PNB Fraud Case: I-T Notice to Abhishek Manu Singhvi’s Wife For Paying Unaccounted Money to Nirav Modi
New Delhi, Feb 16: The Ministry of External Affairs (MEA) on Friday said it is not aware of high profile fraud-accused jeweller Nirav Modi’s location. “I can say with confidence that this gentleman is not in touch with any of our officials and frankly at this stage, we are not aware about his location,” said MEA spokesperson Raveesh Kumar in reference to Nirav Modi and his involvement in a multi-crore fraud in Punjab National Bank (PNB).
The MEA official also said that Nirav Modi will not be able to travel to any country as his passport has been suspended. “He will have to stay in whichever country he is living in right now,” news agency ANI quoted Kumar as saying. The government on Friday also suspended passports of Nirav Modi and Mehul Chinubhai Choksi for four weeks.
I can say with confidence that this gentleman is not in touch with any of our officials & frankly at this stage we are not aware about his location: Raveesh Kumar, MEA #NiravModi #PNBFraudCase pic.twitter.com/1fMUamd1pg
— ANI (@ANI) 16 February 2018
“Nirav Deepak Modi and Mehul Chinubhai Choksi have been asked to respond within one week as to why their passports should not be impounded or revoked under Section 10 (3) (c) of the Passports Act 1967. If they fail to respond within the stipulated time it will be assumed that they have no response to offer and the MEA will go ahead with the revocation,” the MEA said in a statement.
The Enforcement Directorate has been conducting simultaneous searches and raids at various Nirav Modi and Geetanjali stores across India, the latest being one of his properties in Jaipur city of Rajasthan. This comes days after the PNB reported a fraud of Rs. 11,400 crores committed by both with the help of employees of the Mumbai branch of the bank.
The fraud was allegedly perpetrated by several PNB employees, including key branch officials, without authorisation, issuing so-called letters of undertaking, or LoUs, (essentially guarantees) that helped Modi’s companies raise credit from other banks. LoUs, issued when overseas import payments are involved, basically guarantees liability payment by one bank to another on behalf of its client.
The case relates to jeweller Nirav Modi, who was already under investigation following a PNB complaint on January 29 about fraudulent transactions of Rs.280 crore. (With ANI inputs)