Nirav Modi a successful businessman of India, are the founder of Nirav Modi global diamond jewellery house. The special CBI court has issued non-bailable warrant against jeweler Nirav Modi and Mehul Choksi, who are being investigated in the alleged Rs.13,600 crorers Punjab National Bank {PNB} fraud, according to sources.
Reserve Bank of India (RBI) had issued an advisory to all the banks asking them to ensure that their computer systems running core banking solutions (CBS) were properly integrated, wherever required, with SWIFT (Society for Worldwide Interbank) - a messaging service for interbank transactions across the globe.
The issuance of NBWs north bay water services by a court will also enable the CBI to seek Red Corner Notices against both the accused from Interpol. The Government has indicated that Modi could be hiding in Hong Kong where it has sent a request for his provisional arrest. Nirav Modi and Choksi fled the country just before the fraud was uncovered in February. The source of PNB had said that they are working with investigators and regulatory investigating the fraud.
The CBI has written to Modi and Choksi to join probe on their official e-mail IDs but they have refused to join it citing business engagement and health issues. The Punjab Bank of Mumbai, India issued the fraudulent letter of Undertaking [LOUs] for questioning, which had extended credit facilities to the company of Modi and Choksi.
As many as 20 arrests have been made so far in the biggest bank scam in the country. The agency has also summoned the official who handled the foreign exchange transaction in the Hong Kong branch of the Allahabad Bank.
