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PNB scam: Look out Circulars issued against 10 executives of Nirav Modi firm


The Central Bureau of Investigation has issued against ten executives working in firms run by Nirav Modi and Mehul Choksi, accused in the PNB scam.

The decision was taken after these persons failed to join the probe. The CBI suspects that they may have fled the country around the same time that Modi and Choksi did.

Nirav Modi and Mehul Choksi

CBI sources said that either these persons have left the country at around the same time and never returned or they could be in India and be avoiding the probe. The LoCs would restrict their movement largely if they are still in India, the source also said.

Earlier the Enforcement Directorate approached a Mumbai court seeking Letters Rogatory to obtain information about the overseas businesses of Nirav Modi.

"It is an application for issuance of LR under the Prevention of Money Laundering Act (PMLA) for recovery/seizure of proceeds of crime and collection of documents, evidence lying in Hongkong, USA, UK, UAE, South Africa and Singapore which are required in connection with the investigation," the ED said in its plea before the PMLA court.

Letters Rogatory are a request from a court of a sovereign nation to a court of another sovereign nation.

Judge M S Azmi today heard the arguments of special public prosecutor Hiten Venegaonkar.

Also Read | ED seeks LRs from court to probe Nirav Modi's international businesses, assets

The ED told the court that Nirav Modi established various firms, including Diamond R US, Solar Exports, Stellar Diamond, Firestar Diamond, and became an integrated diamond manufacturer who bought rough diamonds, sold polished ones and other stones and also designed jewellery.

"His business consisted of trading in rough and polished diamonds, private label jewellery manufacturing and sale in the name and style of 'Nirav Modi' and 'Firestars' as well as the production of unlabelled jewellery for third parties", the ED said.

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