&nbsp;About 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Vijay Mallya has been recovered so far, the Enforcement Directorate (ED) said after the sale of attached shares worth over Rs 5,800 crore on Wednesday.

According to the agency, the latest sale proceeds take the total value of recovery to Rs 9,041.5 crore, or 40 per cent of the over Rs 22,000 crore allegedly defrauded by the trio.

Commenting on the development, Union Finance Minister Nirmala Sitharaman tweeted, "Fugitives &amp; economic offenders will be actively pursued; their properties attached &amp; dues recovered."

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/uk-judge-denies-for-more-funds-for-legal-charges-to-indian-fugitive-vijay-mallya-387657/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The three, who fled overseas as a probe against them gathered pace, are being investigated by central investigative agencies such as the ED and the Central Bureau of Investigation (CBI) after they were alleged to have cheated banks, and these frauds have been categorised as among the country's biggest criminal loan heist till date.

The central agency gave the low-down on these two cases, the estimated Rs 13,000 crore fraud allegedly carried out by diamond trader Nirav Modi, his uncle Mehul Choksi and others in the Brady House branch of PNB in Mumbai and the about Rs 9,000 crore Kingfisher Airlines fraud triggered by Mallya, in a statement issued here.

It said the three "defrauded" public sector banks by siphoning off the funds through their companies which resulted in a total loss of over Rs 22,000 crore or $ 2,20,000 Million (Rs 22,585.83 crore in definite numbers) to a clutch of banks.

Asked for a comment, Choksi's lawyer Vijay Aggarwal told PTI, "The ED has indeed attached assets much more than the money due to the banks."

Also read |&nbsp;<a href="https://www.wionews.com/india-news/vijay-mallya-loses-bankruptcy-petition-amendment-high-court-battle-in-uk-385876">Vijay Mallya loses bankruptcy petition amendment High Court battle in UK</a>&nbsp;

The ED, empowered to probe such cases under criminal sections of the Prevention of Money Laundering Act (PMLA), went on to attach and seize total assets worth Rs 18,170.02 crore in these two cases that included Rs 969 crore worth of properties "located" abroad.

"The quantum of the attached and seized assets represent 80.45 per cent of the total bank loss of Rs 22,585.83 crore," the ED said.

On Wednesday, out of these attached assets, the Debts Recovery Tribunal (DRT) on behalf of an SBI-led consortium that lent money to Mallya sold fresh shares worth Rs 5,824.50 crore of United Breweries Limited (UBL), the agency said.

The DRT action came after the ED transferred the shares worth about Rs 6,624 crore of UBL attached by it to the SBI-led consortium on the directions of a special PMLA court that is hearing these cases in Mumbai.

"Further realisation of Rs 800 crore by sale of these shares is expected by June 25," it added.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/nirav-modi-faces-another-setback-as-uk-judge-rules-in-indias-favour-340393">Nirav Modi faces another setback as UK judge rules in India's favour</a>

The banks have earlier "recovered" Rs 1,357 crore by a similar sale of shares in the case against Mallya and his now-defunct Kingfisher Airlines, the ED said.

Another Rs 1,060 crore worth of assets were "restituted" to the banks earlier in the probe against Nirav Modi, they said.

As of date, the ED said, assets worth Rs 9,041.5 crore, "representing 40 per cent of the total loss to the banks, have been handed over to public sector banks."

"Thus, the banks shall be realising total amount of Rs 9,041.5 crore through sale of a part of assets attached/seized by ED under the PMLA," it said.

In addition, official sources said, Rs 329.67 crore has been realised in the government exchequer after Modi's assets were confiscated in July last year after the 50-year-old diamantaire was declared a fugitive economic offender by a special court in Mumbai.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/mehul-choksis-claim-of-renouncing-indian-citizenship-bogus-india-391576/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The ED said the probe has "irrevocably proved" that the three used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks.

"The investigators had to pierce through the multi-layered corporate veil to find these assets that were held in exclusive possession."

"It was a myriad web of domestic and international transactions and stashing of assets abroad," a senior officer said. 
The ED also got repatriated to the country assets like gold and diamond jewellery (of Modi and Choksi firms) from abroad to ensure they are not disposed off and are available to the banks and the government exchequer for seizure.

The agency said, "a substantial part of these assets were held in the names of dummy entities, trusts, third persons, relatives of these accused and these entities were proxy of the three accused to hold these assets."

It said the extradition of Mallya (65) "has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court."

Also read |&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-seizes-vijay-mallyas-asset-in-france-worth-19-million-347571">Enforcement Directorate seizes Vijay Mallya’s asset in France worth $1.9 million</a>

"Since Mallya has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final," it added.

It said Modi too has lost his extradition plea and has been in a London jail for the last 2.3 years.

Choksi (62) had mysteriously gone missing on May 23 from Antigua and Barbuda, where he has been staying since 2018 as a citizen, and later surfaced in neighbouring Dominica from where India is trying to get him deported.

About 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Vijay Mallya has been recovered so far, the Enforcement Directorate (ED) said after the sale of attached shares worth over Rs 5,800 crore on Wednesday.

About 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Vijay Mallya has been recovered so far, the Enforcement Directorate (ED) said after the sale of attached shares worth over Rs 5,800 crore on Wednesday. According to the agency, the latest sale proceeds take the total value of recovery to Rs 9,041.5 crore, or 40 per cent of the over Rs 22,000 crore allegedly defrauded by the trio. Commenting on the development, Union Finance Minister Nirmala Sitharaman tweeted, "Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered." The three, who fled overseas as a probe against them gathered pace, are being investigated by central investigative agencies such as the ED and the Central Bureau of Investigation (CBI) after they were alleged to have cheated banks, and these frauds have been categorised as among the country's biggest criminal loan heist till date. The central agency gave the low-down on these two cases, the estimated Rs 13,000 crore fraud allegedly carried out by diamond trader Nirav Modi, his uncle Mehul Choksi and others in the Brady House branch of PNB in Mumbai and the about Rs 9,000 crore Kingfisher Airlines fraud triggered by Mallya, in a statement issued here. It said the three "defrauded" public sector banks by siphoning off the funds through their companies which resulted in a total loss of over Rs 22,000 crore or $ 2,20,000 Million (Rs 22,585.83 crore in definite numbers) to a clutch of banks. Asked for a comment, Choksi's lawyer Vijay Aggarwal told PTI, "The ED has indeed attached assets much more than the money due to the banks." Also read | Vijay Mallya loses bankruptcy petition amendment High Court battle in UK The ED, empowered to probe such cases under criminal sections of the Prevention of Money Laundering Act (PMLA), went on to attach and seize total assets worth Rs 18,170.02 crore in these two cases that included Rs 969 crore worth of properties "located" abroad. "The quantum of the attached and seized assets represent 80.45 per cent of the total bank loss of Rs 22,585.83 crore," the ED said. On Wednesday, out of these attached assets, the Debts Recovery Tribunal (DRT) on behalf of an SBI-led consortium that lent money to Mallya sold fresh shares worth Rs 5,824.50 crore of United Breweries Limited (UBL), the agency said. The DRT action came after the ED transferred the shares worth about Rs 6,624 crore of UBL attached by it to the SBI-led consortium on the directions of a special PMLA court that is hearing these cases in Mumbai. "Further realisation of Rs 800 crore by sale of these shares is expected by June 25," it added. Also read | Nirav Modi faces another setback as UK judge rules in India's favour The banks have earlier "recovered" Rs 1,357 crore by a similar sale of shares in the case against Mallya and his now-defunct Kingfisher Airlines, the ED said. Another Rs 1,060 crore worth of assets were "restituted" to the banks earlier in the probe against Nirav Modi, they said. As of date, the ED said, assets worth Rs 9,041.5 crore, "representing 40 per cent of the total loss to the banks, have been handed over to public sector banks." "Thus, the banks shall be realising total amount of Rs 9,041.5 crore through sale of a part of assets attached/seized by ED under the PMLA," it said. In addition, official sources said, Rs 329.67 crore has been realised in the government exchequer after Modi's assets were confiscated in July last year after the 50-year-old diamantaire was declared a fugitive economic offender by a special court in Mumbai. The ED said the probe has "irrevocably proved" that the three used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks. "The investigators had to pierce through the multi-layered corporate veil to find these assets that were held in exclusive possession." "It was a myriad web of domestic and international transactions and stashing of assets abroad," a senior officer said. The ED also got repatriated to the country assets like gold and diamond jewellery (of Modi and Choksi firms) from abroad to ensure they are not disposed off and are available to the banks and the government exchequer for seizure. The agency said, "a substantial part of these assets were held in the names of dummy entities, trusts, third persons, relatives of these accused and these entities were proxy of the three accused to hold these assets." It said the extradition of Mallya (65) "has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court." Also read | Enforcement Directorate seizes Vijay Mallya’s asset in France worth $1.9 million "Since Mallya has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final," it added. It said Modi too has lost his extradition plea and has been in a London jail for the last 2.3 years. Choksi (62) had mysteriously gone missing on May 23 from Antigua and Barbuda, where he has been staying since 2018 as a citizen, and later surfaced in neighbouring Dominica from where India is trying to get him deported.

