PNB Fraud: Nirav Modi refuses to join CBI probe

PNB fraud ED freezes Nirav Modi's bank account with Rs 30 crore balance

Nirav Modi also fled the country to avoid investigation into the Rs 11, 400 crore PNB scam.

CBI said the arrested auditor, M.K. Sharma, was "allegedly responsible for auditing the systems and practices" of Punjab National Bank's (PNB) Brady House branch in Mumbai and for reporting any problems to the zonal audit office.

Back in India, the government has stepped up its crackdown efforts on Modi's and his uncle Mehul Choksi's companies through CBI and Enforcement Directorate.

With this, Gitanjali's amount of fraud goes up to Rs 6,186.72 crore in the total kitty of Rs 12,600 crore.

"Early expressions of interest in purchasing some or all of the debtors' business operations have been strong", Firestar Diamond said in a court filing on Wednesday.

Meanwhile, Nirav Modi has refused to cooperate in the probe by the Central Bureau of Investigation (CBI) stating that he can not join the probe as he has pending business matters to attend to overseas. Investigators have also seized a number of properties from the two, including jewellery and luxury cars.

Firestar Diamond was formed as a DE corporation in 2004 under the name Jewelry Solutions International.

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According to media reports, he is now in NY.

On Feb. 14, Punjab National Bank informed stock exchanges that it had discovered fraudulent transactions amounting to $2 billion to the benefit of Modi and Choksi.

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.

On Thursday the ministry said the public sector banks would consolidate 35 overseas operations, with another 69 being considered for consolidation.

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.

He added, "Sixty-nine operations identified for further examination".

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