nirav Modi&Mehul Choksi. When they had information 1 year ago, they didn’t send any agency for probe&allowed them to escape. With govt & Modi ji’s blessings, they took money from banks&ran away," he stated. Mallikarjun Kharge, Congress: Govt had already found a way to save people like Nirav Modi&Mehul Choksi. When they had information 1 year ago, they didn’t send any agency for probe&allowed them to escape. With govt & Modi ji’s blessings, they took money from banks&ran away. pic.twitter.com/lqUHj11Mo5 — ANI (@ANI) December 3, 2018 × Last month, the Lok Sabha MP from Karnataka criticised the Prime Minister noting that the PM wants to do to India what dictator Adolf Hitler did to Germany. "The BJP is trying to bring dictatorship in the country. PM Modi wants to do to India what Adolf Hitler did to Germany. The Constitution is in danger and we need to fight the BJP's attempts to destroy it," he claimed.

Government has found way to save people like Nirav Modi, Choksi: Mallikarjun Kharge

Fugitive diamantaire <a href="http://www.wionews.com/india-news/pnb-scam-this-is-how-nirav-modi-planned-his-safe-exit-from-india-33071">Nirav Modi</a>, a key accused in the USD 2 billion PNB<a href="http://www.wionews.com/india-news/nirav-modi-sold-fake-diamond-rings-to-canada-national-his-engagement-now-broken-report-170163"> fraud case,</a> cannot return to India as he is afraid of "getting lynched" and is being compared to demon 'Ravan', his lawyer told a special court Saturday, but the ED dismissed the claim saying if he felt there were "security threats", he should have filed a police complaint, . 
&nbsp; &nbsp; &nbsp; 
Nirav Modi's lawyer Vijay Agarwal stated this while arguing before Prevention of Money Laundering Act (PMLA) court Judge MS Azmi against the Enforcement Directorate's (ED) application to declare Modi a fugitive under the Fugitive Economic Offenders Act. 
&nbsp; &nbsp; &nbsp; 
Countering the ED plea, Nirav Modi also said through his lawyer that he had no record or data with him about his finances. 
&nbsp; &nbsp; &nbsp; 
Referring to Nirav Modi's claims of "security threats" in India, the ED said these points are "irrelevant" to the case. 
&nbsp; &nbsp; &nbsp; 
The ED has claimed that Nirav Modi had refused to join the probe despite acknowledging emails and summons issued to him and that he doesn't want to return to India. 
&nbsp; &nbsp; &nbsp; 
Agarwal, however, said the diamond trader had responded to the emails sent by the investigating agencies and expressed his inability to return due to "security threats". 
&nbsp; &nbsp; &nbsp; 
"In a letter addressed to both the CBI and the ED, Modi had stated that he was not able to join the probe because of security threats (in India) from private persons, the families of those who have been detained (in the PNB case), landlords, the creditors who have not been paid and the customers whose jewellery was taken away by the ED," he said. 
&nbsp; &nbsp; &nbsp; 
"My (Modi's) 50-ft tall effigy was burnt in India. There was evidence of a mob lynching (against me) and I (Modi) was being compared with 'Ravan'. I have been projected as evil and being made the poster boy of the bank fraud," said Agarwal. 
&nbsp; &nbsp; &nbsp; 
He also claimed that Modi cannot be declared a fugitive as various legal requirements stipulated by the Fugitive Economic Offenders (FEO) Act have not been met by the investigating agency. 
&nbsp; &nbsp; &nbsp; 
"The main reason the ED is seeking to declare Nirav Modi a fugitive is that he left India under suspicious circumstances on January 1, 2018. However, there was no criminal case (against him) when he had left the country," Agarwal said. 
&nbsp; &nbsp; &nbsp; 
"They cannot just say that he left the country under suspicious circumstances. They need to specify what those suspicions were. Also, there is no material on record to say that he is refusing to return to India," he said. 
&nbsp; &nbsp; &nbsp; 
Unlike liquor baron Vijay Mallya, who is accused of a loan default of over Rs 9000 crore, Modi had no Non-Performing Assets (NPAs) when he left the country, Agarwal argued. 
&nbsp; &nbsp; &nbsp; 
He said that being a (jewellery) designer, Modi is a sort of an "artist" who cannot provide any financial information as desired by the ED. 
&nbsp; &nbsp; &nbsp; 
"All my (Modi) finances were taken care of by my employees who are already in the custody of the investigating agency. I have no record or data. What are they going to investigate with me, as they have taken away all my source of information," Agarwal said. 
&nbsp; &nbsp; &nbsp; 
Countering Agarwal's submission, ED counsel Hiten Venegaonkar said all these arguments have nothing to do with the Fugitive Act (FEO). 
&nbsp; &nbsp; &nbsp; 
"As far as security threats are concerned, any prudent person who is fearing threats to his life needs to file a police complaint. Until now, there is no material before the ED or the court (about any such complaint). So these points are irrelevant," he said. 
&nbsp; &nbsp; &nbsp; 
As per the investigating agencies, Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated the Punjab National Bank (PNB) to the tune of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs). 
&nbsp; &nbsp; &nbsp; 
These LoUs were allegedly issued in a fraudulent manner by a Mumbai branch of the PNB to the group of companies belonging to Modi since March 2011 till the case came to light.

Fugitive diamantaire Nirav Modi, a key accused in the USD 2 billion PNB fraud case, cannot return to India as he is afraid of "getting lynched" and is being compared to demon 'Ravan', his lawyer told a special court Saturday, but the ED dismissed the claim saying if he felt there were "security threats", he should have filed a police complaint, .

Fugitive diamantaire Nirav Modi, a key accused in the USD 2 billion PNB fraud case, cannot return to India as he is afraid of "getting lynched" and is being compared to demon 'Ravan', his lawyer told a special court Saturday, but the ED dismissed the claim saying if he felt there were "security threats", he should have filed a police complaint, . Nirav Modi's lawyer Vijay Agarwal stated this while arguing before Prevention of Money Laundering Act (PMLA) court Judge MS Azmi against the Enforcement Directorate's (ED) application to declare Modi a fugitive under the Fugitive Economic Offenders Act. Countering the ED plea, Nirav Modi also said through his lawyer that he had no record or data with him about his finances. Referring to Nirav Modi's claims of "security threats" in India, the ED said these points are "irrelevant" to the case. The ED has claimed that Nirav Modi had refused to join the probe despite acknowledging emails and summons issued to him and that he doesn't want to return to India. Agarwal, however, said the diamond trader had responded to the emails sent by the investigating agencies and expressed his inability to return due to "security threats". "In a letter addressed to both the CBI and the ED, Modi had stated that he was not able to join the probe because of security threats (in India) from private persons, the families of those who have been detained (in the PNB case), landlords, the creditors who have not been paid and the customers whose jewellery was taken away by the ED," he said. "My (Modi's) 50-ft tall effigy was burnt in India. There was evidence of a mob lynching (against me) and I (Modi) was being compared with 'Ravan'. I have been projected as evil and being made the poster boy of the bank fraud," said Agarwal. He also claimed that Modi cannot be declared a fugitive as various legal requirements stipulated by the Fugitive Economic Offenders (FEO) Act have not been met by the investigating agency. "The main reason the ED is seeking to declare Nirav Modi a fugitive is that he left India under suspicious circumstances on January 1, 2018. However, there was no criminal case (against him) when he had left the country," Agarwal said. "They cannot just say that he left the country under suspicious circumstances. They need to specify what those suspicions were. Also, there is no material on record to say that he is refusing to return to India," he said. Unlike liquor baron Vijay Mallya, who is accused of a loan default of over Rs 9000 crore, Modi had no Non-Performing Assets (NPAs) when he left the country, Agarwal argued. He said that being a (jewellery) designer, Modi is a sort of an "artist" who cannot provide any financial information as desired by the ED. "All my (Modi) finances were taken care of by my employees who are already in the custody of the investigating agency. I have no record or data. What are they going to investigate with me, as they have taken away all my source of information," Agarwal said. Countering Agarwal's submission, ED counsel Hiten Venegaonkar said all these arguments have nothing to do with the Fugitive Act (FEO). "As far as security threats are concerned, any prudent person who is fearing threats to his life needs to file a police complaint. Until now, there is no material before the ED or the court (about any such complaint). So these points are irrelevant," he said. As per the investigating agencies, Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated the Punjab National Bank (PNB) to the tune of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs). These LoUs were allegedly issued in a fraudulent manner by a Mumbai branch of the PNB to the group of companies belonging to Modi since March 2011 till the case came to light.

PNB scam accused Nirav Modi scared of mob lynching on return to India: Lawyer tells court

The CBI has registered a disproportionate assets case against retired deputy manager of Punjab National Bank (PNB) Gokulnath Shetty, a key accused in the Rs 11,400-crore scam involving Nirav Modi, for allegedly amassing wealth 200 per cent more than his known sources of income, officials said Friday.

The case was registered by the CBI's Anti Corruption Branch in Mumbai against Shetty and his wife Ashalata for allegedly amassing a large number of moveable and immoveable properties during the period between April 1, 2011 and May 31, 2017, the day he retired.

According to the CBI FIR, the couple had amassed disproportionate assets to the tune of Rs 2.63 crore during the period.

Shetty and his wife Ashalata, who is a clerk with Indian Bank, "had acquired disproportionate assets to the tune of Rs 2.63 crore, which are 238.44 per cent disproportionate to their known sources of income", the CBI FIR alleged.