Enforcement Directorate says 40% loss in PNB, Mallya bank fraud cases recovered

Barbara Jarabica&nbsp;whose name has cropped up in the Mehul Choksi case has said that she wasn't present in the area at the time of his alleged kidnapping.&nbsp;

Choksi who is allegedly involved in the multi-crore PNB scam disappeared from Antigua on May 23 only to surface in neighbouring Dominica.&nbsp;

Speaking to WION,&nbsp;Barbara said, "On May 23, Sunday, we went to have breakfast in&nbsp;Carlisle Bay which is a hotel resort in south Antigua and he picked me up in&nbsp;Jolly Harbour", explaining, "we had breakfast and conversation, coffee" and "we came back to Jolly harbour at around 11:30 or 12 o'clock, this was the last time I saw him."

Recalling his conversation, Barbara&nbsp;said, "He said that he is really disappointed, and can't believe that I am leaving Antigua and he was trying to convince me to say but I told him that I will go to the airport in the afternoon, will be going to Dominica and go back to Europe."

Mehul Choksi, 62, in the complaint with the commissioner of police of Antigua and Barbuda had listed Barbara Jabarica along with others to be&nbsp;involved in his alleged "kidnapping" which&nbsp;hasn't been proved yet. In the five-page complaint&nbsp;dated June 2, he said "8-10 heavily muscled men" had taken him from her house at 5.15pm local time.

Barbara, in response to WION's question, said, "around 3 o' clock, I left and went to the airport. He is saying he was kidnapped in the afternoon..its busy time, daytime and busy area and at that time I was going to the airport".

"Why would I kidnap him in the middle of day,&nbsp;in the busiest time like 4 or 5pm", she asked, while questioning, "something does not add up".

In the thirty-minute conversation,&nbsp;Barbara gave details of her contact with Choksi since last August 2020 and said she knew him as "Raj". During the yearlong contact, Choksi had spoken to her many times and also gifted her a diamond ring which turned out to be fake.&nbsp;

Asked if she knew about his past, "now I am finding out, he lied a lot" and " introduced himself as&nbsp;Raj" and "wherever we went, everyone called him "Raj", while pointing out that "if I knew&nbsp;his real background, I would have never hung out with him".

She also clarified that she is not a national of any Caribbean country and is a European.&nbsp;&nbsp;

Barbara Jarabica whose name has cropped up in the Mehul Choksi case has said that she wasn't present in the area at the time of his alleged kidnapping. Choksi who is allegedly involved in the multi-crore PNB scam disappeared from Antigua on May 23 only to surface in neighbouring Dominica.

Barbara Jarabica whose name has cropped up in the Mehul Choksi case has said that she wasn't present in the area at the time of his alleged kidnapping. Choksi who is allegedly involved in the multi-crore PNB scam disappeared from Antigua on May 23 only to surface in neighbouring Dominica. Speaking to WION, Barbara said, "On May 23, Sunday, we went to have breakfast in Carlisle Bay which is a hotel resort in south Antigua and he picked me up in Jolly Harbour", explaining, "we had breakfast and conversation, coffee" and "we came back to Jolly harbour at around 11:30 or 12 o'clock, this was the last time I saw him." Recalling his conversation, Barbara said, "He said that he is really disappointed, and can't believe that I am leaving Antigua and he was trying to convince me to say but I told him that I will go to the airport in the afternoon, will be going to Dominica and go back to Europe." Mehul Choksi, 62, in the complaint with the commissioner of police of Antigua and Barbuda had listed Barbara Jabarica along with others to be involved in his alleged "kidnapping" which hasn't been proved yet. In the five-page complaint dated June 2, he said "8-10 heavily muscled men" had taken him from her house at 5.15pm local time. Barbara, in response to WION's question, said, "around 3 o' clock, I left and went to the airport. He is saying he was kidnapped in the afternoon..its busy time, daytime and busy area and at that time I was going to the airport". "Why would I kidnap him in the middle of day, in the busiest time like 4 or 5pm", she asked, while questioning, "something does not add up". In the thirty-minute conversation, Barbara gave details of her contact with Choksi since last August 2020 and said she knew him as "Raj". During the yearlong contact, Choksi had spoken to her many times and also gifted her a diamond ring which turned out to be fake. Asked if she knew about his past, "now I am finding out, he lied a lot" and " introduced himself as Raj" and "wherever we went, everyone called him "Raj", while pointing out that "if I knew his real background, I would have never hung out with him". She also clarified that she is not a national of any Caribbean country and is a European.

Wasn't present in the area, says Barbara Jarabica on Mehul Choksi's alleged abduction

<a href="https://www.wionews.com/india-news/wion-exclusive-have-informed-india-on-information-shared-with-interpol-says-antigua-barbudas-pm-on-choksi-387348">Mehul Choksi </a>, who has been missing for the last few days, has been found in the Caribbean country of Dominica.&nbsp;

The fugitive is wanted by Indian authorities in the Rs 14,000 crore&nbsp;($2 billion) PNB fraud case. He had fled to Antigua in 2018 and was reportedly missing for the last few days.&nbsp;

The Dominican authorities have confirmed his presence in the country and said&nbsp;he is in custody.

Choksi's lawyer Vijay Aggarwal, speaking to WION, said, "the family is happy and relieved that finally the whereabouts of Mehul Choksi is&nbsp;known. And efforts are being made to speak to him so that one can get a clearer picture on how he was taken to Dominica."

