PNB fraud case: Where is Nirav Modi? Now in Dubai?
Investigation agencies believe billionaire jwellery designer Nirav Modi may be in Dubai. According to India Today, the CBI may have got a tip-off from undisclosed sources and is currently seeking Interpol's help to nab Modi.
Meanwhile, the CBI is questioning Vipul Ambani, the Chief Financial Officer of diamantaire Nirav Modi's Fire Star diamond company, officials said on Monday. They said Vipul Ambani was holding the position for last three to four years. He is understood to be a relative of late Dhirubhai Ambani, reported PTI.
The ED has conducted searches at 45 locations in 15 cities which include, Hyderabad, Guwahati, Jalandhar, Mumbai, Bengaluru, Chandigarh and Lucknow.
Last week, the ED launched a nationwide raid on the offices, showrooms and workshops of Nirav Modi. The CBI registered an FIR against the Gitanjali Group of companies based on a complaint registered by the PNB.
On Sunday, the ED conducted searches at over 45 more locations in 15 cities across India in connection with the fraud. The sell off has wiped out about $1.7 billion, or more than a quarter of the bank's market value, since it disclosed the fraud last Wednesday. Other bank stocks with exposure to the fraudulent transactions that PNB says began in 2011 also fell.