In PNB Scam, Non-Bailable Warrant Issued Against Nirav Modi, Mehul Choksi

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The total number of LoUs issued to the companies of Nirav Modi, his relatives and the Nirav Modi Group are 1,213, and to Mehul Choksi, his relatives and the Gitanjali Group are 377.

On Thursday, CBI had examined four officials of the foreign exchange department of the RBI in connection with the alleged fraud of over Rs 14,400 crore at the Punjab National Bank involving diamantaire Nirav Modi and his uncle Mehul Choksi.

While Khan, who retired from his post at the RBI in 2016, did not make any statement, reports quoting sources said the CBI was inquiring into the background of the 80:20 scheme - why it was relaxed and on what basis trading houses were chosen to import gold.

The issuance of NBWs by the court also opens the door to seeking Red Corner Notices against both accused from the Interpol.

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The Ministry of External Affairs, in its written response to a specific query in Lok Sabha, said Nirav Modi is in Hong Kong. "Maybe CBI did not present the same in court and my client can't share any documents either as his servers have been shut down and his passport has been taken away", Modi's lawyer Vijay Aggarwal told Mint.

Officials of the Hong Kong branch of Allahabad Bank have also been summoned for questioning. The law enforcement agency is carrying out the probe to locate the business tycoon Nirav Modi and bring him back to the country.

The chargesheet will be filed by the end of this month, an ED source said. A provisional arrest is made when a formal extradition request is pending.

Earlier, on March 3, a non-bailable warrant was issued against the absconding jewellers by a special court set up under the Prevention of Money Laundering Act (PMLA). However, Modi and his associates fled the country before the notices were issued.

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