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

UPI completes 10 years of digital payments revolution

The Unified Payments Interface (UPI), launched on August 25, 2016 by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), has completed 10 years of transforming digital payments in India. UPI has emerged as the backbone of India’s digi

Here’s an I.D.E.A. for career growth and success

Success in today’s professional organisation is no longer solely determined by academic qualifications, technical expertise or years of experience. While these attributes do matter, organisations increasingly value individuals who demonstrate the right mindset and behavioural qualities. The ability

PM interacts with CEOs, founders of space startups

Prime minister Narendra Modi interacted with CEOs and Founders of 20 Space Startups at Seva Teerth on Friday.   CEOs of leading companies in the space sector working in diverse fields ranging from building rockets and reusable semi-cryogenic launch vehicles, avionics, satelli

From one cow to a dairy business

In 2012, Anita Dash wasn`t dreaming of building a dairy brand. She wasn`t studying business models or planning market expansion. Like countless mothers across India, her focus was on something much simpler: giving her children a better future.   At the time, her most valuable

Ethanol blending: The two sides of a story

India`s crude oil consumption is estimated to be around 88.5% imported from abroad. This one single figure is also responsible for why ethanol has become both an economic strategy and fuel policy at the same time. In an economy like India, which depends so heavily on foreign oil, any increase in internat

Food inflation: Not a macroeconomic statistic but a developmental indicator

India`s retail inflation shows a reassuring picture at first glance. According to the latest data, Consumer Price Index (CPI) inflation edged up to 4.38% in June 2026 from 3.93% in May 2026, but continued to remain within the Reserve Bank of India`s (RBI) target band of 4% (+/- 2%). However, beneath this

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter