Published: Sat, February 17, 2018
Business | By Max Garcia

CBI registers fresh case against Gitanjali Group

CBI registers fresh case against Gitanjali Group

PNB on Friday told the exchanges it has also filed complaints against Mehul Choksi's Gitanjali Group of companies.

"Nirav Deepak Modi and Mehul Chinubhai Choksi have been asked to respond within one week as to why their passports should not be impounded or revoked under Section 10 (3) (c) of the Passports Act 1967". The second FIR relates to instruments worth Rs 4,887 crore issued to Gitanjali Group units Gitanjali Gems, Gili India and Nakshatra, all of which are named in the document.

"Clearly, everyone in the government, including the PMO, were aware of the fraud being committed". Like Modi, Choksi too left India in early January, as did their families.

A billboard with a picture of actress Priyanka Chopra promoting the luxury jewelery store Nirav Modi in Mumbai. The fraud came to light in January after an employee who was rolling over the letters of understanding (LoUs) retired. "Obviously, someone was protecting this network of fraud".

The bank also said that internal investigation into the matter is underway. "Why did the banks not get alerted despite the withdrawal of ratings by rating agency CARE?", he asked.

A senior member at Bharat Diamond Bourse, a Mumbai-based industry body with more than 13,000 members, sketched a similar profile of Modi. Has the size of bank loot scam peaked to Rs.21,306 crore?

More than half of the 293 alleged fraudulent instruments in the diamond banking scam were issued in 2017-18, an FIR registered by the CBI has revealed, striking at the root of the Narendra Modi government's drive to distance itself from the scandal. The actor added that she has chose to terminate her contract with Nirav in the wake of allegations of fraud against the businessman.

"The PMO, PIB and MEA tweeted the picture of business delegation comprising of Nirav Modi and others with prime minister and the law minister and the government feigns ignorance", he said.

PNB said other banks appeared to have lent money to customers overseas based on the fraudulent transactions. Railway minister Piyush Goyal tweeted on Wednesday that they have started the recruitment process for group D for 62,907 posts.

By then, Shetty had retired and his successor declined to honor Modi's request."At this, the firms contested that they have been availing this facility in the past also but the branch records did not reveal details of any such facility", PNB said in the complaint.

"It has been 48 hours".

Modi, the jeweller, was as recently as last month at the World Economic Forum in Davos where the Indian prime minister, who is no relation of his, was a star guest.

Like this: