PNB scandal: CBI summons officers from Hong Kong

09 April, 2018, 00:44 | Author: Brooke Harris
  • 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

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.

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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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