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

Allegations against CJI: Inquiry will strengthen the independence of the judiciary

Yes, we must stand rock solid with the judiciary and the judges. We must protect the independence of the judiciary too. What does this mean in the present context of a very serious charge of sexual harassment levelled by a former employee of the court against the CJI?  We are told that there is a larg

“Managing data is challenging”

The Centre for Railway Information Systems (CRIS) is a society set up by the railways ministry in July 1986 to provide IT related services to the Indian Railways. CRIS deals in a gamut of functions, like passenger ticketing, freight operations, train dispatching and control, crew management, e-procurement,

A boost to those who need it most

What are 600 million people? Almost twice the population of the US. What are 500 million people? About three-fourth of the population of Europe. Why are we talking about these numbers? Well, because as per a study by Sandhya Krishnan and Neeraj Hatekar (‘Rise of New Middle Class in India and Its

Expanding Eureka!

Abright yellow van with figures of children playing with a whirligig, a Newton’s cradle, a magnetic compass rolls into the Government Higher Primary School in Kittaganahalli, on the outskirts of Bengaluru. Students in the playground leave what they are doing and mill about it in excitement. For they

The spark in the classroom

Not many children dream of starting an idyllic school of their own when they grow up. But Ramji Raghavan, founder of the Agastya International Foundation – which fosters the creative learning of science in stude

Trafficking survivors’ votes don’t count

While the entire nation is agog with political grapevine, political parties are weighing on all options to lure voters by touching upon issues that impact their lives. Several parties, including the BJP and the Congress have released their manifestos while many are about to join the bandwagon. The



Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter