Police target PNB Mumbai branch auditors in $2 billion fraud probe

Angry Mumbaikars to burn 58-feet tall effigy of Nirav Modi on Holi

Angry Mumbaikars to burn 58-feet tall effigy of Nirav Modi on Holi

Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies following a complaint by the Punjab National Bank (PNB) that they allegedly cheated the nationalised bank to the tune of over Rs 12,000 crore, with the purported involvement of a few employees of the bank.

The official said that the arrested auditor has been identified as M K Sharma, chief manager rank of PNB. It also questioned 13 more people in the case.

With Mishra's arrest, the total number of those who were apprehended by the CBI rose to 14.

Officials said of the attached properties in Mumbai, Prasad Chambers at Opera House was bought by the Choksi family in 1960s.

The agencies may also try other extradition processes to bring Nirav Modi back to India to join the probe and cooperate in the investigation of one of the biggest bank fraud in the country.

The agency has told him that it is mandatory for an accused to join the investigation whenever they are asked to.

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"In reply to the CBI's mail, the diamond jeweller showing helplessness said that he can't join the probe as he has some pending business overseas".

An Income Tax department official said the Blue Corner notice, which is meant to locate, identify or obtain information on a person of interest in a criminal investigation, was issued by the Bureau of Immigration against the two which will be valid for a year starting 22 February at all ports of embarkation.

As of December 2017, Modi's Firestar Diamond and Choksi's Gitanjali Gems alone accounted for 30% of the Rs69,000 crore in bank loans to the gems and jewellery sector, CARE said in a report released on February 27.

The bank has been scammed to the tune of Rs 12,700 crore by Modi and associates.

The CBI filed a second FIR on February 15 for Rs 4,886.72-crore fraud against Choksi's Gitanjali Group.

The income tax authorities, meanwhile, sent notices to banks that have loaned money to Modi's Firestar Diamond and Choksi controlled Gitanjali, seeking to recover Rs 305.12 crore tax dues from them.

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