Published: Sun, March 04, 2018
Worldwide | By Victor Meyer

PNB Case: ED Attaches Choksi's Properties Worth Rs 1200 cr

PNB Case: ED Attaches Choksi's Properties Worth Rs 1200 cr

Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies following a complaint by the Punjab National Bank (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.

On Thursday, the Enforcement Directorate (ED) had moved an NBW against them in court.

In response to the second summons, Nirav said he can not appear before the agency owing to his business commitments.

He said the agency received replies from Nirav for two summonses. "It is obvious that a fraudster like Nirav Modi has utter disregard for the law".

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"Still working overseas as I continue to be very engaged in trying to deal with businesses that I am involved with outside of India". 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. In reply to the third summons, the businessman raised the issue of his security, the ED counsel said. The ED lawyer said Nirav Modi did not appear before the agency for questioning and hence it has sought issuance of an NBW was against him. The CBI has alleged that Joshi and Shetty were issuing fraudulent LoUs to Modi without entering the details in the core banking system or without taking collateral security.

The Central Bureau of Investigation (CBI) on Saturday produced 6 accused including PNB deputy manager Gokulnath shetty before special CBI court.

In its remand copy, the ED stated that, "It was informed by the PNB in writing that there are more than 150 LoUs amounting to Rs 6498 crore, which are falling due with effect from January to April and all these were issued in 2017 by Shetty".

It is alleged that LoUs and LCs worth close to Dollars 2 billion were issued to the companies of the unclenephew duo of Choksi and Modi from the Brady Road branch of the bank through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages.

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