CBI arrest four person in PNB scam

Assets controlled by Mehul Choksi that were attached include 15 flats and 17 office premises in Mumbai a mall in Kolkata a four-acre farm house in Alibaug and 231-acres of land at locations like Nashik and Nagpur

But in India, that is not always the case.

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. The FIR filed by the Central Bureau of Investigation has named 10 senior executives of his organizations accusing them of financial fraud amounting to Rs. 4,800 crore. Separately, Indian TV channels reported that another Mumbai court on Saturday issued non-bailable warrants against Modi and Choksi following an appeal by the Enforcement Directorate (ED), an Indian agency focused on foreign exchange and money laundering offences. "He neither responded to those summonses nor appeared before the agency", special ED prosecutor Hiten Venegaonkar had told the court on March 1. Both Modi and Choski are said to have left the country before criminal cases were lodged against them. Accordingly, the special court issued a NBW against Modi. The other two were issued via e-mail. "His contentions are evasive and only appear to be a facade to somehow escape the clutches of the law", the agency added. In January, PNB found the first evidence of fraud in which few of its employees issued fake Letters of Understanding (LoUs) to companies associated with Nirav Modi.

The CBI's collecting of Modi-related documents at Cyril Amarchand's office also raised concerns over attorney-client privilege among the legal community. "He is claiming to be more concerned about his businesses overseas, stating that he is engaged in trying to deal with businesses outside India".




The IT Department had attached four more properties of the Nirav Modi group which included his farm house in Alibaug worth Rs 13 crore and a 5.24MW solar power plant over a 135 acres of land in Ahmednagar worth Rs 70 crore, as per the books.

Taking cognizance of media reports about the PNB fraud by accused diamantaire Nirav Modi and his uncle Mehul Choksi, the Financial Services Commission (FSC) of Mauritius has said in a statement that it is in constant communication on the matter "with its global counterparts under existing exchange of information agreements".

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