PNB was accused of granting new loans to Nirav.
A senior DRI official said, "The modus operandi indicates that Modi not only evaded duty, but also laundered money, which is being investigated by the Enforcement Directorate".
When the 90-day period to repay the foreign branch ended, PNB again issued LOUs as Modi and Choksi did not pay the PNB branch here to settle their dues.
The Financial Services Commission (FSC) of Mauritius said in a statement that it has taken cognizance of the media reports about the purported fraud allegations with regards to Punjab National Bank, Nirav Modi and Mehul Choksi.
Australians caught up in Kabul bombing aimed at North Atlantic Treaty Organisation convoy
Bismillah Tabaan, commander of police in the city's ninth district, said it had been a suicide bombing. Despite the optimism, Kabul remains on high alert, fearing further violence.
Congress leaders meet Meghalaya guv, stake claim to form govt
Bhartiya Janata Party won two seats and the NCP and KHNAM one seats each, besides three independents. We spoke to senior BJP leader Nalin Kohli in Shillong on the formation of new government.
India, Vietnam to work for open, prosperous Indo-Pacific
The Vietnamese President said it was important to respect the diplomatic and legal process in resolution of maritime dispute. India and Vietnam on Saturday pledged to jointly work for an "independent, open and prosperous" Indo-Pacific region.
The Central Bureau of Investigation (CBI) on Saturday produced 6 accused including PNB deputy manager Gokulnath shetty before special CBI court. The diamantaire, however, claimed that he could not join the probe due to business commitments overseas.
The investigation agency arrested an auditor and two employees of jeweller Nirav Modi's Group of Companies and a director of Gitanjali Group of Companies in the said case. Both Choksi and Modi are said to have left the country before criminal cases were lodged against them.
He said the summonses were issued on 15 February, 17 February and 22 February, asking him to appear before the ED. In response to the second summons, Nirav Modi said he can not appear before the agency owing to his business commitments. "We have also highlighted the fact before the court that instead of cooperating with the agency, Modi has offered to cooperate and answer the agency's queries through email", Venegaonkar added. On Thursday, the CBI arrested another former bank official, Bishnubrata Mishra, who was the internal chief auditor between 2011 and 2015 at the Brady House branch, ANI reported.
The LoU is a guarantee which is given by an issuing bank to Indian banks having branches overseas to grant a short-term credit to the applicant.
Non-bailable warrants have also been issued against Modi and Choksi in the Rs 12,636 crore fraud case.