Rs 11,000 crore fraud and an absconding billionaire

Raids conducted at home, showrooms and offices of super rich jeweller Nirav Modi

GN Bureau | February 15, 2018


#Punjab National Bank   #PNB Scam   #Nirav Modi  


Investigating agencies are looking for Nirav Modi, a billionaire jeweller, after Punjab National Bank reported a massive fraud of Rs 11,000 crore at a branch in Mumbai.

The story so far:


Nirav Modi is the founder of Firestar Diamond which has its footprints in London, New York, Las Vegas, Hawai, Singapore, Beijing and Macau.

What happened?

PNB informed the Bombay Stock Exchange on Wednesday of fraudulent transactions worth over Rs 11,000 crore in its south Mumbai branch.

Earlier on January 31, Modi, along with his wife Ami Modi, brother Nishal Modi and maternal uncle Mehul Choksi were booked by the CBI for allegedly cheating PNB of over Rs 280 crore in 2017.

So, what did sleuths do?

Nirav Modi's home, showrooms and offices in Mumbai, Delhi and Surat were searched by the Enforcement Directorate.

A dozen properties were searched, including Nirav Modi's home in Mumbai's Kurla, his jewellery boutique in Kala Ghoda, and showrooms in Chanakyapuri and Defence Colony in Delhi.

But, where is Nirav Modi?

Times Now referred to media reports that suggested the billionaire diamond trader fled from India before an FIR could be filed against him by the Punjab National Bank.

Is he the first super rich to flee?

No, there are others too. Vijay Mallya fled to London, Lalit Modi is in Britain, Deepak Talwar in UAE and Sanjay Bhandari reportedly fled through Nepal.

What does PNB say?

PNB chief Sunil Mehta assured that the bank was committed to clean and responsible banking. PNB will take full responsibility if investigations place the onus of the fraud on the bank, he said. The bank will conduct a forensic audit if the need arises, reported moneycontrol.com citing Mehta

What is the political reaction?


“Is it possible to believe that he or vijay mallya left the country without active connivance of BJP govt?,” tweeted Delhi chief minister Arvind Kejriwal.

Congress chief Rahul Gandhi tweeted: “Guide to Looting India by Nirav MODI 1.   Hug PM Modi 2.  Be seen with him in DAVOS Use that clout to: A. Steal 12,000Cr B. Slip out of the country like Mallya, while the Govt looks the other way.”

 

Comments

 

Other News

“I wrote ‘Survival at Stake’ to provide food for thought about solutions”

Survival at Stake: How Our Treatment of Animals Is Key to Human Existence By Poorva Joshipura HarperCollins, 328 pages, Rs 499 With science now recognising animal consciousness, intelligence, emotion, and even morality, there must rise an awareness of

‘Bon Voyage’ through the Arctic: Exploring new horizons for India

India`s tryst with trade through the Arctic regions, including the Northern Sea Routes (NSR), has become an impact-making endeavor recently. The Arctic of yore is now a pivot – point of geopolitics, of climate change discussions, and for economic opportunities; 40% of oil and gas reserves said to be

Demystifying Contemporary Finance Theory and other lessons in investment

Investing Decoded: Simple Path To Building A Portfolio In Millions By Anirudh Rathore Penguin India, 320 pages, Rs 499

Deepfake: India to prepare four-point action plan

Deepfake has emerged as a serious threat to democracy and social institutions across the world. Propagation of deepfake content via social media platforms has aggravated this challenge. Ministry of Electronics and Information Technology (MeitY) has, from time to time, advised social media in

Mumbai traffic: Let’s use some simple math

Two level of roads not enough, BMC to have triple traffic jams through underground junctions There is no shortage of short-sighted traffic experts who believe that creating more vertical space (either above or below the level) in already overcrowded and congested cities will be cou

Seizures worth Rs. 1,760 crore reported in five poll-bound states

The Election Commission of India’s persistent efforts have led to a significant and exponential increase in seizures in the five poll-going states of Mizoram, Madhya Pradesh, Chhattisgarh, Rajasthan and Telangana. Seizures over Rs 1,760 crore have been reported in these five states since the announce

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter