The billionaire who allegedly swindled $1.8 billion from an Indian bank

The billionaire who allegedly swindled $1.8 billion from an Indian bank

The Congress party on Thursday called Nirav Modi, the billionair jeweller in ED net for 11,400 crore fraud, "Chota Modi", and also flashed his photograph with Prime Minister Modi at Davos, leaving the ruling Bhartiya Janata Party (BJP) sulking in rage. It is derogatory. The Congress is trying to degrade the prime minister just because Nirav Modi holds the same surname.

"Certain records have also been resumed for further investigation". According to reports, on February 15, 10 of Modi's properties (at least) were raided, including his home in Mumbai's Worli, his jewellery boutique in the city's Kala Ghoda area, and showrooms in Delhi's Chanakyapuri and Defence Colony.

Nirav Modi too was in China until a few days back, and rumours are going around that his family may settle in United Kingdom soon.

India's Central Bureau of Investigation (CBI) is investigating the allegation that Mr Modi and five others defrauded PNB of $44m in collusion with a deputy branch manager.

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Modi (46), a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with his wife and brother, besides business partner Choksi on January 31, for allegedly cheating the state-run PNB to the tune of Rs 280 crore.

In 2015, two Indian businessmen - Manmohan Singh Sehgal and his son Gagandeep Singh Sehgal - were arrested for illegally laundering money worth Rs 245 crore from Bank of Baroda to entities in Hong Kong through shell companies. "In the last 123 years, we have seen many ups and down".

It was obvious that the fraud was undertaken to avoid immediate detection, and all the conmen needed was time, to get out of India with their treasure.

"PNB has the capability and capacity to overcome this crisis".

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Raids were also conducted in Jaipur and Hyderabad, they said. All necessary documents have been seized. "Around 30 banks have lost money due to this scam", he said.

Shares in Punjab National Bank slumped as much as 8 percent on Thursday, its second straight day of fall after the lender "detected some fraudulent and unauthorized transactions" at a branch in Mumbai. He is believed to be in Switzerland.

Modi himself, quite like liquor baron Vijay Mallya and alleged IPL scam mastermind Lalit Modi, has left the country with his entire family and it's not sure as of now if India even has an extradition treaty with whichever country he is in.

The diamantaire is an India citizen but his brother and wife are not Indian nationals. They all have left India between January 1 and 6, the CBI said.

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A look out circular is issued by enforcement agencies at all entry and exit ports and airports to inform about the movement of an accused.

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