Indian court issues warrants for two accused in bank fraud

Nirav Modi

The arrest will be based on local laws and mutual judicial assistance agreements.

Meanwhile, the Ministry of External Affairs, in its written response to a specific query in Lok Sabha, said Nirav Modi is in Hong Kong.

"If India has made a relevant request to the Hong Kong SAR (Special Administrative Region), we leave the matter to the Hong Kong SAR and hope that it will follow the basic laws and relevant judicial system agreement with India to deal with the relevant issue", Geng said.

The CBI apprised the court of the fact that the bank was about to close down the "secret" account registered in the name of Modi, which means the huge amounts lying in it would be then released to him. Modi has his shop in Hong Kong besides in Beijing therefore he is absconding from India.

Senior government officials viewed that since PNB already became a victim of fraud in the case of Mehta one year previously, it should have checked its accounts connected to the jewellery sector, which may have prevented the Nirav Modi-Mehul Choksi scam, as well as their fleeing from the nation.

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Recently, a special CBI court issued non-bailable warrants against Modi and Choksi. Both Modi and Choksi have so far refused to cooperate with the CBI probe. The bank officials also fraudulently issued foreign letters of credit or FLCs in which the PNB guaranteed payment on behalf of the accused to their suppliers which was to be recovered from the firms of Choksi and Nirav Modi, they alleged.

The CBI is also questioning officers of overseas branches of Indian banks that extended credit facilities on the basis of the fraudulent letters of undertaking (LOUs), issued by employees of PNB, the source said.

The MEA had served show cause notices to Modi and Choksi on February 16, giving them a week to respond. However, he blamed Rajesh Jindal, who was GM of PNB's Brady House branch between August 2009 and May 2011, for directing the fraud.

MoS, MEA, Gen (retd) VK Singh said the counterparts in Hong Kong have been approached seeking the provincial arrest of the diamond trader.

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