<p>The external affairs ministry on Friday suspended with immediate effect the passports of diamantaire Nirav Modi and his business partner Mehul Choksi for four weeks.</p>

<p>The ministry gave them one week to respond why their passports should not be revoked.</p>

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<p dir="ltr" lang="et">Woh jis country mein hain wahi rahenge, passport suspend hone ke baad woh kahi nahi ja sakte: Raveesh Kumar,MEA <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a> <a href="https://t.co/0B5USe0mCN">pic.twitter.com/0B5USe0mCN</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964468317716131840?ref_src=twsrc%5Etfw">February 16, 2018</a></blockquote>
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<p><strong>Also read: <a href="http://www.wionews.com/india-news/pnb-scam-this-is-how-nirav-modi-planned-his-safe-exit-from-india-33071" target="_blank">This is how Nirav Modi planned his safe exit from India</a></strong></p>

<p><strong>Also read:&nbsp;<a href="http://www.wionews.com/india-news/after-ed-raids-on-nirav-modis-showrooms-cbi-targets-mehul-choksis-gitanjali-group-33063">After ED raids on Nirav Modi&#39;s showrooms, CBI targets Mehul Choksi&#39;s Gitanjali Group</a></strong></p>

<p>&quot;If they fail to respond within the stipulated time it will be assumed that they have no response to offer and the MEA will go ahead with the revocation,&quot; the ministry said in a statement.</p>

<p>Announcing the suspension, the MEA statement said,&quot;On the advice of the Enforcement Directorate, the passport issuing authority in the MEA has today suspended the validity of passports of Nirav Deepak Modi and Mehul Chinubhai Choksi with immediate effect for a period of four weeks u/s 10(A) of the Passports Act 1967.&quot;</p>

<p>They have been asked to respond within one week why their passports should not be impounded or revoked under Section 10 (3) (c) of the Passports Act 1967, it said.</p>

<p>The Central Bureau of Investigation (CBI) and the ED yesterday moved separate applications to the external affairs ministry seeking the revocation Nirav Modi&#39;s passport as well as that of his maternal uncle and his business partner Mehul Choksi, the promoter of Gitanjali jewellery chain. Both are accused in the Rs 280 crore bank fraud case.</p>


The ministry gave them one week to respond why their passports should not be revoked

The external affairs ministry on Friday suspended with immediate effect the passports of diamantaire Nirav Modi and his business partner Mehul Choksi for four weeks. The ministry gave them one week to respond why their passports should not be revoked. Woh jis country mein hain wahi rahenge, passport suspend hone ke baad woh kahi nahi ja sakte: Raveesh Kumar,MEA #NiravModi #PNBFraudCase pic.twitter.com/0B5USe0mCN — ANI (@ANI) February 16, 2018 × Also read: This is how Nirav Modi planned his safe exit from India Also read: After ED raids on Nirav Modi's showrooms, CBI targets Mehul Choksi's Gitanjali Group "If they fail to respond within the stipulated time it will be assumed that they have no response to offer and the MEA will go ahead with the revocation," the ministry said in a statement. Announcing the suspension, the MEA statement said,"On the advice of the Enforcement Directorate, the passport issuing authority in the MEA has today suspended the validity of passports of Nirav Deepak Modi and Mehul Chinubhai Choksi with immediate effect for a period of four weeks u/s 10(A) of the Passports Act 1967." They have been asked to respond within one week why their passports should not be impounded or revoked under Section 10 (3) (c) of the Passports Act 1967, it said. The Central Bureau of Investigation (CBI) and the ED yesterday moved separate applications to the external affairs ministry seeking the revocation Nirav Modi's passport as well as that of his maternal uncle and his business partner Mehul Choksi, the promoter of Gitanjali jewellery chain. Both are accused in the Rs 280 crore bank fraud case.