It also said that Ashalata had "been found to have actively assisted her husband in the concealment and acquisition of assets raised from ill-gotten wealth and thereby has abetted the offence of possession of disproportionate assets by a public servant".

Shetty was arrested by the Central Bureau of Investigation (CBI) in February this year after the banking fraud involving billionaire jewellers Nirav Modi and Mehul Choksi surfaced.

The scam surfaced when companies of Nirav Modi and Choksi approached PNB's Brady Road branch, Mumbai, in January this year seeking Letter of Understanding (LoU) for payments to suppliers.

The official handling the case sought 100 per cent cash guarantee before any such letter could be issued to which the company officials said no such guarantee was sought in the past.

The official checked the records which did not show such an LoU to Modi or Choksi's company which led to suspicion.

It is alleged that Shetty had been bypassing PNB's core banking system and issuing LoUs fraudulently for seven years.

An LoU is a guarantee which is given by an issuing bank to Indian banks having branches abroad to grant a short-term credit to the applicant. In case of default, the bank issuing the LoU has to pay the liability to credit giving bank along with accruing interest.

Shetty allegedly sent messages of these LoUs using an international messaging system for banking systems called SWIFT (Society for Worldwide

Interbank Financial Telecommunication), which is used to pass instructions among banks globally to transfer funds.

It is estimated that millions of messages are sent daily using the SWIFT technology globally wherein every member bank can send or receive messages of financial transactions to another bank worldwide.

The PNB officials allegedly sent these messages to Indian banks -- Canara Bank, State Bank of India, Bank of India, Axis Bank, Allahabad Bank -- located in Antwerp, Hong Kong, Bahrain, Mauritius, Frankfurt without making entries in the banking software about the LoUs.

These LoUs and Letters of Credits (LC) worth Rs 11,384 crore were getting renewed or issued afresh for six years without the bank's knowledge.

The Indian banks abroad did not mind as their money was safe (under guarantee from PNB) and increasing because of the accruing interest.

The party was spoiled in January this year when the first renewal arose after the retirement of Shetty, the officials said.

An alarmed bank dug out all such LoUs and LCs showing a mammoth liability towards other banks.

The conniving officer also issued Foreign Letters of Credit by entering a smaller amount in trade finance module of Core Banking Solutions (CBS) system and generating the reference number and a SWIFT message was sent for the amount, the bank alleged.&nbsp;

The CBI has registered a disproportionate assets case against retired deputy manager of Punjab National Bank (PNB) Gokulnath Shetty, a key accused in the Rs 11,400-crore scam involving Nirav Modi, for allegedly amassing wealth 200 per cent more than his known sources of income, officials said Friday.

The CBI has registered a disproportionate assets case against retired deputy manager of Punjab National Bank (PNB) Gokulnath Shetty, a key accused in the Rs 11,400-crore scam involving Nirav Modi, for allegedly amassing wealth 200 per cent more than his known sources of income, officials said Friday. The case was registered by the CBI's Anti Corruption Branch in Mumbai against Shetty and his wife Ashalata for allegedly amassing a large number of moveable and immoveable properties during the period between April 1, 2011 and May 31, 2017, the day he retired. According to the CBI FIR, the couple had amassed disproportionate assets to the tune of Rs 2.63 crore during the period. Shetty and his wife Ashalata, who is a clerk with Indian Bank, "had acquired disproportionate assets to the tune of Rs 2.63 crore, which are 238.44 per cent disproportionate to their known sources of income", the CBI FIR alleged. It also said that Ashalata had "been found to have actively assisted her husband in the concealment and acquisition of assets raised from ill-gotten wealth and thereby has abetted the offence of possession of disproportionate assets by a public servant". Shetty was arrested by the Central Bureau of Investigation (CBI) in February this year after the banking fraud involving billionaire jewellers Nirav Modi and Mehul Choksi surfaced. The scam surfaced when companies of Nirav Modi and Choksi approached PNB's Brady Road branch, Mumbai, in January this year seeking Letter of Understanding (LoU) for payments to suppliers. The official handling the case sought 100 per cent cash guarantee before any such letter could be issued to which the company officials said no such guarantee was sought in the past. The official checked the records which did not show such an LoU to Modi or Choksi's company which led to suspicion. It is alleged that Shetty had been bypassing PNB's core banking system and issuing LoUs fraudulently for seven years. An LoU is a guarantee which is given by an issuing bank to Indian banks having branches abroad to grant a short-term credit to the applicant. In case of default, the bank issuing the LoU has to pay the liability to credit giving bank along with accruing interest. Shetty allegedly sent messages of these LoUs using an international messaging system for banking systems called SWIFT (Society for Worldwide Interbank Financial Telecommunication), which is used to pass instructions among banks globally to transfer funds. It is estimated that millions of messages are sent daily using the SWIFT technology globally wherein every member bank can send or receive messages of financial transactions to another bank worldwide. The PNB officials allegedly sent these messages to Indian banks -- Canara Bank, State Bank of India, Bank of India, Axis Bank, Allahabad Bank -- located in Antwerp, Hong Kong, Bahrain, Mauritius, Frankfurt without making entries in the banking software about the LoUs. These LoUs and Letters of Credits (LC) worth Rs 11,384 crore were getting renewed or issued afresh for six years without the bank's knowledge. The Indian banks abroad did not mind as their money was safe (under guarantee from PNB) and increasing because of the accruing interest. The party was spoiled in January this year when the first renewal arose after the retirement of Shetty, the officials said. An alarmed bank dug out all such LoUs and LCs showing a mammoth liability towards other banks. The conniving officer also issued Foreign Letters of Credit by entering a smaller amount in trade finance module of Core Banking Solutions (CBS) system and generating the reference number and a SWIFT message was sent for the amount, the bank alleged.

CBI registers DA case against retired PNB official accused in Nirav Modi case

The Enforcement Directorate has attached 11 properties worth over Rs 56 crores of fugitive diamond jeweller Nirav Modi in Dubai in connection with its money-laundering probe in the USD 2-billion Punjab National Bank (PNB) fraud case.

The central probe agency said the assets were in the name of "Modi and his group company M/s Firestar Diamond FZE and they bear a market value of USD 7.79 million, which is equivalent to Rs. 56.8 crore".

The ED has issued a provisional order for attachment of these assets under the Prevention of Money Laundering Act (PMLA).

Last month, the agency had attached assets worth Rs. 637 crore of Nirav Modi and his family members, including two apartments at New York's iconic Central Park.

Sources in the agency said the ED would soon get multiple letters rogatory (judicial requests) issued by a Mumbai court for the legal formalisation of the attachment of these assets in coordination with its counterpart in Dubai.

Once the LRs were issued, India could freeze the foreign assets of an accused as part of a global legal cooperation in criminal matters, they added.

Nirav Modi has been absconding since the alleged bank fraud, by far the biggest in the country, came to light early this year and an Interpol arrest warrant was recently notified against him even as India is working to get him extradited from the UK, where he was last reported to have been based.

The agency has attached assets worth over Rs. 700 crores of Nirav Modi and his family in the country till now. It has also filed a charge sheet against the fugitive diamond jeweller, alleging that he laundered and diverted over Rs. 6,400 crores of bank funds to dummy companies abroad, which were under his and his family's control.

Nirav Modi, his uncle Mehul Choksi and others are being probed under various criminal laws, following a complaint by the PNB that they cheated the nationalised bank to the tune of over Rs. 13,000 crores with the purported involvement of some of its employees.

The Enforcement Directorate has attached 11 properties worth over Rs 56 crores of fugitive diamond jeweller Nirav Modi in Dubai in connection with its money-laundering probe in the USD 2-billion Punjab National Bank (PNB) fraud case.

The Enforcement Directorate has attached 11 properties worth over Rs 56 crores of fugitive diamond jeweller Nirav Modi in Dubai in connection with its money-laundering probe in the USD 2-billion Punjab National Bank (PNB) fraud case. The central probe agency said the assets were in the name of "Modi and his group company M/s Firestar Diamond FZE and they bear a market value of USD 7.79 million, which is equivalent to Rs. 56.8 crore". The ED has issued a provisional order for attachment of these assets under the Prevention of Money Laundering Act (PMLA). Last month, the agency had attached assets worth Rs. 637 crore of Nirav Modi and his family members, including two apartments at New York's iconic Central Park. Sources in the agency said the ED would soon get multiple letters rogatory (judicial requests) issued by a Mumbai court for the legal formalisation of the attachment of these assets in coordination with its counterpart in Dubai. Once the LRs were issued, India could freeze the foreign assets of an accused as part of a global legal cooperation in criminal matters, they added. Nirav Modi has been absconding since the alleged bank fraud, by far the biggest in the country, came to light early this year and an Interpol arrest warrant was recently notified against him even as India is working to get him extradited from the UK, where he was last reported to have been based. The agency has attached assets worth over Rs. 700 crores of Nirav Modi and his family in the country till now. It has also filed a charge sheet against the fugitive diamond jeweller, alleging that he laundered and diverted over Rs. 6,400 crores of bank funds to dummy companies abroad, which were under his and his family's control. Nirav Modi, his uncle Mehul Choksi and others are being probed under various criminal laws, following a complaint by the PNB that they cheated the nationalised bank to the tune of over Rs. 13,000 crores with the purported involvement of some of its employees.

Enforcement Directorate seeks attachment of Nirav Modi's Rs 56 crore Dubai assets

The Enforcement Directorate(ED) has attached Nirav Modi's assets and valuables worth Rs 255 crore in Hong Kong in the Punjab National Bank(PNB) fraud case.

