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PNB fraud: Passports of Nirav Modi and Mehul Choksi revoked

PNB fraud: Passports of Nirav Modi and Mehul Choksi revoked

In the statement its officials stated that several unauthorized transactions have been detected at its branch that were apparently made for the benefit of few privileged account holders with active connivance of branch officials.

While the Samudra Mahal properties and two other flats in Punes Hadapsar area are in the name of Modi and his wife Ami, the assets attached in the pricey Kalaghoda and Opera House area in the Maharashtra capital are in the name of Modi's diamond firm- Firestarter Diamond International Private Limited.

Recently, the main accused in the Rs 11,400 crore PNB scam, Nirav Modi, had lashed out on the bank for making details of the amount owed public, alleging that now it would be hard for him to payback the amount due, which he claimed was less than the Rs 11,400 crore alleged by PNB.

In February 2018, Enforcement Directorate (ED) has registered a money laundering case in connection with the alleged 280 crores.

In a Twitter post on Thursday, the ED detailed the seizures of the cars from Modi and his companies.

The bank alleges the employees issued unauthorised letters of undertaking that the firms used to get credit from overseas branches of other, mostly Indian banks. They also asked them to track the money and the end product of the money.

For example, SBI alone in 2016-17 reported frauds of Rs 2,424.74 crore (837 cases).

Rattled by a spate of frauds in the banking sector, lenders are now planning to increase insurance cover against delinquencies by their employees to protect their bottomlines. After this scam exposes all other celebrities who were the part of Nirav Modi brand can be to curb misleading ads by celebrities.

"The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns".

"This thereby jeopardized our ability to discharge the dues of the group to the banks", Modi said. Choksi has not commented but his firm, Gitanjali Gems, has also denied involvement in the alleged fraud. "However, we have not asked any bank to file a complaint with us", an ED official told the newspaper.

In his letter to the bank, Modi said he owes about 50 billion rupees ($775 million), according to PTI. Well below the amount alleged by the bank.

Priyanka Chopra has finally terminated her contract with Nirav Modi brand in the wake of allegations of financial fraud against the controversial diamantaire.

Currently, the police have arrested a dozen people.

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