Dominica is near Antigua and Barbuda. Choksi is expected to be sent back to Antigua soon.&nbsp;

On Tuesday, WION had spoken to Prime Minister of Antigua and Barbuda Gaston Browne who had said: "I want to make it clear to the people of India, and the entire world, Mehul Choksi is not welcome&nbsp;here in Antigua and Barbuda, we want him out of the country&nbsp;and sooner&nbsp;he leaves the better."

After his mysterious disappearance, the local authorities in Antigua had issued&nbsp;a missing person's report with Interpol.

There is already a Red Corner Notice against Choksi&nbsp;which means if he crosses the border, immigration authorities of any country can apprehend him.

Mehul Choksi , who has been missing for the last few days, has been found in the Caribbean country of Dominica. The fugitive is wanted by Indian authorities in the Rs 14,000 crore ($2 billion) PNB fraud case.

Mehul Choksi , who has been missing for the last few days, has been found in the Caribbean country of Dominica. The fugitive is wanted by Indian authorities in the Rs 14,000 crore ($2 billion) PNB fraud case. He had fled to Antigua in 2018 and was reportedly missing for the last few days. The Dominican authorities have confirmed his presence in the country and said he is in custody. Choksi's lawyer Vijay Aggarwal, speaking to WION, said, "the family is happy and relieved that finally the whereabouts of Mehul Choksi is known. And efforts are being made to speak to him so that one can get a clearer picture on how he was taken to Dominica." Dominica is near Antigua and Barbuda. Choksi is expected to be sent back to Antigua soon. On Tuesday, WION had spoken to Prime Minister of Antigua and Barbuda Gaston Browne who had said: "I want to make it clear to the people of India, and the entire world, Mehul Choksi is not welcome here in Antigua and Barbuda, we want him out of the country and sooner he leaves the better." After his mysterious disappearance, the local authorities in Antigua had issued a missing person's report with Interpol. There is already a Red Corner Notice against Choksi which means if he crosses the border, immigration authorities of any country can apprehend him.

Missing fugitive Mehul Choksi found in Dominica

Prime Minister of Antigua and Barbuda Gaston Browne has said that Mehul Choksi could be sent back to India in the next 48 hours from Dominica where he was found. The fugitive Indian diamantaire, who had gone missing from Antigua, was taken into custody by authorities of Dominica where he was captured while trying to flee.

Speaking exclusively and extensively to WION's&nbsp; Principal Diplomatic Correspondent Sidhant Sibal, PM Browne said, "Assuming no legal impediments, I believe within the next 48 hours Choksi could be perhaps in a private jet, you know, repatriated to India." 
 
Watch:&nbsp;

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Browne pointed out that he has spoken to Dominica's PM Roosevelt Skerrit over the development and requested him "not to have Choksi return to Antigua where he has legal and constitutional protections" and "send him back directly to India."

Choksi is wanted by Indian authorities in the $2 billion Punjab National Bank fraud case and had fled to the country in 2018, with India seeking to extradite him.&nbsp;

Sidhant Sibal: If you can give us the facts, where he is, in which part of Dominica?

Gaston Browne: Choksi was found in Dominica. He is presently detained and Antigua's government has been coordinating efforts with Dominican and Indian governments to ensure that Mr Choksi is deported directly from Dominica back to India.

We have specially requested PM Roosevelt Skerrit and law enforcement in Dominica&nbsp;not to have Mr Choksi return to Antigua where he has legal and constitutional protections, but instead to coordinate efforts and cooperate with the Indian government, Indian law enforcement, [and] have Mr Choksi repatriated directly to India. And the govt of Dominica is cooperating.

Sidhant Sibal: That means he can be directly sent to India?

Gaston Browne: Absolutely. He made a monumental error because he recognised that my government and my administration were gung ho about revoking his citizenship and having him extradited. So it would appear that he may have sought to travel to a neighbouring island with the hope he could have gone unnoticed.

We had put Interpol missing personnel notice. And he was captured in Dominica but he doesn't have the constitutional and legal protection that he enjoys as a citizen in Antigua and Barbuda. So Mr Choksi literally outdid himself.

Sidhant Sibal: Can&nbsp;you give me any timeframe by when he can be sent to India?

Gaston Browne: Presumably, assuming there are no legal impediments and the Government of India can get law enforcement to travel to Dominica within the next 48 hours, I believe that they should be in a strong position to have him repatriated.

Sidhant Sibal: Perhaps, by end of the week?

Gaston Browne: Exactly, assuming no legal impediments, I believe within the next 48 hours Choksi could be perhaps in a private jet, you know, repatriated to India.&nbsp;

Sidhant Sibal: How did he leave the country?

Gaston Browne: We don't have the details yet, but we believe that he would have&nbsp;left the island undetected by boat. But law enforcement acted very quickly and was able to put out an Interpol green notice and in these small islands, it's not difficult to identify strangers.

So, he made a monumental error there, and obviously, he would not enjoy the legal and constitutional protection here as a citizen of Antigua and Barbuda.

Assuming he is not a citizen of Dominica, and there is no evidence he is, then the Dominican govt can make him persona non grata and deport him directly back to India. So this is an interesting development and I think this could be a breakthrough for the Indian government and we are trying to ensure that Choksi is brought to justice.

Sidhant Sibal: What kind of conversation you had with your Indian counterpart? Have you informed the Indian high commissioner?

Gaston Browne: Yes I have, and I have spoken to PM Roosevelt Skerrit of Dominica as well and asked for his cooperation. The most significant issue at this time is for him not to be repatriated to Antigua because he is an Antiguan citizen.

And I presume Choksi's lawyers would want to have him repatriated to Antigua and Barbuda so that he continues to enjoy legal and constitutional protections. So we have asked the Dominican government to collaborate with the Indian government and have him repatriated directly to India.

That information has been communicated to the Indian high commissioner to Antigua and Barbuda who is stationed in Guyana, spoken directly. And we now expect both governments, Indian and Dominican governments, collaborate in having Choksi repatriated.&nbsp;

Sidhant Sibal: When did you find out Mehul Choksi is in a different country?

Gaston Browne: Earlier today, but we had to verify that it was the correct person. Having verified that it was Mr Choksi himself, that is when we started to make the phone call to make sure that he doesn't get away, that we don't inadvertently put him on a plane and have him sent back to Antigua, that would have been a travesty.

We insisted that he should not be sent back here and that we would not accept him, although we have to accept him because he is a citizen. Certainly do not send him back to Antigua, send him back to his country of birth. Send him back directly to India.&nbsp;

Sidhant Sibal: What has been the response of the Indian side?

Gaston Browne: I sense that they are very happy and they recognise to the government of Antigua and Barbuda did not provide a safe harbour for Choksi. He felt uncomfortable that he tried to abscond and skip the island and got to another Island.

Unfortunately, he has been identified as a fugitive, he is now been held and it means, Choksi will have to face the courts in India. I am sure government officials have been happy with the development.

Sidhant Sibal: And what has been the thought process of Dominica's government?

Gaston Browne: They are cooperating fully, in fact, PM Skerrit and I are very close allies and we collaborate on many issues and it was not a difficult proposition to convince him that he needed to cooperate with Antiguan and Indian governments. This is demonstrative of Antiguan government commitments to ensure that Choksi is brought to justice.

Prime Minister of Antigua and Barbuda Gaston Browne has said that Mehul Choksi could be sent back to India in the next 48 hours from Dominica where he was found.

