PNB scam: CBI issues non-bailable warrants against Nirav Modi, Mehul Choksi

PNB scam: CBI issues non-bailable warrants against Nirav Modi, Mehul Choksi

Mr. Nirav Modi has been traced to Hong Kong and Mr. Choksi is said to be in the United States. "If India makes a relevant request to the HKSAR, we believe HKSAR will follow the basic law and relevant laws and judicial agreements with India with the relevant issue".

A bench of chief justice Dipak Misra and justices A.M. Khanwilkar and D.Y. Chandrachud was told by the centre that agencies like the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), the Income Tax department and the Serious Fraud Investigation Office (SFIO) are independently probing the PNB scam.

China said on Monday the Hong Kong government was equipped to deal with the arrest and extradition of fugitive jeweller Nirav Modi under relevant laws, indicating it was unlikely to directly interfere with the legal process. These letters helped facilitate Rs 280.7 crore fraud by jewellery designer Nirav Modi among others.

The PNB has claimed in different complaints to the CBI that several LoUs - issued by one bank to other banks, based on which foreign branches offer credit to buyers - were fraudulently issued by its officials in connivance with Modi and the other accused in the case causing huge losses to the bank.

In February, as the case progressed, Modi fled India along with his maternal uncle, Mehul Choksi.

Oil gains on surprise drawdown in United States crude inventories
The US Energy Information Administrations still expects production to total 10.7 million barrels a day this year - a record. Departures from the accord would result in renewed sanctions against Iran, which would hurt its oil industry.

Moreover, yesterday a special CBI court in Mumbai issued non-bailable warrants against the prime accused named above.

It is alleged that LoUs (letters of undertaking) and LCs (letters of credit) worth close to Dollars 2 billion were issued fraudulently to the companies of the uncle-nephew duo from the PNB's Brady House branch in south Mumbai through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages.

CBI had written to Modi and Choksi to join investigations on their official e-mail ids but they have refused to come, citing business engagements and health issues.

MoS, MEA, Gen (retd) VK Singh said the counterparts in Hong Kong have been approached seeking the provincial arrest of the diamond trader. The ED had earlier issued summonses to Modi and Choksi asking them to appear before it in Mumbai.

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