• Friday, August 19, 2022


PNB Scam: Nirav Modi refuses to return to India

An Indian supporters of the Congress Party keeps his hand on the face of a cut out of billionaire jeweller Nirav Modi during a protest in New Delhi on February 16, 2018. Indian investigators on February 15 raided the premises of a billionaire jeweller accused of defrauding one of the country’s biggest banks. Enforcement Directorate (ED) officers searched the Mumbai offices of Nirav Modi after he was accused of cheating state-owned Punjab National Bank (PNB) of 2.8 billion rupees ($43.8 million). ( CHANDAN KHANNA/AFP/Getty Images)

By: Keerthi Mohan

Nirav Modi has refused CBI’s summons to return to India, saying he was too busy with his businesses abroad. The whereabouts of Modi, the man behind the Punjab National Bank scam, is currently unknown. Modi and his uncle Mehul Choksi is wanted for defrauding state-run Punjab National Bank of Rs 12,600 crore. Responding to the CBI’s summons asking him to appear before it for questioning, Modi reportedly wrote back saying, “I have business to run here. Won’t be able to join.” The Enforcement Directirate on Thursday attached 41 properties belonging to Choksi worth Rs 1,200 crore. These include 15 flats…

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