Prime Minister of Antigua and Barbuda Gaston Browne has said that Mehul Choksi could be sent back to India in the next 48 hours from Dominica where he was found. The fugitive Indian diamantaire, who had gone missing from Antigua, was taken into custody by authorities of Dominica where he was captured while trying to flee. Speaking exclusively and extensively to WION's Principal Diplomatic Correspondent Sidhant Sibal, PM Browne said, "Assuming no legal impediments, I believe within the next 48 hours Choksi could be perhaps in a private jet, you know, repatriated to India." Watch: Browne pointed out that he has spoken to Dominica's PM Roosevelt Skerrit over the development and requested him "not to have Choksi return to Antigua where he has legal and constitutional protections" and "send him back directly to India." Choksi is wanted by Indian authorities in the $2 billion Punjab National Bank fraud case and had fled to the country in 2018, with India seeking to extradite him. Sidhant Sibal: If you can give us the facts, where he is, in which part of Dominica? Gaston Browne: Choksi was found in Dominica. He is presently detained and Antigua's government has been coordinating efforts with Dominican and Indian governments to ensure that Mr Choksi is deported directly from Dominica back to India. We have specially requested PM Roosevelt Skerrit and law enforcement in Dominica not to have Mr Choksi return to Antigua where he has legal and constitutional protections, but instead to coordinate efforts and cooperate with the Indian government, Indian law enforcement, [and] have Mr Choksi repatriated directly to India. And the govt of Dominica is cooperating. Sidhant Sibal: That means he can be directly sent to India? Gaston Browne: Absolutely. He made a monumental error because he recognised that my government and my administration were gung ho about revoking his citizenship and having him extradited. So it would appear that he may have sought to travel to a neighbouring island with the hope he could have gone unnoticed. We had put Interpol missing personnel notice. And he was captured in Dominica but he doesn't have the constitutional and legal protection that he enjoys as a citizen in Antigua and Barbuda. So Mr Choksi literally outdid himself. Sidhant Sibal: Can you give me any timeframe by when he can be sent to India? Gaston Browne: Presumably, assuming there are no legal impediments and the Government of India can get law enforcement to travel to Dominica within the next 48 hours, I believe that they should be in a strong position to have him repatriated. Sidhant Sibal: Perhaps, by end of the week? Gaston Browne: Exactly, assuming no legal impediments, I believe within the next 48 hours Choksi could be perhaps in a private jet, you know, repatriated to India. Sidhant Sibal: How did he leave the country? Gaston Browne: We don't have the details yet, but we believe that he would have left the island undetected by boat. But law enforcement acted very quickly and was able to put out an Interpol green notice and in these small islands, it's not difficult to identify strangers. So, he made a monumental error there, and obviously, he would not enjoy the legal and constitutional protection here as a citizen of Antigua and Barbuda. Assuming he is not a citizen of Dominica, and there is no evidence he is, then the Dominican govt can make him persona non grata and deport him directly back to India. So this is an interesting development and I think this could be a breakthrough for the Indian government and we are trying to ensure that Choksi is brought to justice. Sidhant Sibal: What kind of conversation you had with your Indian counterpart? Have you informed the Indian high commissioner? Gaston Browne: Yes I have, and I have spoken to PM Roosevelt Skerrit of Dominica as well and asked for his cooperation. The most significant issue at this time is for him not to be repatriated to Antigua because he is an Antiguan citizen. And I presume Choksi's lawyers would want to have him repatriated to Antigua and Barbuda so that he continues to enjoy legal and constitutional protections. So we have asked the Dominican government to collaborate with the Indian government and have him repatriated directly to India. That information has been communicated to the Indian high commissioner to Antigua and Barbuda who is stationed in Guyana, spoken directly. And we now expect both governments, Indian and Dominican governments, collaborate in having Choksi repatriated. Sidhant Sibal: When did you find out Mehul Choksi is in a different country? Gaston Browne: Earlier today, but we had to verify that it was the correct person. Having verified that it was Mr Choksi himself, that is when we started to make the phone call to make sure that he doesn't get away, that we don't inadvertently put him on a plane and have him sent back to Antigua, that would have been a travesty. We insisted that he should not be sent back here and that we would not accept him, although we have to accept him because he is a citizen. Certainly do not send him back to Antigua, send him back to his country of birth. Send him back directly to India. Sidhant Sibal: What has been the response of the Indian side? Gaston Browne: I sense that they are very happy and they recognise to the government of Antigua and Barbuda did not provide a safe harbour for Choksi. He felt uncomfortable that he tried to abscond and skip the island and got to another Island. Unfortunately, he has been identified as a fugitive, he is now been held and it means, Choksi will have to face the courts in India. I am sure government officials have been happy with the development. Sidhant Sibal: And what has been the thought process of Dominica's government? Gaston Browne: They are cooperating fully, in fact, PM Skerrit and I are very close allies and we collaborate on many issues and it was not a difficult proposition to convince him that he needed to cooperate with Antiguan and Indian governments. This is demonstrative of Antiguan government commitments to ensure that Choksi is brought to justice.

Watch: Mehul Choksi could be in India in 48 hours, says Antigua and Barbuda PM

Lawyer of now-defunct Gitanjali Gems'&nbsp;owner Mehul Choksi on Thursday said that state-owned Punjab National Bank had intentionally "destroyed" the brand in an attempt to divert attention from their own mistakes.

Alleging missteps on the part of PNB, the lawyer said, "Gitanjali Gems was cynically destroyed by the PNB in an attempt to divert attention from their own wrong-doings."

Citing the credentials of the brand he added, "With the revenue of over Rs 12,000 crore, the debt-to-EBITDA ratio maintained by the Gitanjali was among the best in the industry. Notwithstanding the company's strong balance sheet and a stellar track record of loan repayments, in February 2018, prompted by allegations by Punjab National Bank, investigating agencies raided and seized Gitanjali assets."

He further said that several entreaties on the part of the brand's promoter Mehul Choksi fell on deaf ears.

"The one thing I want to ask everyone who has accused me is even if I were guilty, why did no one even try to save Gitanjali, a company with Rs 12000 crore of annual turnover, 6,000 employees and countless honours in its name?" promoter of the brand Mehul Choksi said.

Mehul Choksi and his nephew Nirav Modi are key accused in Rs 13,000-crore Punjab National Bank fraud case. They fled the country a year ago.

Choksi was granted citizenship of Antigua and Barbuda on January 15, 2018.&nbsp; 
&nbsp;

Lawyer of now-defunct Gitanjali Gems' owner Mehul Choksi on Thursday said that state-owned Punjab National Bank had intentionally "destroyed" the brand in an attempt to divert attention from their own mistakes.

Lawyer of now-defunct Gitanjali Gems' owner Mehul Choksi on Thursday said that state-owned Punjab National Bank had intentionally "destroyed" the brand in an attempt to divert attention from their own mistakes. Alleging missteps on the part of PNB, the lawyer said, "Gitanjali Gems was cynically destroyed by the PNB in an attempt to divert attention from their own wrong-doings." Citing the credentials of the brand he added, "With the revenue of over Rs 12,000 crore, the debt-to-EBITDA ratio maintained by the Gitanjali was among the best in the industry. Notwithstanding the company's strong balance sheet and a stellar track record of loan repayments, in February 2018, prompted by allegations by Punjab National Bank, investigating agencies raided and seized Gitanjali assets." He further said that several entreaties on the part of the brand's promoter Mehul Choksi fell on deaf ears. "The one thing I want to ask everyone who has accused me is even if I were guilty, why did no one even try to save Gitanjali, a company with Rs 12000 crore of annual turnover, 6,000 employees and countless honours in its name?" promoter of the brand Mehul Choksi said. Mehul Choksi and his nephew Nirav Modi are key accused in Rs 13,000-crore Punjab National Bank fraud case. They fled the country a year ago. Choksi was granted citizenship of Antigua and Barbuda on January 15, 2018.

