NEW DELHI: In a big victory for investigating agencies – CBI and ED, the Interpol has issued purple nook understand (RCN) towards fugitive businessman Nirav Modi, his brother Neeshal Modi and their close aide Subhash Parab in Punjab National Bank scam value Rs 13,578 crore.
The Interpol RCN, for which a request used to be despatched closing month, will empower police agencies of 190 member countries to find and arrest Modi, this means that he gained’t be capable to go back and forth as freely as he used to be for past three-four months.
Officials mentioned that the world arrest warrant (RCN) has been issued after Interpol used to be satisfied with CBI and ED’s fees of criminal conspiracy, dishonest, corruption and money laundering towards Modi.
Nirav Modi is alleged to be hiding in Belgium these days after he used to be closing observed transferring from London to Brussels on June 12.
TOI spoke to best officers in the Interpol who mentioned that aside from Belgium, Nirav Modi and his brother Neeshal Modi, may go back and forth to the United States, the United Kingdom, UAE, Hong Kong, mainland China and Belarus.
About Mehul Choksi, sources mentioned a RCN towards him can also be issued quickly.
Nirav Modi along side his wife Ami -- a US citizen, brother Neeshal -- a Belgian nationwide, and uncle Choksi -- Gitanjali group's promoter, had fled the country in January first week this year, ahead of the PNB approached CBI with a criticism towards his companies for allegedly dishonest via fraudulent issuance of Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs).
CBI and ED each recently filed chargesheets towards each Nirav Modi and Choksi, and 22 others.
The CBI, in its chargesheets, alleged that Nirav, via his companies, siphoned off funds to the tune of Rs 6,498.20 crore using fraudulent LoUs issued from PNB's Brady House branch in Mumbai. Choksi swindled Rs 7080.86 crore, making it most likely the most important banking scam in the nation.
An additional mortgage default of over Rs 5,000 crore to Choksi's companies is also an issue of probe underneath the CBI.
Nirav Modi and Choksi, via their companies, availed credit from in a foreign country branches of Indian banks using the fraudulent promises of the PNB given via LoUs and letters of credit which were no longer repaid bringing the liability on the state-run financial institution, CBI mentioned.
An LoU is a ensure given by means of an issuing financial institution to Indian banks having branches out of the country to grant short-term credit to the applicant
The directions for moving the funds had been allegedly issued by means of a financial institution employee, Gokulnath Shetty, using a world messaging system for banking called SWIFT platform and with out making their subsequent entries in the PNB's inside banking instrument, thus bypassing scrutiny in the financial institution.
Former MD of PNB Usha Ananthasubramanian has also named by means of CBI in its chargesheet in the scam.
The Interpol RCN, for which a request used to be despatched closing month, will empower police agencies of 190 member countries to find and arrest Modi, this means that he gained’t be capable to go back and forth as freely as he used to be for past three-four months.
Officials mentioned that the world arrest warrant (RCN) has been issued after Interpol used to be satisfied with CBI and ED’s fees of criminal conspiracy, dishonest, corruption and money laundering towards Modi.
Nirav Modi is alleged to be hiding in Belgium these days after he used to be closing observed transferring from London to Brussels on June 12.
TOI spoke to best officers in the Interpol who mentioned that aside from Belgium, Nirav Modi and his brother Neeshal Modi, may go back and forth to the United States, the United Kingdom, UAE, Hong Kong, mainland China and Belarus.
About Mehul Choksi, sources mentioned a RCN towards him can also be issued quickly.
Nirav Modi along side his wife Ami -- a US citizen, brother Neeshal -- a Belgian nationwide, and uncle Choksi -- Gitanjali group's promoter, had fled the country in January first week this year, ahead of the PNB approached CBI with a criticism towards his companies for allegedly dishonest via fraudulent issuance of Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs).
CBI and ED each recently filed chargesheets towards each Nirav Modi and Choksi, and 22 others.
The CBI, in its chargesheets, alleged that Nirav, via his companies, siphoned off funds to the tune of Rs 6,498.20 crore using fraudulent LoUs issued from PNB's Brady House branch in Mumbai. Choksi swindled Rs 7080.86 crore, making it most likely the most important banking scam in the nation.
An additional mortgage default of over Rs 5,000 crore to Choksi's companies is also an issue of probe underneath the CBI.
Nirav Modi and Choksi, via their companies, availed credit from in a foreign country branches of Indian banks using the fraudulent promises of the PNB given via LoUs and letters of credit which were no longer repaid bringing the liability on the state-run financial institution, CBI mentioned.
An LoU is a ensure given by means of an issuing financial institution to Indian banks having branches out of the country to grant short-term credit to the applicant
The directions for moving the funds had been allegedly issued by means of a financial institution employee, Gokulnath Shetty, using a world messaging system for banking called SWIFT platform and with out making their subsequent entries in the PNB's inside banking instrument, thus bypassing scrutiny in the financial institution.
Former MD of PNB Usha Ananthasubramanian has also named by means of CBI in its chargesheet in the scam.
Red corner notice issued against Nirav Modi, aide
![Red corner notice issued against Nirav Modi, aide]()
Reviewed by Kailash
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July 02, 2018
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