Passports of Nirav Modi, Mehul Choksi suspended, MEA gives one week to respond

<p>A lookout notice was issued by the CBI against jeweller Nirav Modi and his associates last month in the <a href="http://www.wionews.com/india-news/pnb-scam-how-punjab-national-bank-fell-victim-to-countrys-biggest-bank-fraud-33009" target="_blank">PNB banking fraud </a>case but by then they had escaped from India.</p>

<p>Nirav Modi, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country on the same day. Modi&#39;s wife Ami, a US citizen, left on January 6 and his uncle and business partner <a href="http://www.wionews.com/india-news/after-ed-raids-on-nirav-modis-showrooms-cbi-targets-mehul-choksis-gitanjali-group-33063" target="_blank">Mehul Choksi, the promoter of Gitanjali jewellery chain</a>, left on January 4.</p>

<p><strong>Here is the chronology of Nirav Modi&#39;s planned exit:&nbsp;</strong></p>

<p>CBI sources said that Nirav Modi had already made plans to flee the country with his family well in advance as early as a year ago.</p>

<p>Nirav Modi was planning to leave country around his brother Neehal&#39;s wedding in December 2016.&nbsp;However, Demonetisation was announced right before this and then he had to postpone his plan.</p>

<p>In last one year Nirav Modi allegedly started parking all his money through multiple layers where he made transactions at inflated prices.&nbsp;</p>

<p>Some transactions are suspected to have been made&nbsp;with fictitious companies and are being scrutinized by the investigating agencies.</p>

<p>Specially transactions between India and 5 countries including USA, UK Malaysia, Singapore and China are being closely monitored.</p>

<p>Agencies suspect that funds were routed to different cities worldwide.&nbsp;</p>

<p>Firstly, funds were transferred from India to Macau, Beijing, Hongkong, Singapore, and Kuala Lumpur.Later from these cities to London.&nbsp;</p>

<p>And then from London, the funds moved to Hawaii, Las Vegas and New York before moving to his Swiss accounts.</p>

<p>Somewhere in December 2017, somebody from PNB (other than 2 main accused) tipped him off about the meeting held by PNB top officials and a complaint to be filed with CBI.</p>

<p>Upon learning about this, Nirav Modi made his final plan to flee post new year celebration. Knowing that if all of them leave together could lead to suspicion, they decided to leave one by one so that if one is held others are safe.</p>

<p>Sources claim Nirav was scared of leaving alone that he left with his brother Neeshal who is a Belgian citizen.</p>

<p>Once Nirav and Neeshal Modi sneaked out of the country,&nbsp;they alerted their uncle Mehul Choksi who reportedly left after three days. Meanwhile, Nirav Modi&#39;s wife Ami Modi stayed put in Mumbai to keep a close watch on what was happening in the investigation agency, bank and media circles. After two days, Modi&#39;s American citizen wife Ami also left the country along with her child. Thus, all 4 accused escaped in a span of a week&#39;s time.</p>

<p>About 3 weeks later, PNB officials submitted a written complaint to Bank Security &amp; Fraud Cell (BSFC) of CBI in Bandra Kurla Complex (BKC), Mumbai.</p>

<p>On receiving this complaint, CBI started recording the statement of the complainant bank authority and registered an&nbsp;FIR on 31st January.</p>

<p>Nirav Modi&#39;s priority was to safeguard the family members. However, by the last week of January 2018, he wanted to shift all expensive jewellery to New York through shipment but by then the case was registered and his plans were thwarted by the investigation agencies.&nbsp;</p>


In last one year Nirav Modi allegedly started parking all his money through multiple layers where he made transactions at inflated prices