Alleging missteps on Bank's side, Mehul Choksi's lawyer says, bank destroyed Gitanjali Gems

There were some light-hearted moments at the UK court Friday when Judge Emma Arbuthnot hearing the second bail plea of Nirav Modi asked the prosecution whether the fugitive diamantaire would be lodged in the same jail cell along with Vijay Mallya if he is also extradited to India.

The 48-year-old diamond merchant is wanted in India for alleged "high value and sophisticated" fraud and money laundering amounting to $2 billion.

At the very start of the hearing, Westminster Magistrates Court Chief Magistrate Arbuthnot said she was getting a sense of "deja vu", in reference to her having ordered the extradition of Mallya in December last year.

"Do we know which part of India he [Modi] is being sought in," the judge asked, to try and establish which jail Modi is likely to be held in.

She was told by the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, that it would be an extradition to Mumbai and that he may, in fact, be held in the same Arthur Road Jail as that prepared for liquor tycoon Mallya, to which the judge said in a light-hearted vein that it could even be the same cell as we know "there is space" from the previous video submitted during the Mallya extradition trial.

India has informed the UK court that Mallya will be lodged in one of the high-security barracks located in a two-storey building inside the prison complex.

Authorities at the Arthur Road prison in Mumbai have kept a high-security cell ready for Mallya if he is extradited from the UK in connection with loan default cases against him in India.

Mallya, wanted in India on charges of fraud and money laundering amounting to around Rs 9,000 crore, has filed his application in the UK High Court, seeking permission to appeal against an extradition order signed by the British Home Secretary.

If extradited, 62-year-old Mallya will be lodged in the prison complex, which also housed 26/11 Mumbai attack terrorist Mohammad Ajmal Kasab.

An official from the Union Ministry of Home Affairs earlier said Mumbai's Arthur Road Jail was one of the best in the country.

His comments came after Judge Arbuthnot asked Indian authorities to submit a video of the Arthur Road Jail cell where they plan to keep Mallya following his extradition.

The official said adequate medical facilities were available to treat prisoners in Arthur Road Jail, where Mallya would get full security cover as an undertrial prisoner and it was highly secured in accordance with international standards.

The central government has already conducted an assessment of security cover given to prisoners in the Arthur Road Jail and its findings conveyed to the UK court.

In another throwback to the Mallya trial, Nirav Modi's defence team, led by barrister Clare Montgomery raised the issue of the state of the paperwork submitted by the Indian authorities, claiming it "made her cry" at one stage.

The judge concurred with her and was very firm about proper indexing of all documents to be submitted to the court in relation to the case.&nbsp;

There were some light-hearted moments at the UK court Friday when Judge Emma Arbuthnot hearing the second bail plea of Nirav Modi asked the prosecution whether the fugitive diamantaire would be lodged in the same jail cell along with Vijay Mallya if he is also extradited to India.

There were some light-hearted moments at the UK court Friday when Judge Emma Arbuthnot hearing the second bail plea of Nirav Modi asked the prosecution whether the fugitive diamantaire would be lodged in the same jail cell along with Vijay Mallya if he is also extradited to India. The 48-year-old diamond merchant is wanted in India for alleged "high value and sophisticated" fraud and money laundering amounting to $2 billion. At the very start of the hearing, Westminster Magistrates Court Chief Magistrate Arbuthnot said she was getting a sense of "deja vu", in reference to her having ordered the extradition of Mallya in December last year. "Do we know which part of India he [Modi] is being sought in," the judge asked, to try and establish which jail Modi is likely to be held in. She was told by the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, that it would be an extradition to Mumbai and that he may, in fact, be held in the same Arthur Road Jail as that prepared for liquor tycoon Mallya, to which the judge said in a light-hearted vein that it could even be the same cell as we know "there is space" from the previous video submitted during the Mallya extradition trial. India has informed the UK court that Mallya will be lodged in one of the high-security barracks located in a two-storey building inside the prison complex. Authorities at the Arthur Road prison in Mumbai have kept a high-security cell ready for Mallya if he is extradited from the UK in connection with loan default cases against him in India. Mallya, wanted in India on charges of fraud and money laundering amounting to around Rs 9,000 crore, has filed his application in the UK High Court, seeking permission to appeal against an extradition order signed by the British Home Secretary. If extradited, 62-year-old Mallya will be lodged in the prison complex, which also housed 26/11 Mumbai attack terrorist Mohammad Ajmal Kasab. An official from the Union Ministry of Home Affairs earlier said Mumbai's Arthur Road Jail was one of the best in the country. His comments came after Judge Arbuthnot asked Indian authorities to submit a video of the Arthur Road Jail cell where they plan to keep Mallya following his extradition. The official said adequate medical facilities were available to treat prisoners in Arthur Road Jail, where Mallya would get full security cover as an undertrial prisoner and it was highly secured in accordance with international standards. The central government has already conducted an assessment of security cover given to prisoners in the Arthur Road Jail and its findings conveyed to the UK court. In another throwback to the Mallya trial, Nirav Modi's defence team, led by barrister Clare Montgomery raised the issue of the state of the paperwork submitted by the Indian authorities, claiming it "made her cry" at one stage. The judge concurred with her and was very firm about proper indexing of all documents to be submitted to the court in relation to the case.

Nirav Modi & Vijay Mallya to share same jail cell in Mumbai's Arthur Road Jail: Judge ask prosecution

Absconding diamantaire Nirav Modi's artworks fetch Rs 59.37 crore at an auction by the income tax department Tuesday evening in Mumbai.

In first of its kind auction in India, where tax authorities have usually auctioned property, gold and luxury items, but not art, 68 paintings were to be sold.

The Income Tax Department appointed professional auction house Saffronart after a special court allowed it to sell artworks seized from the fugitive businessman.

Modi was arrested in London last week. He was remanded in custody till March 29 by a court there. Modi and his uncle, Mehul Choksi, another accused in the case, had left India before the fraud came to light in January 2018.

The Income Tax Department had last month provisionally attached 29 properties and 105 bank accounts of Modi, his family members and firms as part of its probe.

The taxman had also filed a charge sheet against Modi before the special court under sections 276 C (1) (willful attempt to evade tax), 277 A (false statement in verification), 278 B (offences by companies) and 278 E (presumption as to culpable mental state) of the Income Tax Act, 1961.

(With inputs from agencies)

Absconding diamantaire Nirav Modi's artworks fetch Rs 59.37 crore at an auction by the income tax department Tuesday evening in Mumbai. In first of its kind auction in India, where tax authorities have usually auctioned property, gold and luxury items, but not art, 68 paintings were to be sold.

Absconding diamantaire Nirav Modi's artworks fetch Rs 59.37 crore at an auction by the income tax department Tuesday evening in Mumbai. In first of its kind auction in India, where tax authorities have usually auctioned property, gold and luxury items, but not art, 68 paintings were to be sold. The Income Tax Department appointed professional auction house Saffronart after a special court allowed it to sell artworks seized from the fugitive businessman. Modi was arrested in London last week. He was remanded in custody till March 29 by a court there. Modi and his uncle, Mehul Choksi, another accused in the case, had left India before the fraud came to light in January 2018. The Income Tax Department had last month provisionally attached 29 properties and 105 bank accounts of Modi, his family members and firms as part of its probe. The taxman had also filed a charge sheet against Modi before the special court under sections 276 C (1) (willful attempt to evade tax), 277 A (false statement in verification), 278 B (offences by companies) and 278 E (presumption as to culpable mental state) of the Income Tax Act, 1961. (With inputs from agencies)

I-T department earns Rs 59.37 crore selling Nirav Modi's artworks

&nbsp;The government is making efforts to bring back people involved in financial irregularities to the country through Look Out Circulars, Red Corner Notice and <a href="http://www.wionews.com/india-news/mallya-extradition-to-speed-up-loan-recovery-process-sbi-183208">extradition requests</a>, Lok Sabha was informed on Wednesday.

Minister of State for External Affairs V K Singh, in a written reply to a question in Lok Sabha, listed 29 people, including liquor baron <a href="http://www.wionews.com/india-news/mallya-extradition-to-speed-up-loan-recovery-process-sbi-183208">Vijay Mallya</a>, and diamantaires <a href="http://www.wionews.com/india-news/interpol-issues-red-corner-notice-against-nirav-modi-for-money-laundering-148356">Nirav Modi</a> and <a href="http://www.wionews.com/india-news/pnb-bank-case-interpol-issues-red-corned-notice-against-mehul-choksi-183652">Mehul Choksi</a>, as those involved in financial irregularities who have fled the country or are living abroad for the years 2015-18 as per the details provided by the Central Bureau of Investigation .

According to the information provided by the Enforcement Directorate, there are 41 people involved in financial irregularities who fled the country or are living abroad, including Mallya, Modi and Choksi, he said.

Five persons -- Hamel Mahendrabhai Langalia, Rajeev Verma, Syed Zainul Hasan, Modi and Choksi -- were found involved in various violations of Customs Act, 1962, and have fled the country or are living abroad, Singh said, citing information given by Directorate of Revenue Intelligence.

"Efforts are being made for securing the presence of these accused in the country by way of issuance of LOC (Look Out Circulars), RCN (Red Corner Notice) and extradition requests," he said.

An action under the Fugitive Economic Offenders Act, 2018, has also been initiated in suitable cases, he said.&nbsp;

Mallya remains on bail after his extradition was recently ordered by Westminster Magistrates' Court in London, an order which now awaits a sign-off by UK home secretary Sajid Javid.

For Modi, 18 letters of request (LRs) have been sent to different countries and <a href="http://www.wionews.com/india-news/vijay-mallya-faces-bankruptcy-proceedings-in-uk-high-court-184975">two separate extradition requests have been forwarded to the UK</a> in August 2018. 
RCN has been opened and LRs sent to Hong Kong, Singapore, Thailand and USA for Choksi.

The government is making efforts to bring back people involved in financial irregularities to the country through Look Out Circulars, Red Corner Notice and extradition requests, Lok Sabha was informed on Wednesday.

The government is making efforts to bring back people involved in financial irregularities to the country through Look Out Circulars, Red Corner Notice and extradition requests, Lok Sabha was informed on Wednesday. Minister of State for External Affairs V K Singh, in a written reply to a question in Lok Sabha, listed 29 people, including liquor baron Vijay Mallya, and diamantaires Nirav Modi and Mehul Choksi, as those involved in financial irregularities who have fled the country or are living abroad for the years 2015-18 as per the details provided by the Central Bureau of Investigation . According to the information provided by the Enforcement Directorate, there are 41 people involved in financial irregularities who fled the country or are living abroad, including Mallya, Modi and Choksi, he said. Five persons -- Hamel Mahendrabhai Langalia, Rajeev Verma, Syed Zainul Hasan, Modi and Choksi -- were found involved in various violations of Customs Act, 1962, and have fled the country or are living abroad, Singh said, citing information given by Directorate of Revenue Intelligence. "Efforts are being made for securing the presence of these accused in the country by way of issuance of LOC (Look Out Circulars), RCN (Red Corner Notice) and extradition requests," he said. An action under the Fugitive Economic Offenders Act, 2018, has also been initiated in suitable cases, he said. Mallya remains on bail after his extradition was recently ordered by Westminster Magistrates' Court in London, an order which now awaits a sign-off by UK home secretary Sajid Javid. For Modi, 18 letters of request (LRs) have been sent to different countries and two separate extradition requests have been forwarded to the UK in August 2018. RCN has been opened and LRs sent to Hong Kong, Singapore, Thailand and USA for Choksi.

Efforts on to bring back 29 economic offenders including Vijay Mallya, Nirav Modi, Mehul Choksi: Government

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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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 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(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

<a href="http://www.wionews.com/india-news/cbi-questions-rotomac-owner-vikram-kothari-freezes-14-bank-accounts-33505" target="_blank">CBI questions Rotomac owner Vikram </a><a href="http://www.wionews.com/india-news/cbi-questions-rotomac-owner-vikram-kothari-freezes-14-bank-accounts-33505" target="_blank">Kothari,</a><a href="http://www.wionews.com/india-news/cbi-questions-rotomac-owner-vikram-kothari-freezes-14-bank-accounts-33505" target="_blank"> freezes 14 bank accounts</a>

The Income&nbsp;<a href="http://www.wionews.com/india-news/cbi-registers-case-against-rotomac-directors-for-cheating-seven-banks-33364">Tax Department has attached 14 bank</a>&nbsp;accounts of Rotomac which belong to various banks&nbsp;as the CBI grilled the owner Vikram Kothari today. Reports said three accounts belong to Vikram Kothari and his family.

<a href="http://www.wionews.com/south-asia/bangladesh-stock-exchange-approves-chinas-bid-rejects-india-33511" target="_blank">Bangladesh stock exchange approves China&#39;s bid, rejects India</a>

China has emerged<a href="http://www.wionews.com/south-asia/now-india-china-battle-in-bangladesh-stock-exchange-32913">&nbsp;as the winner against India in the</a>&nbsp;battle for supremacy in the Bangladesh stock exchange. After reports of<a href="http://www.wionews.com/south-asia/want-to-deepen-ties-with-china-to-gain-greater-leverage-with-india-nepals-oli-33440">&nbsp;India and China putting up bids in the&nbsp;</a>Bangladesh stock exchange took everyone by surprise, an official told AFP that Bangladesh has agreed to sell a large stake to a Chinese consortium, disregarding India&#39;s bid.