The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets.

"The said valuables were exported through 26 shipments by Dubai based companies of Nirav Modi to the Hong Kong-based companies controlled by him after the registration of the case (PNB money laundering) in India," it said.

These valuables, diamonds and jewellery were lying in a logistics company vault in Hong Kong, the agency said.

"Details like value, consignee, shipper, ownership among others of these shipments were obtained during the investigation and after gathering the evidence of ownership and value of the goods, the same have been attached," it said.

The value of the attached assets is $34.97 million or about Rs 255 crore at present, it said.

The ED had earlier attached properties and bank accounts worth Rs 637 crore belonging to Nirav Modi in India and four other countries including UK and US. The enforcement agency had also attached five overseas bank accounts worth 278 crores and placed it under section 5 of the Prevention of Money laundering Act.

Nirav Modi and his uncle Mehul Choksi were allegedly involved in over 13,000 crore PNB bank fraud in February which was unearthed at the Brady House branch in Mumbai. The Indian diamond merchant later slipped out of India as the scam was uncovered.

The Chief Judicial Magistrate of Surat had declared Nirav Modi as an "absconder" in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls. The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22.

As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder.

While Choksi is believed to be in Antigua but Nirav Modi's whereabouts have been unkown although reports have indicated that he may be in the United Kingdom. Last month, the CBI had moved an extradition request against Nirav Modi's brother Nishal Modi who is believed to be in Belgium.

Nishal is accused of creating dummy partners and is believed to be a beneficiary of funds syphoned off from Punjab National Bank by Nirav Modi.

Last month, the Interpol had issued a Red Corner Notice(RCN) against Nirav Modi's sister Purvi Modi in connection with the Punjab National Bank scam. She is the third person against whom the international agency has flagged a notice in the PNB scam.&nbsp; 
&nbsp;

The Enforcement Directorate(ED) has attached Nirav Modi's assets and valuables worth Rs 255 crore in Hong Kong in the Punjab National Bank(PNB) fraud case. The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets.

The Enforcement Directorate(ED) has attached Nirav Modi's assets and valuables worth Rs 255 crore in Hong Kong in the Punjab National Bank(PNB) fraud case. The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets. "The said valuables were exported through 26 shipments by Dubai based companies of Nirav Modi to the Hong Kong-based companies controlled by him after the registration of the case (PNB money laundering) in India," it said. These valuables, diamonds and jewellery were lying in a logistics company vault in Hong Kong, the agency said. "Details like value, consignee, shipper, ownership among others of these shipments were obtained during the investigation and after gathering the evidence of ownership and value of the goods, the same have been attached," it said. The value of the attached assets is $34.97 million or about Rs 255 crore at present, it said. The ED had earlier attached properties and bank accounts worth Rs 637 crore belonging to Nirav Modi in India and four other countries including UK and US. The enforcement agency had also attached five overseas bank accounts worth 278 crores and placed it under section 5 of the Prevention of Money laundering Act. Nirav Modi and his uncle Mehul Choksi were allegedly involved in over 13,000 crore PNB bank fraud in February which was unearthed at the Brady House branch in Mumbai. The Indian diamond merchant later slipped out of India as the scam was uncovered. The Chief Judicial Magistrate of Surat had declared Nirav Modi as an "absconder" in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls. The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22. As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder. While Choksi is believed to be in Antigua but Nirav Modi's whereabouts have been unkown although reports have indicated that he may be in the United Kingdom. Last month, the CBI had moved an extradition request against Nirav Modi's brother Nishal Modi who is believed to be in Belgium. Nishal is accused of creating dummy partners and is believed to be a beneficiary of funds syphoned off from Punjab National Bank by Nirav Modi. Last month, the Interpol had issued a Red Corner Notice(RCN) against Nirav Modi's sister Purvi Modi in connection with the Punjab National Bank scam. She is the third person against whom the international agency has flagged a notice in the PNB scam.

Enforcement Directorate attaches Nirav Modi's assets in Hong Kong worth Rs 255 crore

The country's second largest public sector lender Punjab National Bank (PNB) has identified various assets, including its housing finance arm, for sale and hopes to realise Rs 8,600 crore from these non-core assets during the current fiscal.

<a href="http://www.wionews.com/india-news/rs-14000-crore-nirav-modi-scam-bygone-says-pnb-md-expecting-profitable-year-168944">Also Read:&nbsp;Rs 14,000 crore Nirav Modi scam a bygone, bank on </a><a href="http://www.wionews.com/india-news/rs-14000-crore-nirav-modi-scam-bygone-says-pnb-md-expecting-profitable-year-168944">path</a><a href="http://www.wionews.com/india-news/rs-14000-crore-nirav-modi-scam-bygone-says-pnb-md-expecting-profitable-year-168944"> to recovery, says PNB chief</a>

The bank has already sold some of the fixed assets and has realised Rs 400 crore from these assets.

"We plan to sale about Rs 8,600 crore of non-core assets in the current financial year. We are on track," PNB Managing Director Sunil Mehta said.

He further said that the bank has already appointed the merchant bankers for sale of its asset in PNB Housing Finance Company.

"Bidding has already been invited. Besides, the bank also wants to dilute its 4 per cent stake in life insurance joint venture. Few of the fixed assets we have already sold out. Hopefully, we will able to meet the target," he said.

Asked if&nbsp;the bank will sell its stake in the current market situation, Mehta said the market is expected to stabilise by the time of bidding and regulatory process are complete.

He further said that there are a lot of important long-term investors who have shown interest in the housing finance company.

"They are going to acquire the entire stake of the company. Anybody who wants to acquire the entire stake of the company will be looking at the long term profitability and the fundamentals of the company are still very strong," he said.

He expressed hope that the bank will be able to get a good realisation from the stake sale.

The country's second largest public sector lender Punjab National Bank (PNB) has identified various assets, including its housing finance arm, for sale and hopes to realise Rs 8,600 crore from these non-core assets during the current fiscal.

The country's second largest public sector lender Punjab National Bank (PNB) has identified various assets, including its housing finance arm, for sale and hopes to realise Rs 8,600 crore from these non-core assets during the current fiscal. Also Read: Rs 14,000 crore Nirav Modi scam a bygone, bank on path to recovery, says PNB chief The bank has already sold some of the fixed assets and has realised Rs 400 crore from these assets. "We plan to sale about Rs 8,600 crore of non-core assets in the current financial year. We are on track," PNB Managing Director Sunil Mehta said. He further said that the bank has already appointed the merchant bankers for sale of its asset in PNB Housing Finance Company. "Bidding has already been invited. Besides, the bank also wants to dilute its 4 per cent stake in life insurance joint venture. Few of the fixed assets we have already sold out. Hopefully, we will able to meet the target," he said. Asked if the bank will sell its stake in the current market situation, Mehta said the market is expected to stabilise by the time of bidding and regulatory process are complete. He further said that there are a lot of important long-term investors who have shown interest in the housing finance company. "They are going to acquire the entire stake of the company. Anybody who wants to acquire the entire stake of the company will be looking at the long term profitability and the fundamentals of the company are still very strong," he said. He expressed hope that the bank will be able to get a good realisation from the stake sale.

PNB eyes 'non-core' asset sale worth Rs 8,600 crore

The Chief Judicial Magistrate of Surat, on Wednesday, issued an order declaring fugitive diamantaire and Punjab National Bank (PNB) scam accused Nirav Modi as an absconder in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls.

Modi was declared an absconder under Section 82 of the code of criminal procedure in the case.

A case of diversion of diamonds and pearls from Special Economic Zone (SEZ) units in Surat by Modi was booked in December 2014, by the DRI, Mumbai Zonal Unit.

The case was about the diversion of duty-free imported goods by the SEZ units of Nirav Modi's companies in Surat - Firestar International Pvt. Ltd., Firestar Diamond International Pvt. Ltd. and Radashir Jewellery Comp. Pvt. Ltd. These units were allegedly into import and export of diamonds, pearls and jewellery.

In the units situated at SEZ, the goods were allowed to be imported customs duty-free for the purpose of export.

However, during the investigation by the DRI, it was revealed that the duty-free diamonds and pearls imported by Modi's companies were clandestinely diverted into the local market and substituted by the locally procured diamonds and pearls.

The companies had allegedly paid Rs. 48.21 crores (customs duty along with interest and penalty) in that case.

During the investigation, the DRI had also seized the export consignments ready for dispatch for Hong Kong and Dubai, lying at Sahar Air Cargo in Mumbai, which was highly overvalued.

The department filed prosecution in the Surat Court against Modi for his alleged role in the evasion of customs duty.The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22.

As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder.

This will enable the DRI in addition to other things to attach his properties. On October 1, the Enforcement Directorate (ED) attached assets worth Rs 637 crore belonging to Modi in connection with the PNB scam.

Modi and his uncle Mehul Choksi have been accused of allegedly defrauding PNB of $ 2 billion.

While Choksi is in Antigua, Modi is in the United Kingdom and needs to be extradited as non-bailable warrants have been issued by different courts against him.&nbsp;

The Chief Judicial Magistrate of Surat, on Wednesday, issued an order declaring fugitive diamantaire and Punjab National Bank (PNB) scam accused Nirav Modi as an absconder in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls.

