PNB fraud: Mauritius promises necessary action

Mehul Choksi and Nirav Modi are being probed by the ED and other agencies following a complaint by the Punjab National Bank that they allegedly cheated it to the tune of Rs 12,000 crore

PNB fraud: Internal auditor at Mumbai branch sent to police custody till March 13

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.

Cyril Amarchand, India's largest law firm by lawyer headcount, was reportedly engaged by Modi for a banking-related mandate shortly before news of the alleged fraud broke in mid-February.

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.

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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.

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