Published: Sun, March 04, 2018
World News | By Laverne Osborne

Nirav Modi Scam: CBI arrests Odia officer of PNB

Nirav Modi Scam: CBI arrests Odia officer of PNB

Choksi along with Modi have been accused of defrauding the PNB of Rs 12,600 crore, with Rs 1,300 crore being added to the fraud kitty on Monday night. "But surprisingly, within minutes of my reply, the authority revoked my passport", Mr Modi said. "Mishra was responsible for auditing the procedures and practices followed in the PNB branch and reporting them", a CBI officer told The Express. They are being investigated by multiple probe agencies following a complaint by the PNB that they allegedly cheated the nationalised bank to the tune of over Rs 12,000 crore, with the purported involvement of a few employees of the bank. According to Hardik Hundiya, editor of diamond industry publication Heera Manik Patrika, Mehul Choksi's modus operandi would be to sign retainership agreements with family members and acquaintances of people that were in positions of power and could help him when required.

On Wednesday, the CBI had made the first arrest of an auditor of the bank when its internal chief auditor M K Sharma, a chief manager-ranked official, was picked up by them.

At the heart of the PNB fraud is the unauthorised issuance of letters of undertaking (LOUs) by certain staffers from PNB's Brady House branch since 2011 in collusion with firms controlled by the two diamantaires.

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On being asked by the CBI to join its investigation into the alleged fraud, Mr. Modi refused, saying he had "business overseas".

The CBI then directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged. "He neither responded to those summonses nor appeared before the agency", special ED prosecutor Hiten Venegaonkar had told the special court presided over by Judge M S Azmi here on March 1.

"It is obvious that a fraudster like Nirav Modi has utter disregard for the law and legal system in India as he has failed to put forth any explanation or reason for leaving India in the wake of the alleged fraud or the allegations leveled against him", the ED argued.

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