Raids conducted at home, showrooms and offices of super rich jeweller Nirav Modi
GN Bureau | February 15, 2018
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.
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.”
Contrast prime minister Narendra Modi’s first Independence Day speech in 2014 with his latest, the first in the second term, and you know the difference. His first speech was less about future and much about the basic needs like Swachch Bharat (clean India). His speech on Thursday, on the other hand,
With Mumbai city battling myriad civic issues and annual flooding year after year, stakeholders and experts came together to discuss ways of dealing with these issues as community work. The discussion was held at the TEDxVersova Salon- Vibrant Civic Participation, an independent TED event organized by the
Addressing the nation from the ramparts of the Red Fort for the first in his second term, prime minister Narendra Modi highlighted the new beginnings his government has made in recent days, and underlined the hopes of a new India in the making. “Things that could not happen in the past
India has told China that the legislation changing the status of Jammu and Kashmir was “an internal matter. External affairs minister S Jaishankar, visiting China Monday, told foreign minister Wang Yi that the legislative measures were aimed at promoting better governance and socio-ec
When considering climate change, one of the greatest threats before the humanity, discussions usually focus on air and water, but land too is affected by and in turn affects global warming as much as those two elements. A new report from the Intergovernmental Panel on Climate Change (IPCC), out early Augus
To revive bus ridership, the BMC-run Brihanmumbai Electric Supply and Transport (BEST) reduced its bus fares in Mumbai to minimum Rs 5 for non-AC buses as against Rs 8 earlier for the first five kilometres and capped maximum fare at Rs 20. For its AC buses the minimum fare has been brought down from Rs 20