Diamond Merchant Nirav Modi Linked to 11,300 Crore Punjab National Bank scam. # Finding Nimo

Nirav Modi
Nirav Modi linked to 11300 crores PNB scam Image source: Shillong Times

Nirav Modi and four others Ami (Nirav Modi’s wife), brother Nishal, his business partner and his uncle Mehul Choksi accused in connection with 11,300 crore Punjab National Bank scam. CBI has issued a look-out notice in the first week of February.# Finding Nimo

Nirav Modi and other four left the country in the first week of January. They are accused of using fake guarantees to get credit from a bank overseas.

Modi was last seen in Switzerland at the World Economic Forum’s annual meet in Davos which happened in Jan 2018. The CBI and Enforcement Directorate moved the ministry of external affairs to revoke Modi and Choksi’s Passport.

As per the sources, both of them has an Indian Passport and it would be revoked shortly. Further, their travel would be restricted for easier investigations.

Nirav Modi, the main accused in alleged fraudulent transactions of over Rs. 11,300 crores through 150 letters of understanding issued by Punjab National Bank, has been discreetly living at New York’s JW Marriott Essex House at 160 Central Park South, which includes both a hotel and apartments. The section where Nirav Modi has been living is situated in a premier location overlooking New York’s well known Central Park. (Source: ndtv)

The Enforcement Directorate yesterday during the search found diamonds, jewelry and gold worth INR 5,100 crore. The search was done at 17 Modi properties in multiple cities. It is said that more assets will be seized more premises will be raided. The officials have found assets worth half of the fraud money their aim is to recover at least equivalent value of fraud amount.

PNB bank said Taxpayers money had been illegally transferred abroad.The bank has also suspended 10 employees in connection with the case.

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