PNB scam: Nirav Modi bribed official with gold and diamond
Billionaire Nirav Modi bribed a bank official with gold and diamond for his assistance in the Rs. 12,650cr PNB scam, CBI said. Yashwant Sinha, then a forex department manager, received two gold coins (60gms) and a pair of gold-and-diamond earrings from Modi. The articles have been seized. This comes after a court issued non-bailable warrants against Modi and uncle Mehul Choksi.
How India's biggest scam unfolded
Nirav Modi, diamantaire to global celebrities, and Choksi, Gitanjali Gems chairman, have been accused of defrauding PNB of Rs. 12,650cr. Firms linked to them allegedly acquired fraudulent letters of undertaking (LoUs) from PNB during 2011-17 and based on them, obtained loans from foreign branches of Indian banks. Modi, his family and Choksi left India weeks before the scam was detected last month.
Modi, Choksi ignore ED summons, Blue Corner notice issued
The ED had earlier issued three summons to Modi and Choksi, but they failed to heed them. Modi refused to join the CBI investigation citing business engagements abroad. The Bureau of Immigration then issued a Blue Corner notice against Modi and Choksi. It will be valid at all embarkation ports till February 22, 2019. Modi has been directed to appear for questioning this week.
A woman employee was arrested "illegally," alleges Modi
Meanwhile, Joshi, who allegedly received bribes, was "in collusion" with and "obtained illegal gratification" from Modi-Choksi for issuance of LoUs, the agency said. He and four other PNB employees were committed to judicial custody. But Modi alleges that one of his women employees was arrested "illegally" at 8pm by the CBI; by law, women can't be arrested after sunset. He alleged "unfairness of process."
Embattled billionaire suspected to be in Hong Kong
Till now, the ED has attached 41 properties worth Rs. 1,217.2cr belonging to Choksi. These include 15 flats in Mumbai, a farmhouse in Alibaug and a mall in Kolkata. Assets worth over Rs. 6,000cr belonging to Modi and Choksi have also been seized. Fourteen people have been arrested. Though Modi's current location isn't officially known, ED said he is "reportedly present in Hong Kong."