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PNB Scam: ED awaiting more details on Nirav Modi's foreign bank accounts

Keerthi Mohan
By Keerthi MohanMar 05, 2018
Keerthi Mohan
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There seems to be no end in sight for Nirav Modi's troubles, as the Enforcement Directorate (ED) is said to have received some details on the billionaire's foreign bank accounts.

Modi is currently wanted in India in connection with the Rs 12,600 crore Punjab National Bank scam and the ED is set to receive more information regarding his foreign funds, reported India Today. However, there is no clarity on the exact amount Modi has in these foreign accounts.

Modi left the country early in January, just days before the Punjab National Bank unearthed the scam. At least 14 people have been arrested in connection with the case so far, and on Saturday, reports emerged that Modi had bribed an official of the state-run bank with gold and diamond jewelry. The Punjab National Bank was swindled through fraudulent Letters of Undertaking (LoUs) in collusion with some employees of PNB.

Cases have been filed against Modi, his family, and his uncle Mehul Choksi, the promoter of Gitanjali Gems.

Modi's whereabouts are currently unknown. Although several media reports claim that Modi is holed up in a swanky hotel in New York, US authorities have not confirmed reports he was in the country.

India's Central Bureau of Investigation has repeatedly asked Modi to appear for it for questioning in connection with the scam. But Modi has refused to comply, saying he has other businesses to take care of.

Meanwhile, the National Company Law Tribunal has passed an order restraining Modi, Choksi and 60 other entities from selling their assets so that the government can recover funds siphoned off by them in the Rs 12,600 crore fraud.

Besides the CBI and the ED, the case is also being investigated by the Serious Fraud Investigation Office (SFIO), which is under the corporate affairs ministry. The SFIO is reportedly investigating around 110 companies and about 10 LLPs linked to Modi and Choksi.

punjab national bankmehul choksipnbnirav modi
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