Interpol issues Red Corner Notice against Nirav Modi in PNB fraud case

New Delhi: The Interpol has issued Red Corner Notices (RCNs) against absconding jeweller Nirav Modi, his brother Neeshal and an executive in his company, Subhash Parab. The notices have been issued on the requests of the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) which have both charged Modi, along with 18 others for cheating Punjab National Bank (PNB) of over Rs 13000 crore.
The RCNs will ensure agencies across 190 countries look for Nirav Modi in their jurisdiction and detain him. It will also mean that Modi will no more be able to leave the port of the country he is presently in. Once Modi, his brother and his executive is detained in a country, India would be able to initiate extradition proceedings with that country. Notably, ED has already moved a special court in Mumbai for the extradition of Modi from the UK and Hong Kong. His last location was known to be Belgium where he is suspected to have travelled on June 12.
Modi has been crisscrossing the globe on a revoked Indian passport. According to the latest information, he has travelled to the US, the UK, Hong Kong, China, UAE and even Belarus. Nirav Modi along with his wife Ami — a US citizen, brother Neeshal — a Belgian national, and uncle Mehul Choksi — Gitanjali group’s promoter, had fled the country in January first week this year, before the PNB approached CBI with a complaint against his companies for allegedly cheating through fraudulent issuance of Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs).
CBI and ED both recently filed chargesheets against both Nirav Modi and Choksi, and 22 others.
The CBI, in its charge sheet, alleged that Nirav, through 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 possibly the biggest banking scam in the country.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)