PNB fraud: CBI court issues warrants against Nirav Modi, Mehul Choksi

The development comes just a day after the CBI questioned four senior RBI officials in connection with the PNB fraud involving jewellers Nirav Modi and Mehul Choksi

The Central Bureau of Investigation (CBI) on Friday questioned former Reserve Bank of India (RBI) Deputy Governor Harun Rashid Khan in connection with the Rs. 13,578 crore Punjab National Bank (PNB) scam. The court had also allowed the investigative agencies to issue Letter of Rogatory (LR) to seven countries - Malaysia, Armenia, France, China, Japan, Russia and Belgium - seeking information on the possible presence of Modi, Choksi or their kin on their soils.

On Feb 14, the CBI received complaints from PNB, which detected a Rs 11,292 crore fraud involving Modi.

PNB MD Sunil Mehta has said the worst is now over for the bank, and that it will be out of the mess in six months.

"Funds, instead of being directly transferred to overseas subsidiaries, have passed through at least two or more companies. We are anticipating that we will be able to come out of this entire problem and pain in the next 6 months", he said. The ministry of external affairs (MEA) had in February revoked the passports of Nirav Modi and Choksi, after the duo failed to furnish their replies to a notice from the MEA in the stipulated time of one week. A provisional arrest is made when a formal extradition request is pending.


Nirav Modi and Mehul Choksi - who are at the heart of the scam - are, meanwhile, absconding.

According to the first person cited earlier, the bulk of these so-called shell structures have been traced back to Hong Kong and Dubai.

"The exact roles of the bank employees concerned need to be ascertained based on the communications from the Brady House branch to the concerned overseas bank branches".

Everything now seems to be under control as surgery is over, now we are in the recovery phase.

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