PNB fraud: Court issues non-bailable warrants against Nirav Modi, Mehul Choksi
A special CBI court on Sunday issued non bailable warrant against billionaire jewellers Nirav Modi and Mehul Choksi in the cases related to Punjab National Bank scam. The warrants were issued after request by the Central Bureau of Investigation (CBI).
The ED had earlier issued summonses to Modi and Choksi asking them to appear before it in Mumbai. However, both of them expressed their inability to depose citing business engagements.
Both Modi, Choksi are being investigated by multiple probe agencies after the PNB disclosed a fraud, worth over Rs 13000 crore, wherein they allegedly acquired fraudulent letters of undertaking (LoUs) for overseas credit from other lenders. While Modi runs a jewellery brand chain under his name, Choksie is the promoter of Gitanjali Gems.
Gitanjali Gems promoter Choksi, in his seven page letter had said it was impossible for him to return to India and join the investigation due to the suspension of his passport and ill-health.