PNB Fraud: Nirav Modi, Mehul Choksi's Passports Revoked

BT Podcast PNB-Nirav Modi;PwC to probe Rs 11,300 crore PNB fraud

ED freezes deposits, shares worth Rs 44 crore of Nirav Modi group

In a regulatory filing, Allahabad Bank said last week that it has an exposure of almost $366.87 million (Rs 2,374 crore).

Recently, the main accused in the Rs 11,400 crore PNB scam, Nirav Modi, had lashed out on the bank for making details of the amount owed public, alleging that now it would be hard for him to payback the amount due, which he claimed was less than the Rs 11,400 crore alleged by PNB.

"Also 21 immovable properties of Modi and companies controlled by him, with a market value of Rs 523.72 crore, have been provisionally attached". We want to see on what basis these loans were granted and whether these are still recoverable.

In its complaint, the CBI said that the official sanctioned loans "without conducting meaningful pre-inspection or physical verification of spot of business or residence and without ascertaining end use of the loan amount or creation of assets from the loan amount".

On Friday, the ED said it has frozen Nirav Modi's bank account and shares worth Rs 43 crore.

They said the examination was focussed on understanding how the crime was detected by the bank and other procedural issues and their violations. Nirav Modi, his family and Choksi have left the country earlier in early January.

With the ED attaching the properties of the duo diamantaires, it seems unlikely that they would be able to repay the loans taken by them from these banks.

The agency added that Samudra Mahal properties and two other flats in Pune's Hadapsar area are in the name of Modi and his wife Ami.

The wild fire set by the Nirav Modi bank fraud appears to be slowly advancing, scorching other banks - and as it turns out now, one of the most glamourized schemes of PM Modi.

In recent days, PNB has told Nirav Modi to come up with a concrete plan to return the Rs. 11,300 crore his companies have borrowed without following proper procedures.

The agency has so far arrested 12 people, including six serving or retired officials of the PNB and six are executives of Modi and Choksi.

ED Director Karnal Singh has written to the banks for details of the loans given to the two, the present status of the loans, the collaterals offered, and the form and nature of the loans. Rajesh Jindal was the head of the Brady House, Mumbai, from 2009 till 20011. The fraud revelation that started from Rs 280 crore has reached over Rs 11,400 crore and could reach over Rs 20,000 crore as the agency officials warn of many more skeletons in the closet.

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