PNB scandal: CBI summons officers from Hong Kong

09 April, 2018, 00:44 | Author: Brooke Harris
  • The Delhi high court said it will hear the plea by Gitanjali Gems along with a similar pending plea of billionaire Nirav Modi’s firm Firestar Diamond on 11 April

A Mumbai special court has issued non-bailable warrants against diamond merchants Nirav Modi and Mehul Choksi in connection with the ₹13,578-crore Punjab National Bank scam.

"As this policy was regulated by the RBI, and both absconding accused Nirav Modi and Mehul Choksi were benefited due to this scheme, we want to know why this scheme was designed in this manner and was RBI aware of this", said a CBI official.

The CBI, a federal police body, is now also questioning some officials at overseas branches of Indian banks which issued loans to companies owned by the two jewellers against bank guarantees - later shown to have been fraudulently issued by certain rogue employees at PNB.

High winds with temperatures dropping into the 50s in Longmont today
This message will remain in effect until 9:00 a.m. on Thursday , April 5, 2018, unless local conditions warrant further updates. The high is forecasted to reach 65 degrees on Wednesday afternoon and 64 degrees on Thursday .

The central investigation agency had on Thursday also interrogated three Chief General Managers and one General Manager of the Reserve Bank of India (RBI) in connection with the PNB scam.

The Ministry of External Affairs, in its written response to a specific query in Lok Sabha, said Nirav Modi is in Hong Kong. "About half of Rs5,000 crore has come back to Modi and Choksi's India-based firms as foreign investment or through hawala route". A provisional arrest is made pending a formal extradition request.

Meanwhile, the Central Bureau of Investigation (CBI) has expanded its probe to other Indian banks whose overseas branches were involved in the issue of buyers' credit on the basis of letters of undertaking (LoUs) issued by PNB. MoS, MEA, Gen (retd) VK Singh said the counterparts in Hong Kong have been approached seeking the provincial arrest of the diamond trader. Everything now seems to be under control as surgery is over.

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