The Chief Judicial Magistrate of Surat, on Wednesday, issued an order declaring fugitive diamantaire and Punjab National Bank (PNB) scam accused Nirav Modi as an absconder in a case filed against him by the Directorate of Revenue Intelligence (DRI) for allegedly evading customs duty on import of diamonds and pearls. Modi was declared an absconder under Section 82 of the code of criminal procedure in the case. A case of diversion of diamonds and pearls from Special Economic Zone (SEZ) units in Surat by Modi was booked in December 2014, by the DRI, Mumbai Zonal Unit. The case was about the diversion of duty-free imported goods by the SEZ units of Nirav Modi's companies in Surat - Firestar International Pvt. Ltd., Firestar Diamond International Pvt. Ltd. and Radashir Jewellery Comp. Pvt. Ltd. These units were allegedly into import and export of diamonds, pearls and jewellery. In the units situated at SEZ, the goods were allowed to be imported customs duty-free for the purpose of export. However, during the investigation by the DRI, it was revealed that the duty-free diamonds and pearls imported by Modi's companies were clandestinely diverted into the local market and substituted by the locally procured diamonds and pearls. The companies had allegedly paid Rs. 48.21 crores (customs duty along with interest and penalty) in that case. During the investigation, the DRI had also seized the export consignments ready for dispatch for Hong Kong and Dubai, lying at Sahar Air Cargo in Mumbai, which was highly overvalued. The department filed prosecution in the Surat Court against Modi for his alleged role in the evasion of customs duty.The Chief Judicial Magistrate had issued an arrest warrant against Modi on June 22. As he was not available at his known addresses, the court proclaimed the fugitive jeweller as an absconder. This will enable the DRI in addition to other things to attach his properties. On October 1, the Enforcement Directorate (ED) attached assets worth Rs 637 crore belonging to Modi in connection with the PNB scam. Modi and his uncle Mehul Choksi have been accused of allegedly defrauding PNB of $ 2 billion. While Choksi is in Antigua, Modi is in the United Kingdom and needs to be extradited as non-bailable warrants have been issued by different courts against him.

Nirav Modi declared absconder in Directorate of Revenue Intelligence case

Nirav Modi's victims are not constrained to Indian banks only as there are currently cases that show he likewise duped people of crores in other countries.

Nirav, who is wanted in a multi-crore fraud at India’s Punjab National Bank, allegedly sold two fake diamond rings to a Canadian man Paul Alfonso for US$200,000 (Rs 1.4 crore) in Hong Kong.

Alfonso, who apparently had no idea about fraud charges on Nirav Modi, purchased the rings to propose to his better half. In any case, their festival was stopped after they discovered that the diamonds were fake, as per a report in the South China Morning Post.

“This affected the relationship between my ex-fiancée and her family. They think that I went out and bought these fake rings and proposed to her,” the South China Morning Post quoted Alfonso.

As per the report, Alfonso met Modi a few times in 2012 and developed a respect for him. “In a way, I admired him and I looked up to him.”

Alfonso says he has suffered from depression since he realised the two diamonds were fake. “After that, I just could not function,” he says. “I realised that even if I go after this guy, there are so many creditors before me who are trying to get compensated.”

This also took a toll on his business, as most of his energy has been focused on seeking justice. “I have dedicated the last few weeks of my life, every single day, trying to figure out how to find this guy and be compensated.”

Nirav Modi's victims are not constrained to Indian banks only as there are currently cases that show he likewise duped people of crores in other countries. Nirav, who is wanted in a multi-crore fraud at India’s Punjab National Bank, allegedly sold two fake diamond rings to a Canadian man Paul Alfonso for US$200,000 (Rs 1.

Nirav Modi's victims are not constrained to Indian banks only as there are currently cases that show he likewise duped people of crores in other countries. Nirav, who is wanted in a multi-crore fraud at India’s Punjab National Bank, allegedly sold two fake diamond rings to a Canadian man Paul Alfonso for US$200,000 (Rs 1.4 crore) in Hong Kong. Alfonso, who apparently had no idea about fraud charges on Nirav Modi, purchased the rings to propose to his better half. In any case, their festival was stopped after they discovered that the diamonds were fake, as per a report in the South China Morning Post. “This affected the relationship between my ex-fiancée and her family. They think that I went out and bought these fake rings and proposed to her,” the South China Morning Post quoted Alfonso. As per the report, Alfonso met Modi a few times in 2012 and developed a respect for him. “In a way, I admired him and I looked up to him.” Alfonso says he has suffered from depression since he realised the two diamonds were fake. “After that, I just could not function,” he says. “I realised that even if I go after this guy, there are so many creditors before me who are trying to get compensated.” This also took a toll on his business, as most of his energy has been focused on seeking justice. “I have dedicated the last few weeks of my life, every single day, trying to figure out how to find this guy and be compensated.”

Nirav Modi sold fake diamond rings to Canada national, his engagement now broken: Report

State-run Punjab National Bank (PNB) is expected to turn profitable this fiscal year and is poised for growth, its managing director Sunil Mehta said, asserting that the Rs&nbsp;14,000-crore <a href="http://www.wionews.com/india-news/pnb-fraud-ed-attaches-rs-637-crore-assets-nirav-modi-family-5-countrie-168702">Nirav Modi scam</a> is a bygone.

Mehta said he hopes that PNB will be back into the black during 2018-19 due to various efforts taken by the bank after the fraud came to light in January this year.

"The bank has demonstrated its capability to absorb such a shock and hopefully it would be back into the black during this financial year itself," he told news agency Press Trust of India in an interview, after donating Rs&nbsp;5 crore for flood relief and rehabilitation to Kerala Chief Minister Pinarayi Vijayan on Monday.

The bank is slowly getting on to the growth path, he said, adding that credit growth is picking up and has surpassed industry average.

<a href="http://www.wionews.com/india-news/high-court-shocked-over-constructions-by-nirav-modi-others-along-beach-166299">PNB</a> reported a loss of Rs&nbsp;940 crore for the April-June period of financial year 2018-19. It clocked a profit of Rs&nbsp;343.40 crore in the corresponding quarter of 2017-18.

To give fillip to expansion plan, the bank's board has sought a capital support of Rs&nbsp;5,431 crore from the government through issuance of preferential shares. The proposed fund infusion would support growth initiatives of the bank. The previous fund infusion of Rs&nbsp;2,816 crore earlier this year was for meeting regulatory ratios, he said.

So in all, PNB is set to get a fund support of Rs&nbsp;8,247 crore, out of the Rs&nbsp;65,000 crore earmarked for the entire public sector banking system for the current fiscal year.

The fund infusion would be made after clearance from an extra general meeting (EGM) due on October 30 and other regulatory approvals.

<a href="http://www.wionews.com/india-news/cbi-moves-extradition-request-against-nirav-modis-brother-nishal-164924">Nirav Modi</a> and his uncle Mehul Choksi duped PNB of Rs&nbsp;14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with certain bank officials.

A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.

Talking about PNB's initiative for flood-ravaged Kerala,&nbsp;Mehta said: "PNB has always shown commitment for the national cause. The major havoc flood has played in Kerala needs sympathetic consideration from all in the country and PNB cannot be behind."

As part of the initiative, PNB employees and retirees have collected Rs&nbsp;5 crore for flood relief and rehabilitation.

State-run Punjab National Bank (PNB) is expected to turn profitable this fiscal year and is poised for growth, its managing director Sunil Mehta said, asserting that the Rs 14,000-crore Nirav Modi scam is a bygone.

State-run Punjab National Bank (PNB) is expected to turn profitable this fiscal year and is poised for growth, its managing director Sunil Mehta said, asserting that the Rs 14,000-crore Nirav Modi scam is a bygone. Mehta said he hopes that PNB will be back into the black during 2018-19 due to various efforts taken by the bank after the fraud came to light in January this year. "The bank has demonstrated its capability to absorb such a shock and hopefully it would be back into the black during this financial year itself," he told news agency Press Trust of India in an interview, after donating Rs 5 crore for flood relief and rehabilitation to Kerala Chief Minister Pinarayi Vijayan on Monday. The bank is slowly getting on to the growth path, he said, adding that credit growth is picking up and has surpassed industry average. PNB reported a loss of Rs 940 crore for the April-June period of financial year 2018-19. It clocked a profit of Rs 343.40 crore in the corresponding quarter of 2017-18. To give fillip to expansion plan, the bank's board has sought a capital support of Rs 5,431 crore from the government through issuance of preferential shares. The proposed fund infusion would support growth initiatives of the bank. The previous fund infusion of Rs 2,816 crore earlier this year was for meeting regulatory ratios, he said. So in all, PNB is set to get a fund support of Rs 8,247 crore, out of the Rs 65,000 crore earmarked for the entire public sector banking system for the current fiscal year. The fund infusion would be made after clearance from an extra general meeting (EGM) due on October 30 and other regulatory approvals. Nirav Modi and his uncle Mehul Choksi duped PNB of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with certain bank officials. A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011. Talking about PNB's initiative for flood-ravaged Kerala, Mehta said: "PNB has always shown commitment for the national cause. The major havoc flood has played in Kerala needs sympathetic consideration from all in the country and PNB cannot be behind." As part of the initiative, PNB employees and retirees have collected Rs 5 crore for flood relief and rehabilitation.

Rs 14,000 crore Nirav Modi scam a bygone, bank on path to recovery: PNB chief

The <a href="http://www.wionews.com/india-news/pnb-fraud-ed-eyes-rs-4000-cr-foreign-assets-of-nirav-modi-for-attachment-under-pmla-166495">Enforcement Directorate</a> on Monday attached properties and bank accounts worth Rs 637 crore&nbsp;of absconding jeweller Nirav Modi and his family.

The assets have been seized in India and four other countries including UK and USA.

