Nirav Gate: Odia Retired Auditor Arrested In Muli-Crore PNB Scam

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The Indian Ocean island nation is the largest source of foreign direct investment (FDI) into India with a cumulative inflow that has touched $111 billion, thus, accounting for 30 per cent of all FDI inflows into the country. "He neither responded to those summonses nor appeared before the agency", special ED prosecutor Hiten Venegaonkar had told the special court presided over by Judge M S Azmi here on March 1.

The Central Bureau of Investigation (CBI) on Saturday produced 6 accused including PNB deputy manager Gokulnath shetty before special CBI court.

"We apprised the court of the fact that Modi had breached three summons issued by the ED calling upon him to cooperate with the probe". "The case involves a circuitous web of routes created by the said Modi and in such circumstances, the fraudulent transactions appear to be in the personal knowledge and exclusive domain of Nirav Modi".

A DRI officer said, "Sanction for prosecution of Modi and three of his firms was obtained under the guidelines of the Central Board of Excise and Customs (CBEC)". In reply to the third summons, the businessman raised the issue of his security, the ED counsel said.

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Cyril Amarchand, India's largest law firm by lawyer headcount, was reportedly engaged by Modi for a banking-related mandate shortly before news of the alleged fraud broke in mid-February.

Apart from the CBI and the Enforcement Directorate, the Serious Fraud Investigation Office (SFIO) under the ministry is also probing the matter. The diamantaire, however, claimed that he could not join the probe due to business commitments overseas. The families of these men are as shocked as them about the high profile media attention and Dinesh Bhatia's described as one of the directors say that he had no clue about the papers he had been asked to sign a few months ago when he joined the organization.

The IT Department had attached four more properties of the Nirav Modi group which included his farm house in Alibaug worth Rs 13 crore and a 5.24MW solar power plant over a 135 acres of land in Ahmednagar worth Rs 70 crore, as per the books. But final decision shall be taken only upon seeing the order.

A special court for the Prevention of Money Laundering Act cases in Mumbai on Saturday issued NBWs against Nirav Modi and his partner Mehul Choksi, in connection with the PNB scam. They have not returned to India since then. "But surprisingly, within minutes of my reply, the authority revoked my passport", Mr Modi said.