The fraud of around Rs 11,400 crore in Punjab National Bank (PNB) and seized gold, diamonds, and precious stones worth around Rs 5,100 crore from 17 premises of Nirav Modi and Gitanjali Gems, but all individuals named as being involved in the case by the Central Bureau of Investigation (CBI) seem to have left the country.
We involved in Nirav Modi scam says law minister Ravi Shankar
Nirav Modi, the billionaire accused of defrauding Punjab National Bank (PNB) of Rs 11,400 crore, won’t be spared and criticised Opposition parties for pointing a finger at the prime minister for the alleged scam.
PNB first notified India’s Central Bureau of Investigation (CBI) of its discovery in late January, and on Monday it issued a “caution notice” to warn other lenders about the suspected fraud.
Billionaire jewellery designer Nirav Modi and other members of his family, who fled the country last month, allegedly made fraudulent transactions of over Rs 11,400 crore through 150 letters of undertaking issued by the Punjab National Bank, officials said.