Also read: <a href="http://www.wionews.com/india-news/request-for-extradition-of-nirav-modi-sent-to-uk-government-mos-mea-vk-singh--156699">Request for </a><a href="http://www.wionews.com/india-news/request-for-extradition-of-nirav-modi-sent-to-uk-government-mos-mea-vk-singh--156699">extradition</a><a href="http://www.wionews.com/india-news/request-for-extradition-of-nirav-modi-sent-to-uk-government-mos-mea-vk-singh--156699"> of Nirav Modi sent to UK government: MEA VK Singh</a>

The assets seized include diamond studded jewellery worth Rs 22.69 crore which has been brought back to India from Hong Kong, a flat in South Mumbai worth Rs 19.5 crore,&nbsp;and two immovable properties having a total value of US $29.99 million (Rs 216 crores approximately).

Besides this, the ED also attached five overseas bank accounts belonging to Nirav Modi with a total balance of Rs 278 crore.&nbsp;

The ED has attached the properties and bank accounts of the fugitive diamantaire under section 5 of the Prevention of Money laundering Act.

The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act (PMLA), it said.

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The agency, a senior official said, also got issued an <a href="http://www.wionews.com/india-news/interpol-issues-red-notice-against-nirav-modis-sister-purvi--164840">Interpol Red Corner notice</a> (global arrest warrant) against Aditya Nanavati, an accused in the same case, on charges of money laundering.

There are only very few cases where Indian agencies have attached assets abroad in a criminal probe.

Nirav Modi and his uncle Mehul Choksi are the main accused in the case where it is alleged that the two diamond jewellery businessmen allegedly duped and defrauded the Brady House branch of the Punjab National Bank in Mumbai for an amount of US $2 billion (about 13,000 crore) in purported connivance with bank officials.&nbsp;

(With inputs from PTI)

The Enforcement Directorate on Monday attached properties and bank accounts worth Rs 637 crore of absconding jeweller Nirav Modi and his family. The assets have been seized in India and four other countries including UK and USA.

The Enforcement Directorate on Monday attached properties and bank accounts worth Rs 637 crore of absconding jeweller Nirav Modi and his family. The assets have been seized in India and four other countries including UK and USA. Also read: Request for extradition of Nirav Modi sent to UK government: MEA VK Singh The assets seized include diamond studded jewellery worth Rs 22.69 crore which has been brought back to India from Hong Kong, a flat in South Mumbai worth Rs 19.5 crore, and two immovable properties having a total value of US $29.99 million (Rs 216 crores approximately). Besides this, the ED also attached five overseas bank accounts belonging to Nirav Modi with a total balance of Rs 278 crore. The ED has attached the properties and bank accounts of the fugitive diamantaire under section 5 of the Prevention of Money laundering Act. The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act (PMLA), it said. Enforcement Directorate attaches attaches properties and bank accounts to the tune of Rs 637 crore in Nirav Modi case. pic.twitter.com/Gsz6MFWq4O — ANI (@ANI) October 1, 2018 × The agency, a senior official said, also got issued an Interpol Red Corner notice (global arrest warrant) against Aditya Nanavati, an accused in the same case, on charges of money laundering. There are only very few cases where Indian agencies have attached assets abroad in a criminal probe. Nirav Modi and his uncle Mehul Choksi are the main accused in the case where it is alleged that the two diamond jewellery businessmen allegedly duped and defrauded the Brady House branch of the Punjab National Bank in Mumbai for an amount of US $2 billion (about 13,000 crore) in purported connivance with bank officials. (With inputs from PTI)

PNB fraud: ED attaches Rs 637 crore assets of Nirav Modi, family in 5 countries

<a href="http://wionews.com/world/arab-states-launch-biggest-assault-of-yemen-war-with-attack-on-main-port-of-hudaydah-144236">Arab states launch </a><a href="http://wionews.com/world/arab-states-launch-biggest-assault-of-yemen-war-with-attack-on-main-port-of-hudaydah-144236">biggest</a><a href="http://wionews.com/world/arab-states-launch-biggest-assault-of-yemen-war-with-attack-on-main-port-of-hudaydah-144236"> assault of Yemen war with </a><a href="http://wionews.com/world/arab-states-launch-biggest-assault-of-yemen-war-with-attack-on-main-port-of-hudaydah-144236">attack</a><a href="http://wionews.com/world/arab-states-launch-biggest-assault-of-yemen-war-with-attack-on-main-port-of-hudaydah-144236"> on country's main port</a>

A Saudi-led alliance of Arab states launched an attack on Yemen’s main port city on Wednesday in the largest battle of the Yemen war, aiming to bring the ruling Houthi movement to its knees at the risk of worsening the world’s biggest humanitarian crisis.

<a href="http://wionews.com/india-news/nirav-modi-travelling-in-brussels-on-singapore-passport-sources-144248">Nirav Modi reported </a><a href="http://wionews.com/india-news/nirav-modi-travelling-in-brussels-on-singapore-passport-sources-144248">to have</a><a href="http://wionews.com/india-news/nirav-modi-travelling-in-brussels-on-singapore-passport-sources-144248"> fled London for Brussels</a>

Absconding diamantaire and PNB fraud accused Nirav Modi is reported to have fled London for Brussels.&nbsp;

<a href="http://wionews.com/india-news/karti-chidambarams-firms-received-116-crore-bribe-in-aircel-maxis-deal-probe-agency-144231">Karti Chidambaram's firms received Rs 1.16-crore bribe in Aircel-Maxis deal: ED</a>

Former Union minister P Chidambaram's son Karti controlled two firms which allegedly received Rs. 1.16 crore as bribe money in the Aircel-Maxis money laundering case, the Enforcement Directorate (ED) on Wednesday said in its charge sheet filed before a Delhi court.

<a href="http://wionews.com/world/120-countries-at-united-nations-condemn-israel-over-gaza-violence-144241">120 countries at United Nations condemn Israel over Gaza violence</a>

The UN General Assembly on Wednesday adopted by a strong majority of 120 countries an Arab-backed resolution condemning Israel for Palestinian deaths in Gaza and rejected a US bid to blame Hamas for the violence.

<a href="http://wionews.com/world/argentine-congress-prepares-for-historic-abortion-vote-144238">Argentine Congress prepares for historic abortion vote</a>

Lawmakers in conservative Argentina prepared to vote Wednesday on a decisive bill to legalize abortion which if passed, would make it the most populous Latin American country to do so.

&nbsp;

Arab states launch biggest assault of Yemen war with attack on country's main port A Saudi-led alliance of Arab states launched an attack on Yemen’s main port city on Wednesday in the largest battle of the Yemen war, aiming to bring the ruling Houthi movement to its knees at the risk of worsening the world’s biggest humanitarian crisis. Nirav Modi reported to have fled London for Brussels Absconding diamantaire and PNB fraud accused Nirav Modi is reported to have fled London for Brussels. Karti Chidambaram's firms received Rs 1.16-crore bribe in Aircel-Maxis deal: ED Former Union minister P Chidambaram's son Karti controlled two firms which allegedly received Rs. 1.16 crore as bribe money in the Aircel-Maxis money laundering case, the Enforcement Directorate (ED) on Wednesday said in its charge sheet filed before a Delhi court. 120 countries at United Nations condemn Israel over Gaza violence The UN General Assembly on Wednesday adopted by a strong majority of 120 countries an Arab-backed resolution condemning Israel for Palestinian deaths in Gaza and rejected a US bid to blame Hamas for the violence. Argentine Congress prepares for historic abortion vote Lawmakers in conservative Argentina prepared to vote Wednesday on a decisive bill to legalize abortion which if passed, would make it the most populous Latin American country to do so.

News brief: Big stories of the day

A senior Indian official told newswire PTI <a href="http://wionews.com/india-news/cbi-requests-interpol-for-red-corner-notice-against-nirav-modis-brother-nishal--company-executive-suresh-shankar-144177">that India has been informed by the UK's</a> Crown Prosecution Service (CPS) that it can initiate extradition proceedings against fugitive diamond merchant Nirav Modi who allegedly defrauded Punjab National Bank(PNB) of $2 billion.

India's investigative agency the<a href="http://wionews.com/india-news/nirav-modi-travelling-in-brussels-on-singapore-passport-sources-144248"> Central Bureau of Investigation(CBI) had</a> requested the Interpol on Thursday to issue a Red Corner Notice against Nirav Modi's brother Nishal and his company executive Suresh Shankar.

The CBI has now begun the process of filing an extradition request for Modi, which will have to be approved by the UK Home Office following which an extradition warrant can be issued.

The UK government was earlier informed by the Indian authorities&nbspthat Nirav Modi's passport was revoked, the UK authorities, in turn, informed that the diamond billionaire had already entered the country but hadn't exited.

"If he has ILR in the UK, he would have to be extradited. However, if that is not the case, he can be deported on the basis of illegally travelling to Britain using fraudulent travel documentation. We are pursuing both these lines," a senior Indian official told PTI.

Reports had earlier said that Nirav Modi was in the process of applying for political asylum in the UK which could delay the extradition process. Earlier reports said that Nirav Modi had fled to Brussels from London but it could not be confirmed.

The Enforcement Directorate had issued a non-bailable warrant against Nirav Modi and his associates last month.&nbsp

The UK government was earlier informed by the Indian authorities that Nirav Modi's passport was revoked

A senior Indian official told newswire PTI that India has been informed by the UK's Crown Prosecution Service (CPS) that it can initiate extradition proceedings against fugitive diamond merchant Nirav Modi who allegedly defrauded Punjab National Bank(PNB) of $2 billion. India's investigative agency the Central Bureau of Investigation(CBI) had requested the Interpol on Thursday to issue a Red Corner Notice against Nirav Modi's brother Nishal and his company executive Suresh Shankar. The CBI has now begun the process of filing an extradition request for Modi, which will have to be approved by the UK Home Office following which an extradition warrant can be issued. The UK government was earlier informed by the Indian authorities&nbspthat Nirav Modi's passport was revoked, the UK authorities, in turn, informed that the diamond billionaire had already entered the country but hadn't exited. "If he has ILR in the UK, he would have to be extradited. However, if that is not the case, he can be deported on the basis of illegally travelling to Britain using fraudulent travel documentation. We are pursuing both these lines," a senior Indian official told PTI. Reports had earlier said that Nirav Modi was in the process of applying for political asylum in the UK which could delay the extradition process. Earlier reports said that Nirav Modi had fled to Brussels from London but it could not be confirmed. The Enforcement Directorate had issued a non-bailable warrant against Nirav Modi and his associates last month.

India can start extradition process for Nirav Modi: UK Crown Prosecution Service

Absconding diamantaire and PNB fraud accused Nirav Modi is reported to have fled London for Brussels.&nbsp;

The media had flashed the news that Nirav Modi had allegedly fled to the UK, where he is reportedly claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials.

However, now it is reported that he may have left London either on Tuesday or Wednesday for Brussels.

The diamond merchant, wanted in India's biggest-ever banking scam, is said to be travelling in and out of the UK freely, possibly on a Singapore passport, not an Indian one.&nbsp;

A non-bailable warrant was issued against Nirav Modi and 10 other accused, including his family members, in the case related to the fraud, after taking cognisance of a charge sheet filed against them by the ED last month.

The Ministry of External Affairs told the FT that the Indian government was waiting for that country’s law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened. The Enforcement Directorate has also issued summons to diamantaire Nirav Modi and his family members to join the investigations.

Nirav Modi is reported to have left London either on Tuesday or Wednesday. He was reportedly claiming political asylum in England

Absconding diamantaire and PNB fraud accused Nirav Modi is reported to have fled London for Brussels. The media had flashed the news that Nirav Modi had allegedly fled to the UK, where he is reportedly claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials. However, now it is reported that he may have left London either on Tuesday or Wednesday for Brussels. The diamond merchant, wanted in India's biggest-ever banking scam, is said to be travelling in and out of the UK freely, possibly on a Singapore passport, not an Indian one. A non-bailable warrant was issued against Nirav Modi and 10 other accused, including his family members, in the case related to the fraud, after taking cognisance of a charge sheet filed against them by the ED last month. The Ministry of External Affairs told the FT that the Indian government was waiting for that country’s law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened. The Enforcement Directorate has also issued summons to diamantaire Nirav Modi and his family members to join the investigations.

PNB scam: Nirav Modi reportedly flees London for Brussels

<a href="http://wionews.com/india-news/cbi-requests-interpol-for-red-corner-notice-against-nirav-modis-brother-nishal--company-executive-suresh-shankar-144177">CBI requests Interpol for Red Corner Notice against Nirav Modi's brother Nishal</a>

India's premier investigating agency the Central Bureau of Investigation(CBI) has requested the Interpol to issue a Red Corner Notice(RCN) against Nirav Modi's brother Nishal Modi and his company executive Suresh Shankar.

<a href="http://wionews.com/india-news/mumbai-massive-fire-atop-prabhadevi-high-rise-no-loss-of-life-reported-144112">Mumbai: Fire at Prabhadevi high rise contained, no loss of life reported</a>

According to reports, fire at Mumbai's BeauMonde Towers has been contained. A major fire broke out on the top floor of a high rise building in Mumbai's Prabhadevi area on Wednesday. Level - II fire broke out in BeauMonde Towers at Appasaheb Marathe Marg in Prabhadevi locality, Worli, ANI reported.

<a href="http://wionews.com/sports/fernando-hierro-named-new-coach-after-spain-sacks-julen-lopetegui--144176">Fernando Hierro named new coach after Spain sacks Julen Lopetegui</a>

Former Spanish footballer Fernando Hierro on Wednesday was announced as the new coach of Spain football team, hours after association sacked Julen Lopetegui.&nbsp

<a href="http://wionews.com/south-asia/maldives-former-president-maumoon-abdul-gayoom-sentenced-to-jail-144155">Maldives: Former President Maumoon Abdul Gayoom sentenced to jail&nbsp</a>

According to reports, former President of the Maldives Maumoon Abdul Gayoom has been sentenced to jail. Maumoon will serve a total of 1 year 7 months and 6 days in jail.

<a href="http://wionews.com/world/north-korea-no-longer-a-nuclear-threat-says-trump-144139">'North Korea no longer a nuclear threat,' says Trump</a>

President Trump said today that North Korea is no longer a nuclear threat as he arrived at US Air Force base in Maryland after successfully concluded his meeting with Kim Jong-un on Tuesday.

&nbsp

CBI requests Interpol for Red Corner Notice against Nirav Modi's brother Nishal India's premier investigating agency the Central Bureau of Investigation(CBI) has requested the Interpol to issue a Red Corner Notice(RCN) against Nirav Modi's brother Nishal Modi and his company executive Suresh Shankar. Mumbai: Fire at Prabhadevi high rise contained, no loss of life reported According to reports, fire at Mumbai's BeauMonde Towers has been contained. A major fire broke out on the top floor of a high rise building in Mumbai's Prabhadevi area on Wednesday. Level - II fire broke out in BeauMonde Towers at Appasaheb Marathe Marg in Prabhadevi locality, Worli, ANI reported. Fernando Hierro named new coach after Spain sacks Julen Lopetegui Former Spanish footballer Fernando Hierro on Wednesday was announced as the new coach of Spain football team, hours after association sacked Julen Lopetegui. Maldives: Former President Maumoon Abdul Gayoom sentenced to jail According to reports, former President of the Maldives Maumoon Abdul Gayoom has been sentenced to jail. Maumoon will serve a total of 1 year 7 months and 6 days in jail. 'North Korea no longer a nuclear threat,' says Trump President Trump said today that North Korea is no longer a nuclear threat as he arrived at US Air Force base in Maryland after successfully concluded his meeting with Kim Jong-un on Tuesday.

News brief: Read big stories of the day

India's premier investigating agency the Central Bureau of Investigation(CBI) has requested the Interpol to issue a Red Corner Notice(RCN) against Nirav Modi's brother Nishal Modi and his company executive Suresh Shankar.

CBI sources said the&nbsp;UK has shared certain details of movement of fugitives, including Nirav Modi with the agency.&nbsp;

Diamond merchant Nirav Modi and his uncle Mehul Choksi had fled India few days before a massive banking fraud was unearthed at the Punjab National Bank(PNB) amounting to $2 billion. Several reports had claimed that Nirav Modi was in the UK where he had claimed political asylum. Britain's home office had however refused to divulge any details.

The Enforcement Directorate(ED) had earlier filed a chargesheet against Nirav Modi and his associates at a special court in Mumbai. The charge sheet has been filed under various sections of the Prevention of Money Laundering Act (PMLA).&nbsp;

The ED had summoned Nirav's family for questioning on a number of occasions but did not get any reply.&nbsp;

The CBI is still trying to confirm Nirav Modi's whereabouts before moving against him. 
&nbsp;

The ED had earlier filed a chargesheet against Nirav Modi and his associates at a special court in Mumbai

India's premier investigating agency the Central Bureau of Investigation(CBI) has requested the Interpol to issue a Red Corner Notice(RCN) against Nirav Modi's brother Nishal Modi and his company executive Suresh Shankar. CBI sources said the UK has shared certain details of movement of fugitives, including Nirav Modi with the agency. Diamond merchant Nirav Modi and his uncle Mehul Choksi had fled India few days before a massive banking fraud was unearthed at the Punjab National Bank(PNB) amounting to $2 billion. Several reports had claimed that Nirav Modi was in the UK where he had claimed political asylum. Britain's home office had however refused to divulge any details. The Enforcement Directorate(ED) had earlier filed a chargesheet against Nirav Modi and his associates at a special court in Mumbai. The charge sheet has been filed under various sections of the Prevention of Money Laundering Act (PMLA). The ED had summoned Nirav's family for questioning on a number of occasions but did not get any reply. The CBI is still trying to confirm Nirav Modi's whereabouts before moving against him.

CBI requests Interpol for Red Corner Notice against Nirav Modi's brother Nishal

A Special PMLA court issued a non-bailable warrant against billionaire businessman Nirav Modi on Tuesday. Indian billionaire jeweller Nirav Modi, who figures at the centre of an alleged multi-crore bank fraud, has fled to the UK where he is claiming political asylum.

On Monday, the Central Bureau of Investigation said that it does not have any confirmation on the whereabouts of Nirav yet.

"The moment his whereabouts are confirmed further action will be taken," a CBI source said.

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CBI does not have confirmation on the whereabouts of Nirav Modi yet. The moment his whereabouts are confirmed further action will be taken. Red corner notice (RCN) in process against Nirav Modi and Mehul Choksi: CBI Sources <a href="https://t.co/wBjXTrDDEO">pic.twitter.com/wBjXTrDDEO</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1006135988727439362?ref_src=twsrc%5Etfw">June 11, 2018</a></blockquote>
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The Central Bureau of Investigation, on Monday, requested Interpol to issue red corner notices against Nirav Modi and Mehul Choksi.

