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

Cyclists plan ‘memorial ride’ to press demand for infrastructure

Cycling is a passion for many, and it is a way to fitness too. With rising numbers of vehicles on the road, the government encourages this environment-friendly mode of transportation, but it comes with numerous challenges. An accident last month on the Mahipalpur flyover of south Delhi, which took the life

“World headed towards stagflation; India must take care of the poor”

As the post-pandemic fallout and geopolitical uncertainty slows down global economies and sanctions against some nations, energy crisis and inflation are adding to the troubles, India is projected to be decoupled from world economy and fare better. To check if this belief really holds water, in the latest

The changing nature of CSR in India

With the advent of globalization came a new set of challenges for corporations, notably the duty of ensuring the well-being of all stakeholders while also protecting the planet`s natural environment. Although we are dedicated to a faster and more inclusive rate of growth, it is equally imperative that we f

BMC commissioner Chahal conferred with hon. doctorate

BMC commissioner and administrator Iqbal Singh Chahal has been conferred with a Honorary Doctor of Science Degree (honoris causa) by Guru Nanak Dev University in Amritsar, Punjab. Chahal was conferred the degree during the 48th convocation of the University in Amritsar at the hands of Punjab

Sebi to have two-track approach on ESG

Securities and Exchange Board of India (Sebi) aims to use a two-track approach on environmental social and corporate governance (ESG). Addressing a conference on ‘ESG for Atmanirbhar Bharat` in Mumbai, Sebi chairperson Madhabi Puri Buch said that that there should not be a single carbo

Accuracy more important than speed in news: Anurag Thakur

Presenting authentic information is the prime responsibility of media and that facts should be properly checked before they are put in the public domain, union minister of information and broadcasting Anurag Thakur has said. “While speed with which the information is transmitted is imp

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