<a href="http://www.wionews.com/india-news/breakdown-of-governance-say-ias-officers-after-delhi-chief-secretary-alleges-assault-by-aap-mlas-33465" target="_blank">&#39;Breakdown of governance,&#39; say IAS officers after Delhi Chief Secretary alleges assault by AAP MLAs</a>

A massive political firestorm erupted over Delhi Tuesday after the chief secretary alleged that he had been assaulted by AAP MLAs at the chief minister&#39;s residence.&nbsp;The Aam Aadmi Party has called Anshu Prakash&#39;s allegation &quot;ludicrous&quot;, adding that he was acting on the BJP&#39;s behest.&nbsp;&nbsp;

<a href="http://www.wionews.com/south-asia/three-killed-in-blast-in-afghan-city-jalalabad-33494">Three killed in blast in Afghan city Jalalabad</a>

&nbsp;An explosion killed at least three tribal elders and wounded two when it hit a hotel in the eastern Afghan city of Jalalabad on Tuesday, officials said. The cause of the blast was not immediately clear and there was no immediate claim of responsibility.

<a href="http://www.wionews.com/world/turkey-will-lay-siege-to-syrias-afrin-in-coming-days-erdogan-33487" target="_blank">Turkey will lay siege to Syria&#39;s Afrin in coming days: Erdogan</a>

Turkey will lay siege to Afrin in northern Syria after launching an offensive against Kurdish militia in the region last month, President Recep Tayyip Erdogan said on Tuesday.

CBI questions Rotomac owner Vikram Kothari, freezes 14 bank accounts The Income Tax Department has attached 14 bank accounts of Rotomac which belong to various banks as the CBI grilled the owner Vikram Kothari today. Reports said three accounts belong to Vikram Kothari and his family. Bangladesh stock exchange approves China's bid, rejects India China has emerged as the winner against India in the battle for supremacy in the Bangladesh stock exchange. After reports of India and China putting up bids in the Bangladesh stock exchange took everyone by surprise, an official told AFP that Bangladesh has agreed to sell a large stake to a Chinese consortium, disregarding India's bid. 'Breakdown of governance,' say IAS officers after Delhi Chief Secretary alleges assault by AAP MLAs A massive political firestorm erupted over Delhi Tuesday after the chief secretary alleged that he had been assaulted by AAP MLAs at the chief minister's residence. The Aam Aadmi Party has called Anshu Prakash's allegation "ludicrous", adding that he was acting on the BJP's behest. Three killed in blast in Afghan city Jalalabad An explosion killed at least three tribal elders and wounded two when it hit a hotel in the eastern Afghan city of Jalalabad on Tuesday, officials said. The cause of the blast was not immediately clear and there was no immediate claim of responsibility. Turkey will lay siege to Syria's Afrin in coming days: Erdogan Turkey will lay siege to Afrin in northern Syria after launching an offensive against Kurdish militia in the region last month, President Recep Tayyip Erdogan said on Tuesday.

WION Evening News brief, February 20, 2018

<a href="http://www.wionews.com/india-news/74-polling-in-tripura-assembly-elections-ec-33265" target="_blank">74% polling in Tripura assembly elections: Election Commission</a>

The total voter turnout stood at 74 per cent in the single-phase Tripura Assembly polls Sunday, 17 per cent less than the last Assembly election when the polling percentage was recorded at 91.82.

<a href="http://www.wionews.com/world/do-not-test-israel-netanyahu-tells-iran-brandishing-drone-piece-33252" target="_blank">&#39;Do not test Israel&#39;, Netanyahu tells Iran, brandishing drone &#39;piece&#39;</a>

Israeli Prime Minister Benjamin Netanyahu warned Tehran on Sunday over aggressions by what he called Iran and its &quot;proxies&quot; in Syria, while showing what he claimed was a piece of an Iranian drone shot down in Israeli airspace.

<a href="http://www.wionews.com/world/iran-airline-retracts-toll-of-66-dead-in-plane-crash-media-33250" target="_blank">Iran airline retracts toll of 66 dead in plane crash: Media</a>

Iran`s Aseman Airlines on Sunday retracted its statement that all 66 people aboard a passenger plane had died after it crashed, as rescue teams struggled to find the wreckage.

<a href="http://www.wionews.com/india-news/pnb-scam-arrested-bank-officials-refusing-to-cooperate-say-cbi-sources-33238" target="_blank">PNB scam: Arrested bank officials refusing to cooperate, say CBI sources</a>

The Central Bureau of Investigation (CBI) sources Sunday said the Punjab National Bank officials (PNB) arrested are not co-operating in the investigation of the fraudulent transaction scam of Rs 11,400 crore.

<a href="http://www.wionews.com/world/iran-nuclear-deal-must-survive-former-us-secretary-of-state-john-kerry-33261" target="_blank">Iran nuclear deal must survive: Former US Secretary of State John Kerry</a>

Former US Secretary of State John Kerry recently noted the significance of the Iran nuclear deal expressing that it is &quot;absolutely critical&quot; that the deal survives although the Trump administration is highly sceptical about the 2015 deal.&nbsp;

74% polling in Tripura assembly elections: Election Commission The total voter turnout stood at 74 per cent in the single-phase Tripura Assembly polls Sunday, 17 per cent less than the last Assembly election when the polling percentage was recorded at 91.82. 'Do not test Israel', Netanyahu tells Iran, brandishing drone 'piece' Israeli Prime Minister Benjamin Netanyahu warned Tehran on Sunday over aggressions by what he called Iran and its "proxies" in Syria, while showing what he claimed was a piece of an Iranian drone shot down in Israeli airspace. Iran airline retracts toll of 66 dead in plane crash: Media Iran`s Aseman Airlines on Sunday retracted its statement that all 66 people aboard a passenger plane had died after it crashed, as rescue teams struggled to find the wreckage. PNB scam: Arrested bank officials refusing to cooperate, say CBI sources The Central Bureau of Investigation (CBI) sources Sunday said the Punjab National Bank officials (PNB) arrested are not co-operating in the investigation of the fraudulent transaction scam of Rs 11,400 crore. Iran nuclear deal must survive: Former US Secretary of State John Kerry Former US Secretary of State John Kerry recently noted the significance of the Iran nuclear deal expressing that it is "absolutely critical" that the deal survives although the Trump administration is highly sceptical about the 2015 deal.

WION Evening News brief, February 18, 2018

Former Union Minister and senior Congress leader Kapil Sibal blamed the Finance Minister Arun Jaitley and the Prime Minister&#39;s Office (PMO) for the<a href="http://www.wionews.com/india-news/pnb-scam-fraud-came-to-light-due-to-alertness-of-nda-govt-says-union-minister-prakash-javadekar-33092" target="_blank">&nbsp;PNB Bank fraud</a>.

While addressing a press conference he said the Finance Ministry and the PMO&nbsp;were aware of the scam and they &quot;turned a blind eye&quot; to&nbsp;it.&nbsp;He said, &quot; they were aware that our country was being looted and they are aware even now&quot;.

He also asked the government to release the details of the people who are in debts in jewellery&nbsp;business.&nbsp;

Taking a jibe at the &quot; ease of doing business&quot;&nbsp; he&nbsp;said &quot;anyone can come and borrow loans from our banks and evade without repaying it. This is not the kind of ease of business that we want from our country&#39;&#39;.&nbsp;

He also blamed the Prime Minister for encouraging &#39;&#39;crony capitalism&#39;&#39; in the country and&nbsp;said that the PM institutionalised c<a href="http://www.wionews.com/india-news/pnb-scam-a-type-of-crony-capitalism-cpi-m-33028" target="_blank">rony capitalism</a>.&nbsp;

Hitting out at PM Modi&#39;s pakoda comment, Sibal said &quot; Our guard is very busy these days in giving advice to the people for making pakodas&nbsp;but while he is asleep the thief managed to slip away&quot;.