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CBI has requested Interpol to issue red corner notices against <a href="https://twitter.com/hashtag/NiravModi?src=hash&ref_src=twsrc%5Etfw">#NiravModi</a> and <a href="https://twitter.com/hashtag/MehulChoksi?src=hash&ref_src=twsrc%5Etfw">#MehulChoksi</a>. <a href="https://t.co/u8MF23kxFi">pic.twitter.com/u8MF23kxFi</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1006142971870236672?ref_src=twsrc%5Etfw">June 11, 2018</a></blockquote>
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The Punjab National Bank detected the multi-crore scam, wherein Nirav and his uncle-cum-business-partner Mehul Choksi had allegedly cheated the bank to the tune of $2 billion, with the purported involvement of a few employees of the bank.&nbsp;

On Monday, the Central Bureau of Investigation said that it does not have confirmation on the whereabouts of Nirav yet

A Special PMLA court issued a non-bailable warrant against billionaire businessman Nirav Modi on Tuesday. Indian billionaire jeweller Nirav Modi, who figures at the centre of an alleged multi-crore bank fraud, has fled to the UK where he is claiming political asylum. On Monday, the Central Bureau of Investigation said that it does not have any confirmation on the whereabouts of Nirav yet. "The moment his whereabouts are confirmed further action will be taken," a CBI source said. CBI does not have confirmation on the whereabouts of Nirav Modi yet. The moment his whereabouts are confirmed further action will be taken. Red corner notice (RCN) in process against Nirav Modi and Mehul Choksi: CBI Sources pic.twitter.com/wBjXTrDDEO — ANI (@ANI) June 11, 2018 × The Central Bureau of Investigation, on Monday, requested Interpol to issue red corner notices against Nirav Modi and Mehul Choksi. CBI has requested Interpol to issue red corner notices against #NiravModi and #MehulChoksi. pic.twitter.com/u8MF23kxFi — ANI (@ANI) June 11, 2018 × The Punjab National Bank detected the multi-crore scam, wherein Nirav and his uncle-cum-business-partner Mehul Choksi had allegedly cheated the bank to the tune of $2 billion, with the purported involvement of a few employees of the bank.

Special court issues non-bailable warrant against Nirav Modi

According to reports, the Central Bureau of Investigation has requested Interpol to issue red corner notices against Nirav Modi and Mehul Choksi. At present, the CBI does not have any confirmation on the whereabouts of Nirav Modi, ANI reported.

As per reports, the CBI will take further action as soon as Nirav Modi's whereabouts are confirmed.

Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case, has fled to the UK, where he is claiming political asylum.

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CBI has requested Interpol to issue red corner notices against <a href="https://twitter.com/hashtag/NiravModi?src=hash&ref_src=twsrc%5Etfw">#NiravModi</a> and <a href="https://twitter.com/hashtag/MehulChoksi?src=hash&ref_src=twsrc%5Etfw">#MehulChoksi</a>. <a href="https://t.co/u8MF23kxFi">pic.twitter.com/u8MF23kxFi</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1006142971870236672?ref_src=twsrc%5Etfw">June 11, 2018</a></blockquote>
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According to Reuters, Britain's Home Office said it does not provide information on individual cases.

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CBI does not have confirmation on the whereabouts of Nirav Modi yet. The moment his whereabouts are confirmed further action will be taken. Red corner notice (RCN) in process against Nirav Modi and Mehul Choksi: CBI Sources <a href="https://t.co/wBjXTrDDEO">pic.twitter.com/wBjXTrDDEO</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1006135988727439362?ref_src=twsrc%5Etfw">June 11, 2018</a></blockquote>
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Punjab National Bank, the country'a second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.

Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case, has fled to the UK, where he is claiming political asylum

According to reports, the Central Bureau of Investigation has requested Interpol to issue red corner notices against Nirav Modi and Mehul Choksi. At present, the CBI does not have any confirmation on the whereabouts of Nirav Modi, ANI reported. As per reports, the CBI will take further action as soon as Nirav Modi's whereabouts are confirmed. Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case, has fled to the UK, where he is claiming political asylum. CBI has requested Interpol to issue red corner notices against #NiravModi and #MehulChoksi. pic.twitter.com/u8MF23kxFi — ANI (@ANI) June 11, 2018 × According to Reuters, Britain's Home Office said it does not provide information on individual cases. CBI does not have confirmation on the whereabouts of Nirav Modi yet. The moment his whereabouts are confirmed further action will be taken. Red corner notice (RCN) in process against Nirav Modi and Mehul Choksi: CBI Sources pic.twitter.com/wBjXTrDDEO — ANI (@ANI) June 11, 2018 × Punjab National Bank, the country'a second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.

CBI requests Interpol to issue red corner notices against Nirav Modi, Mehul Choksi

<a href="http://wionews.com/videos/nirav-modi-extradition-hong-kong-refuses-to-answer-wions-questions-132341">Nirav Modi, the billionaire jeweller </a>at the heart of a more than $2 billion fraud case, has fled to the UK, where he is claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials.

Britain's Home Office said it does not provide information on individual cases.

<a href="http://wionews.com/india-news/nirav-modi-exchanged-notes-worth-rs-90-crore-in-pnb-hours-before-demonetisation-alleges-ncp-lawmaker-34011">Nirav Modi </a>could not be contacted&nbsp;for comment on the FT report.

<a href="http://wionews.com/india-news/opinion-after-nirab-modi-frauds-pnb-are-we-to-pay-for-our-theft-ourselves-33797">Opinion: After Nirav Modi frauds PNB, are we to pay for our theft ourselves?</a>

Punjab National Bank, the country'a second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.

Nirav Modi is in London trying to claim asylum from what he calls "political persecution", the FT reported.

Also read: <a href="http://wionews.com/india-news/entertainment-priyanka-chopra-quits-as-nirav-modi-brand-ambassador-33817">Priyanka Chopra quits as Nirav Modi brand ambassador</a>

Ministry of external affairs told the FT the government was waiting for law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened. The ministry did not respond to a Reuters request for comment outside regular working hours.

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The Centre is already seeking the extradition of liquor and aviation tycoon Vijay Mallya over unpaid loans to his defunct Kingfisher Airlines after the businessman and co-owner of the Formula One Force India team moved to Britain in March last year.&nbsp;

Police filed charges against more than 25 people in May including Modi, Choksi, former PNB chief Usha Ananthasubramanian, two of the bank's executive directors and three companies belonging to Nirav Modi.

Modi and Choksi have denied any wrongdoing.

Last month, senior executives at the bank were accused by the police, in a charge sheet filed in court, of misleading the central bank in late 2016 over the lender's handling of the financial messaging system and credit guarantees that were at the centre of the fraud.

Police filed charges against more than 25 people in May including Modi, Choksi, former PNB chief Usha Ananthasubramanian.

Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case, has fled to the UK, where he is claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials. Britain's Home Office said it does not provide information on individual cases. Nirav Modi could not be contacted for comment on the FT report. Opinion: After Nirav Modi frauds PNB, are we to pay for our theft ourselves? Punjab National Bank, the country'a second-largest state-run bank, said earlier in 2018 that two jewellery groups headed by Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years. Nirav Modi is in London trying to claim asylum from what he calls "political persecution", the FT reported. Also read: Priyanka Chopra quits as Nirav Modi brand ambassador Ministry of external affairs told the FT the government was waiting for law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened. The ministry did not respond to a Reuters request for comment outside regular working hours. × The Centre is already seeking the extradition of liquor and aviation tycoon Vijay Mallya over unpaid loans to his defunct Kingfisher Airlines after the businessman and co-owner of the Formula One Force India team moved to Britain in March last year. Police filed charges against more than 25 people in May including Modi, Choksi, former PNB chief Usha Ananthasubramanian, two of the bank's executive directors and three companies belonging to Nirav Modi. Modi and Choksi have denied any wrongdoing. Last month, senior executives at the bank were accused by the police, in a charge sheet filed in court, of misleading the central bank in late 2016 over the lender's handling of the financial messaging system and credit guarantees that were at the centre of the fraud.

PNB-Nirav Modi fraud: Diamond czar flees to UK, claims political asylum, says report

The International Monetary Fund said today that <a href="http://wionews.com/india-news/pnb-scam-ed-files-first-chargesheet-against-nirav-modi-associates-139476">India should look at the performance </a>of the public sector banks as it seeks to reform and grow.

India's bank has come under renewed pressure <a href="http://wionews.com/india-news/pnb-to-honour-lous-worth-rs-6500-crore-due-to-lenders-126873">after a massive scam was unearthed </a>in Punjab Nationa Bank(PNB) engineered by diamond baron Nirav Modi. The scam worth $ 2 billion led to scrutiny of other banks even as bad debts of public sector banks increased.

PNB recently posted the largest-ever quarterly loss of Rs 13,416.91 crore for January-March period due to bad loans.

"Addressing the banking sector balance sheet issues and improving the performance of particular public sector banks is a very important issue for India to support investment and its inclusive growth agenda," IMF Spokesman Gerry Rice said.

A report recently said IDBI Bank had the highest bad-loan ratio among India's banks. The banks in India have around $210 billion in non-performing assets(NPAs), according to a report.

The IMF said India had made progress to address NPAs and was taking further measures to deal with the flow problem. 
&nbsp&nbsp 
"These steps include the recognition of these non-performing assets, the resolution framework under the Insolvency and Bankruptcy Code. It's in an early stage, but we think that's an encouraging development," Rice said.&nbsp

Rice recommended India should improve the risk management system in public sector banks, adding that "further governance" was needed in the key area.

