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Nirav Modi fraud: Modi and Choski's passports revoked
Last updated on Feb 24, 2018, 10:25 pm
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The passports of Nirav Modi and Mehul Choski - accused of over Rs. 11,400 crore worth of fraud - have been revoked, according to sources from the Ministry of External Affairs (MEA).
Abiding by instructions issued by the MEA, the Department of Foreign Affairs in Philippines has suspended the passports of Nirav Modi and Mehul Choski.
Here's more on the issue.
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Details
This is the second largest banking fraud in history
![This is the second largest banking fraud in history]( "This is the second largest banking fraud in history")
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The government's decision to cancel Nirav Modi and Mehul Choski's passports doesn't come as surprise.
The fraudulent transactions - nearly one-third of PNB's net worth in 2017 - are the second biggest known banking fraud after the alleged misuse of up to $3.2 billion (Rs. 20,000-plus crore) in export advances paid out by state-owned UCO Bank against bogus exports to Iran in 2015.
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Quote
Nirav Modi's approach to financial problems is reportedly different
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"Unlike business tycoons who flaunt connections and are arrogant, Modi came across as someone who was very suave, cultured, humble, willing to accept a mistake," said an official from the Directorate of Revenue Intelligence (DRI).
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Investigation
The CBI is closing in on the suspects
![The CBI is closing in on the suspects]( "The CBI is closing in on the suspects")
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While all of the accused left the country in early January, arrest warrants have been issued against them.
The CBI, this week, also arrested Rajesh Jindal, the head of PNB's Brady House branch in Mumbai.
It also questioned PNB's Managing Director Sunil Mehta about the case.