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Humaare desh ke jo chowkidar hain, woh pakode banaane ki salah de rahe hain. Aaj ki paristithi yeh hai ki chowkidar so raha hai aur chor bhaag gaya hai: Kapil Sibal, Congress. <a href="https://t.co/mPDsuy3NcX">pic.twitter.com/mPDsuy3NcX</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964758299139805184?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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Sibal responded to the allegations on previous UPA government for&nbsp;PNB Bank fraud case and said that the credit given before 2014 was not outstanding.&nbsp;

While speaking on the<a href="http://www.wionews.com/india-news/former-allahabad-bank-director-says-he-resigned-as-he-was-pressured-to-give-loan-to-gitanjali-gems-33085" target="_blank"> resignation of the Former bank director</a>, Dinesh Dubey, Sibal said: &quot; Today anything can be made to say by the help of police, One should check his resignation letter to know the reality&quot;.

Sibal also assured that they will bring the reality of the case in case the&nbsp;NDA&nbsp;fails to do so.

While addressing a press conference he said the Finance Ministry and the PMO were aware of the scam and they 'turned a blind eye' to it

Former Union Minister and senior Congress leader Kapil Sibal blamed the Finance Minister Arun Jaitley and the Prime Minister's Office (PMO) for the PNB Bank fraud. While addressing a press conference he said the Finance Ministry and the PMO were aware of the scam and they "turned a blind eye" to it. He said, " they were aware that our country was being looted and they are aware even now". He also asked the government to release the details of the people who are in debts in jewellery business. Taking a jibe at the " ease of doing business" he said "anyone can come and borrow loans from our banks and evade without repaying it. This is not the kind of ease of business that we want from our country''. He also blamed the Prime Minister for encouraging ''crony capitalism'' in the country and said that the PM institutionalised crony capitalism. Hitting out at PM Modi's pakoda comment, Sibal said " Our guard is very busy these days in giving advice to the people for making pakodas but while he is asleep the thief managed to slip away". Humaare desh ke jo chowkidar hain, woh pakode banaane ki salah de rahe hain. Aaj ki paristithi yeh hai ki chowkidar so raha hai aur chor bhaag gaya hai: Kapil Sibal, Congress. pic.twitter.com/mPDsuy3NcX — ANI (@ANI) February 17, 2018 × Sibal responded to the allegations on previous UPA government for PNB Bank fraud case and said that the credit given before 2014 was not outstanding. While speaking on the resignation of the Former bank director, Dinesh Dubey, Sibal said: " Today anything can be made to say by the help of police, One should check his resignation letter to know the reality". Sibal also assured that they will bring the reality of the case in case the NDA fails to do so.

Kapil Sibal blames FM, PMO for PNB Bank fraud

The Central Bureau of Investigation (CBI) on Saturday arrested three officials of&nbsp; Punjab National Bank in connection with the Rs 11300 crore scam.

The arrested officials&nbsp;include&nbsp;the then deputy manager of PNB Gokulnath Shetty, single window operator Manoj Kharat, and authorised signatory of the Nirav Modi Group of Firms Hemant Bhatt.&nbsp;

A special CBI court has sent all the three officials to police custody till March 3.&nbsp;

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The three accused sent under police custody till 3rd March are Gokulnath Shetty then Dy Manager (now Retd) Punjab National Bank &amp; Manoj kharat, SWO (single window operator) PNB and Hemant Bhat, Authorised Signatory of the <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> Group of Firms.
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964843145992265728?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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The Court sent them under 14 days police custody. Manoj Kharat was just a clerk &amp; typed letter under pressure from Gokulnath Shetty. He has no role in the case, we&#39;ll file bail application: Kudrat Sheikh, lawyer of Manoj Kharat <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a> <a href="https://t.co/N9FVfBq0ju">pic.twitter.com/N9FVfBq0ju</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964845073962819584?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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The CBI sought the custody of the officials for&nbsp;further investigation on the grounds that some important documents are yet to be recovered. The premier investigative agency also wants to investigate the exact magnitude of the scam and the modus operandi.&nbsp;

In its remand application, the CBI claimed that the fraud is estimated to be around Rs 6,000 crores, much more than Rs 280 crore reported by the bank. The bureau also claimed that Nirav Modi firm&#39;s authorised signatory Hemant Bhatt was not coordinating with the investigation.&nbsp;

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Punjab National Bank officials arrested by CBI today produced before Special CBI Court <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a> <a href="https://t.co/kRT8vLEF78">pic.twitter.com/kRT8vLEF78</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964818653127610368?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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The ED conducted searches at 21 locations across India and recovered assets amounting to Rs 25 crore on Saturday. The total amount of assets recovered by the CBI so far is Rs 5674 crore.&nbsp;

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ED conducted further searches at 21 locations across India in <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> case &amp; seized diamonds, gold, precious stones/ metals &amp; jewellery worth Rs 25 crore (Book Value). Total seizure till now is Rs 5674 Crore: Enforcement Directorate
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964842030177439744?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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&nbsp;

The officials arrested include the then deputy manager of PNB Gokulnath Shetty, single window operator Manoj Kharat, and authorised signatory of the Nirav Modi Group of Firms Hemant Bhatt

The Central Bureau of Investigation (CBI) on Saturday arrested three officials of Punjab National Bank in connection with the Rs 11300 crore scam. The arrested officials include the then deputy manager of PNB Gokulnath Shetty, single window operator Manoj Kharat, and authorised signatory of the Nirav Modi Group of Firms Hemant Bhatt. A special CBI court has sent all the three officials to police custody till March 3. The three accused sent under police custody till 3rd March are Gokulnath Shetty then Dy Manager (now Retd) Punjab National Bank & Manoj kharat, SWO (single window operator) PNB and Hemant Bhat, Authorised Signatory of the #NiravModi Group of Firms. — ANI (@ANI) February 17, 2018 × The Court sent them under 14 days police custody. Manoj Kharat was just a clerk & typed letter under pressure from Gokulnath Shetty. He has no role in the case, we'll file bail application: Kudrat Sheikh, lawyer of Manoj Kharat #PNBFraudCase pic.twitter.com/N9FVfBq0ju — ANI (@ANI) February 17, 2018 × The CBI sought the custody of the officials for further investigation on the grounds that some important documents are yet to be recovered. The premier investigative agency also wants to investigate the exact magnitude of the scam and the modus operandi. In its remand application, the CBI claimed that the fraud is estimated to be around Rs 6,000 crores, much more than Rs 280 crore reported by the bank. The bureau also claimed that Nirav Modi firm's authorised signatory Hemant Bhatt was not coordinating with the investigation. Punjab National Bank officials arrested by CBI today produced before Special CBI Court #PNBFraudCase pic.twitter.com/kRT8vLEF78 — ANI (@ANI) February 17, 2018 × The ED conducted searches at 21 locations across India and recovered assets amounting to Rs 25 crore on Saturday. The total amount of assets recovered by the CBI so far is Rs 5674 crore. ED conducted further searches at 21 locations across India in #NiravModi case & seized diamonds, gold, precious stones/ metals & jewellery worth Rs 25 crore (Book Value). Total seizure till now is Rs 5674 Crore: Enforcement Directorate — ANI (@ANI) February 17, 2018 ×

Special CBI court sends 3 PNB officials to police custody till March 3

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