"But we welcome the authority's intention to make public sector bank recapitalisation contingent on measures to strengthen governance and operations and encourage the accelerating implementation of the ongoing reforms," Rice added.&nbsp

PNB recently posted the largest-ever quarterly loss of Rs 13,416.91 crore for January-March period due to bad loans.

The International Monetary Fund said today that India should look at the performance of the public sector banks as it seeks to reform and grow. India's bank has come under renewed pressure after a massive scam was unearthed in Punjab Nationa Bank(PNB) engineered by diamond baron Nirav Modi. The scam worth $ 2 billion led to scrutiny of other banks even as bad debts of public sector banks increased. PNB recently posted the largest-ever quarterly loss of Rs 13,416.91 crore for January-March period due to bad loans. "Addressing the banking sector balance sheet issues and improving the performance of particular public sector banks is a very important issue for India to support investment and its inclusive growth agenda," IMF Spokesman Gerry Rice said. A report recently said IDBI Bank had the highest bad-loan ratio among India's banks. The banks in India have around $210 billion in non-performing assets(NPAs), according to a report. The IMF said India had made progress to address NPAs and was taking further measures to deal with the flow problem. "These steps include the recognition of these non-performing assets, the resolution framework under the Insolvency and Bankruptcy Code. It's in an early stage, but we think that's an encouraging development," Rice said. Rice recommended India should improve the risk management system in public sector banks, adding that "further governance" was needed in the key area. "But we welcome the authority's intention to make public sector bank recapitalisation contingent on measures to strengthen governance and operations and encourage the accelerating implementation of the ongoing reforms," Rice added.

India must improve performance of public sector banks: IMF

The government has left no stone unturned in convincing a UK court that fugitive businessman Vijay Mallya must be extradited to India, External Affairs Ministry spokesperson Raveesh Kumar said on Thursday.

"Extradition hearings have been going on. I understand that the closing submissions in the case have already been made. We now wait for the verdict. I can only assure you that we have left no stone unturned in our efforts to convince the courts that the extradition of Vijay Mallya to India should take place," Kumar told reporters in response to a question.

In February 2017, India made a formal request to the UK for extradition of Mallya, who faces charges of financial misconduct amounting to nearly Rs 9,000 crore in debt owed to Indian banks by his defunct Kingfisher Airlines.

When asked about the location of fugitive businessmen Nirav Modi and Mehul Choksi, who allegedly duped Punjab National Bank to the tune of thousands of crores of rupees, he said the MEA will not be able to provide their location details as it comes into picture only when the agencies concerned inform it about their whereabouts.

Responding to a question on whether the issue of the extradition of Islamic preacher Zakir Naik from Malaysia came up for discussion during Prime Minister Narendra Modi's meeting with his Malaysian counterpart Mahathir Mohamad, Kumar said the interaction between the two leaders was very short.

The meeting happened on May 31 during Modi's visit enroute Singapore and the talks covered a broad overview about the relationship between the two countries.

Modi made a brief stopover in Malaysia to meet the nonagenarian leader, who won polls after trumping Najib Razak, the then Prime Minister of Malaysia.

Kumar added India had sent a request to Malaysia to extradite Naik and it was waiting for a response.

On the summit between US President Donald Trump and North Korean leader Kim Jong-un scheduled for June 12 in Singapore, Kumar said, " India welcomes the proposed meeting and supports the peaceful resolution to the Korean Peninsula problem."

'Extradition hearings have been going on. I understand that the closing submissions in the case have already been made. We now wait for the verdict. I can only assure you that we have left no stone unturned in our efforts to convince the courts that the extradition of Vijay Mallya to India should take place'

The government has left no stone unturned in convincing a UK court that fugitive businessman Vijay Mallya must be extradited to India, External Affairs Ministry spokesperson Raveesh Kumar said on Thursday. "Extradition hearings have been going on. I understand that the closing submissions in the case have already been made. We now wait for the verdict. I can only assure you that we have left no stone unturned in our efforts to convince the courts that the extradition of Vijay Mallya to India should take place," Kumar told reporters in response to a question. In February 2017, India made a formal request to the UK for extradition of Mallya, who faces charges of financial misconduct amounting to nearly Rs 9,000 crore in debt owed to Indian banks by his defunct Kingfisher Airlines. When asked about the location of fugitive businessmen Nirav Modi and Mehul Choksi, who allegedly duped Punjab National Bank to the tune of thousands of crores of rupees, he said the MEA will not be able to provide their location details as it comes into picture only when the agencies concerned inform it about their whereabouts. Responding to a question on whether the issue of the extradition of Islamic preacher Zakir Naik from Malaysia came up for discussion during Prime Minister Narendra Modi's meeting with his Malaysian counterpart Mahathir Mohamad, Kumar said the interaction between the two leaders was very short. The meeting happened on May 31 during Modi's visit enroute Singapore and the talks covered a broad overview about the relationship between the two countries. Modi made a brief stopover in Malaysia to meet the nonagenarian leader, who won polls after trumping Najib Razak, the then Prime Minister of Malaysia. Kumar added India had sent a request to Malaysia to extradite Naik and it was waiting for a response. On the summit between US President Donald Trump and North Korean leader Kim Jong-un scheduled for June 12 in Singapore, Kumar said, " India welcomes the proposed meeting and supports the peaceful resolution to the Korean Peninsula problem."

Govt has left no stone unturned in convincing UK court that Mallya should be extradited: MEA

The Income Tax department on Sunday refuted reports which stated that the documents related to the investigation of Nirav Modi and Mehul Choksi were ruined in the Scindia House fire.&nbsp;

"News reports appearing in some sections of media alleging that records/documents relating to investigation of Nirav Modi/Mehul Choksi have been destroyed in the Scindia House fire in IT Office, Mumbai are completely false & misdirected," they tweeted on Sunday.&nbsp;

Earlier, media reports quoted sources in the Income Tax department saying the files pertaining to Modi and Choksi, along with some documents relating to the Essar group, were also in the office premises during the fire.

The lost files pertained to cases that were either being investigated for fraud or were part of bankruptcy proceedings.

The fire broke out in the Income Tax office in South Mumbai on Friday, but no casualties were reported

The blaze started on the third floor of the I-T office located in multi-storeyed Scindia House.

No injuries were reported, but one person trapped on the second floor of the commercial building was rescued by firefighters.&nbsp;

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News reports appearing in some sections of media alleging that records/documents relating to investigation of Nirav Modi/Mehul Choksi have been destroyed in the Scindia House fire in ITOffice,Mumbai are completely false & misdirected <a href="https://twitter.com/PMOIndia?ref_src=twsrc%5Etfw">@PMOIndia</a> <a href="https://twitter.com/FinMinIndia?ref_src=twsrc%5Etfw">@FinMinIndia</a> <a href="https://twitter.com/arunjaitley?ref_src=twsrc%5Etfw">@arunjaitley</a> <a href="https://twitter.com/adhia03?ref_src=twsrc%5Etfw">@adhia03</a>
— Income Tax India (@IncomeTaxIndia) <a href="https://twitter.com/IncomeTaxIndia/status/1003260661009285123?ref_src=twsrc%5Etfw">June 3, 2018</a></blockquote>
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Nirav Modi, Mehul Choksi and others are being probed under various criminal laws after the fraud came to light this year following a complaint by Punjab National Bank, India's second largest public sector bank, that they allegedly cheated the bank to the tune of over Rs 13,000 crore, with the purported involvement of a few employees of the bank.

Both Nirav Modi and Choksi are said to have left the country before criminal cases were lodged against them.&nbsp;

The fire broke out in the Income Tax office in South Mumbai on Friday. News reports had said the Modi, Choksi files had been in the office's premises at the time

The Income Tax department on Sunday refuted reports which stated that the documents related to the investigation of Nirav Modi and Mehul Choksi were ruined in the Scindia House fire. "News reports appearing in some sections of media alleging that records/documents relating to investigation of Nirav Modi/Mehul Choksi have been destroyed in the Scindia House fire in IT Office, Mumbai are completely false & misdirected," they tweeted on Sunday. Earlier, media reports quoted sources in the Income Tax department saying the files pertaining to Modi and Choksi, along with some documents relating to the Essar group, were also in the office premises during the fire. The lost files pertained to cases that were either being investigated for fraud or were part of bankruptcy proceedings. The fire broke out in the Income Tax office in South Mumbai on Friday, but no casualties were reported The blaze started on the third floor of the I-T office located in multi-storeyed Scindia House. No injuries were reported, but one person trapped on the second floor of the commercial building was rescued by firefighters. News reports appearing in some sections of media alleging that records/documents relating to investigation of Nirav Modi/Mehul Choksi have been destroyed in the Scindia House fire in ITOffice,Mumbai are completely false & misdirected @PMOIndia @FinMinIndia @arunjaitley @adhia03 — Income Tax India (@IncomeTaxIndia) June 3, 2018 × Nirav Modi, Mehul Choksi and others are being probed under various criminal laws after the fraud came to light this year following a complaint by Punjab National Bank, India's second largest public sector bank, that they allegedly cheated the bank to the tune of over Rs 13,000 crore, with the purported involvement of a few employees of the bank. Both Nirav Modi and Choksi are said to have left the country before criminal cases were lodged against them.

Income Tax department says Nirav Modi, Mehul Choksi files not destroyed in Mumbai fire

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