A lookout notice was issued by the CBI against jeweller Nirav Modi and his associates last month in the PNB banking fraud case but by then they had escaped from India. Nirav Modi, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country on the same day. Modi's wife Ami, a US citizen, left on January 6 and his uncle and business partner Mehul Choksi, the promoter of Gitanjali jewellery chain, left on January 4. Here is the chronology of Nirav Modi's planned exit: CBI sources said that Nirav Modi had already made plans to flee the country with his family well in advance as early as a year ago. Nirav Modi was planning to leave country around his brother Neehal's wedding in December 2016. However, Demonetisation was announced right before this and then he had to postpone his plan. In last one year Nirav Modi allegedly started parking all his money through multiple layers where he made transactions at inflated prices. Some transactions are suspected to have been made with fictitious companies and are being scrutinized by the investigating agencies. Specially transactions between India and 5 countries including USA, UK Malaysia, Singapore and China are being closely monitored. Agencies suspect that funds were routed to different cities worldwide. Firstly, funds were transferred from India to Macau, Beijing, Hongkong, Singapore, and Kuala Lumpur.Later from these cities to London. And then from London, the funds moved to Hawaii, Las Vegas and New York before moving to his Swiss accounts. Somewhere in December 2017, somebody from PNB (other than 2 main accused) tipped him off about the meeting held by PNB top officials and a complaint to be filed with CBI. Upon learning about this, Nirav Modi made his final plan to flee post new year celebration. Knowing that if all of them leave together could lead to suspicion, they decided to leave one by one so that if one is held others are safe. Sources claim Nirav was scared of leaving alone that he left with his brother Neeshal who is a Belgian citizen. Once Nirav and Neeshal Modi sneaked out of the country, they alerted their uncle Mehul Choksi who reportedly left after three days. Meanwhile, Nirav Modi's wife Ami Modi stayed put in Mumbai to keep a close watch on what was happening in the investigation agency, bank and media circles. After two days, Modi's American citizen wife Ami also left the country along with her child. Thus, all 4 accused escaped in a span of a week's time. About 3 weeks later, PNB officials submitted a written complaint to Bank Security & Fraud Cell (BSFC) of CBI in Bandra Kurla Complex (BKC), Mumbai. On receiving this complaint, CBI started recording the statement of the complainant bank authority and registered an FIR on 31st January. Nirav Modi's priority was to safeguard the family members. However, by the last week of January 2018, he wanted to shift all expensive jewellery to New York through shipment but by then the case was registered and his plans were thwarted by the investigation agencies.

This is how Nirav Modi planned his safe exit from India

<p>After the Enforcement Directorate(ED) <a href="http://www.wionews.com/india-news/nirav-modi-row-punjab-national-bank-suspends-8-officers-33059">conducted nationwide searches against</a> Nirav Modi&#39;s showrooms, the Central Bureau of Investigation(CBI) today conducted searches in Maharashtra, Gujarat and Tamil Nadu in connection with Mehul Choksi&#39;s Gitanjali Group.&nbsp;</p>

<p>The CBI raids were conducted in Pune, Surat, Jaipur, Telangana and Coimbatore.</p>

<p><a href="http://www.wionews.com/india-news/pnb-scam-interpol-notice-against-nirav-modi-33049">Mehul Choksi, the promoter Gitanjali </a>jewellery chain is the relative of Nirav Modi who&nbsp;allegedly defrauded PNB of Rs 11,400 crores.</p>

<p>Nirav Modi and Mehul Choksi have been asked to respond within one week on revocation of their passports.&nbsp;The ministry of external affairs said if the duo fail to respond within the stipulated time, their passports will be revoked.</p>

<p>The CBI today&nbsp;registered a fresh FIR against Gitanjali Gems and its promoter Mehul Choksi on basis of complaint from Punjab National Bank(PNB).</p>

<p>The ED has&nbsp;already issued summons to Choksi and Nirav Modi to appear before the agency.</p>

<p>Meanwhile, shares of Gitanjali Gems plunged another 20 per cent in morning trade after the company came under scanner in the PNB scam&nbsp;case.</p>

<p>The stock fell for the third straight session to hit 52-week low on both BSE and NSE. On BSE, the stock fell 19.94 per cent to a low of Rs 37.55.</p>

<p>On NSE, the stock cracked 19.98 per cent to trade at Rs 37.45.</p>

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<p>A day after registering money laundering case in connection with the cheating of Punjab National Bank (PNB) by billionaire jeweller Nirav Modi, the Enforcement Directorate on Thursday conducted raids at his residence and offices in Mumbai. (WION)</p>
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Mehul Choksi, the promoter Gitanjali jewellery chain is the relative of Nirav Modi who is allegedly defrauded PNB of Rs 11,400 crores

After the Enforcement Directorate(ED) conducted nationwide searches against Nirav Modi's showrooms, the Central Bureau of Investigation(CBI) today conducted searches in Maharashtra, Gujarat and Tamil Nadu in connection with Mehul Choksi's Gitanjali Group. The CBI raids were conducted in Pune, Surat, Jaipur, Telangana and Coimbatore. Mehul Choksi, the promoter Gitanjali jewellery chain is the relative of Nirav Modi who allegedly defrauded PNB of Rs 11,400 crores. Nirav Modi and Mehul Choksi have been asked to respond within one week on revocation of their passports. The ministry of external affairs said if the duo fail to respond within the stipulated time, their passports will be revoked. The CBI today registered a fresh FIR against Gitanjali Gems and its promoter Mehul Choksi on basis of complaint from Punjab National Bank(PNB). The ED has already issued summons to Choksi and Nirav Modi to appear before the agency. Meanwhile, shares of Gitanjali Gems plunged another 20 per cent in morning trade after the company came under scanner in the PNB scam case. The stock fell for the third straight session to hit 52-week low on both BSE and NSE. On BSE, the stock fell 19.94 per cent to a low of Rs 37.55. On NSE, the stock cracked 19.98 per cent to trade at Rs 37.45. A day after registering money laundering case in connection with the cheating of Punjab National Bank (PNB) by billionaire jeweller Nirav Modi, the Enforcement Directorate on Thursday conducted raids at his residence and offices in Mumbai. (WION) ×

After ED raids on Nirav Modi's showrooms, CBI targets Mehul Choksi's Gitanjali Group

<p>Punjab National Bank(PNB) has <a href="http://www.wionews.com/india-news/pnb-scam-interpol-notice-against-nirav-modi-33049">suspended eight employees including </a>General Manager level officers as the Nirav Modi induced scam continues to batter the state-run bank.</p>

<p>PNB is <a href="http://www.wionews.com/india-news/ed-conducted-in-camera-raids-on-nirav-modis-showrooms-33027">conducting an internal investigation</a> and has now suspended 18 employees.</p>

<p>Meanwhile, the Enforcement Directorate(ED) has issued summons to the billionaire jeweller with the Interpol issuing a &quot;diffusion notice&quot; against him.</p>

<p>The notice has also been issued against Nirav Modi&#39;s wife Ami Modi, his brother Nishal Modi and business partner Mehul Choksi.</p>

<p>As investigations into the scam continue, state-owned Union Bank of India has said it has an exposure of $300 million which is around Rs 1,915 crore as a result of the PNB fraud.</p>

<p>On Thursday, PNB had said it will honour its &ldquo;bonafide commitments&rdquo; even as the ED raided a number of locations of Nirav Modi&#39;s showrooms across the country in Mumbai, Delhi, Surat, Surat &amp; Hyderabad.</p>

<p>The ED has also frozen bank balance worth Rs 3.9 crore in various accounts and fixed deposits.</p>

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<p>In what could be the biggest banking fraud in India, state-owned Punjab National Bank has said it has detected a US $1.77 billion scam and billionaire jeweller Nirav Modi is at the centre of it. (WION Web Team)</p>
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PNB is conducting an internal investigation and has now suspended 18 employees.

Punjab National Bank(PNB) has suspended eight employees including General Manager level officers as the Nirav Modi induced scam continues to batter the state-run bank. PNB is conducting an internal investigation and has now suspended 18 employees. Meanwhile, the Enforcement Directorate(ED) has issued summons to the billionaire jeweller with the Interpol issuing a "diffusion notice" against him. The notice has also been issued against Nirav Modi's wife Ami Modi, his brother Nishal Modi and business partner Mehul Choksi. As investigations into the scam continue, state-owned Union Bank of India has said it has an exposure of $300 million which is around Rs 1,915 crore as a result of the PNB fraud. On Thursday, PNB had said it will honour its “bonafide commitments” even as the ED raided a number of locations of Nirav Modi's showrooms across the country in Mumbai, Delhi, Surat, Surat & Hyderabad. The ED has also frozen bank balance worth Rs 3.9 crore in various accounts and fixed deposits. In what could be the biggest banking fraud in India, state-owned Punjab National Bank has said it has detected a US $1.77 billion scam and billionaire jeweller Nirav Modi is at the centre of it. (WION Web Team) ×

Nirav Modi row: Punjab National Bank suspends 8 officers over scam

<p>State-owned Union Bank of India <a href="http://www.wionews.com/india-news/pnb-stocks-continue-to-slide-for-third-consecutive-day-33043">has said it has an exposure of $300 million</a> (around Rs 1,915 crore) to the Rs 11,400-crore PNB fraud case but stressed its money is safe and it will recover that. &nbsp;&nbsp;&nbsp; &nbsp;</p>

<p>&quot;We wish to inform you that the bank through our foreign branches has been taking exposure with Punjab National Bank (PNB) as counterparty under various Letters of Undertakings (LoU) issued through authenticated SWIFT message,&quot; Union Bank of India said in late night filing to stock exchanges.&nbsp;</p>

<p>The bank has also purchased some Buyers Credit assets from Axis Bank through Risk Participation as a part of normal International Business Practice, it said.&nbsp;</p>

<p>&quot;The outstanding exposure related to the incident is approximately USD 300 Million and the Bank is fully secured by LoU /LC /Other documents and fully confident to receive the payment,&quot; it said.&nbsp;Union Bank of India shares dropped 2.37 per cent to Rs 117.25 while the PNB stock fell over 3 per cent to Rs124.45 on BSE.</p>

<p>Yesterday, fraud-hit PNB said it will honour its &ldquo;bonafide commitments&rdquo; and entire liability will be known after the investigation.</p>

<p>The PNB fraud pertains to issuance of fake letters of understanding (LoU) to companies associated with billionaire jeweller Nirav Modi by errant PNB employees, which enabled these companies to raise buyers credit from international branches of other Indian lenders.</p>

<p>Last week, PNB had lodged an FIR with CBI stating that fraudulent LoUs worth Rs 280.7 crore were first issued on January 16.</p>

<p>At the time, PNB had said it was digging into records to examine the magnitude of the fraud.</p>

<p>In the complaint, PNB had named three diamond firms -- Diamonds R Us, Solar Exports and Stellar Diamonds -- saying they had approached it on January 16 with a request for buyers credit for making payment to overseas suppliers.</p>

<p>The bank sought 100 per cent cash margins for issuing LoUs for raising buyers credit, which was contested by the firms saying they had availed of the facility from as early as 2010.&nbsp;Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi are partners in Diamonds R US, Solar Exports and Stellar Diamonds, which has shops in foreign locations such as Hong Kong, Dubai, and New York.</p>


The bank has also purchased some Buyers Credit assets from Axis Bank through Risk Participation as a part of normal International Business Practice

State-owned Union Bank of India has said it has an exposure of $300 million (around Rs 1,915 crore) to the Rs 11,400-crore PNB fraud case but stressed its money is safe and it will recover that. "We wish to inform you that the bank through our foreign branches has been taking exposure with Punjab National Bank (PNB) as counterparty under various Letters of Undertakings (LoU) issued through authenticated SWIFT message," Union Bank of India said in late night filing to stock exchanges. The bank has also purchased some Buyers Credit assets from Axis Bank through Risk Participation as a part of normal International Business Practice, it said. "The outstanding exposure related to the incident is approximately USD 300 Million and the Bank is fully secured by LoU /LC /Other documents and fully confident to receive the payment," it said. Union Bank of India shares dropped 2.37 per cent to Rs 117.25 while the PNB stock fell over 3 per cent to Rs124.45 on BSE. Yesterday, fraud-hit PNB said it will honour its “bonafide commitments” and entire liability will be known after the investigation. The PNB fraud pertains to issuance of fake letters of understanding (LoU) to companies associated with billionaire jeweller Nirav Modi by errant PNB employees, which enabled these companies to raise buyers credit from international branches of other Indian lenders. Last week, PNB had lodged an FIR with CBI stating that fraudulent LoUs worth Rs 280.7 crore were first issued on January 16. At the time, PNB had said it was digging into records to examine the magnitude of the fraud. In the complaint, PNB had named three diamond firms -- Diamonds R Us, Solar Exports and Stellar Diamonds -- saying they had approached it on January 16 with a request for buyers credit for making payment to overseas suppliers. The bank sought 100 per cent cash margins for issuing LoUs for raising buyers credit, which was contested by the firms saying they had availed of the facility from as early as 2010. Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi are partners in Diamonds R US, Solar Exports and Stellar Diamonds, which has shops in foreign locations such as Hong Kong, Dubai, and New York.

Exposure of $300 million in PNB fraud case: Union Bank of India