PNB Rs 11,000-cr fraud: Govt suspends Nirav Modi's passport for four weeks; ED raids Modi's Kala Ghoda boutique

The Narendra Modi government on Friday, two days after the Rs 11,000 crore Punjab National Bank fraud was busted, suspended passport of Nirav Modi who has been at the centre of the scam. The authorities said Modi’s passport was suspended only for four weeks and the the measure could be extended if it was required in future. India’s anti-money laundering agency, the Enforcement Directorate (ED), is conducting a through investigation in the case. Earlier, the premier investigating agency the CBI had also filed cases in what has been touted to be biggest corporate fraud in India’s banking history. [caption id=“attachment_4354347” align=“alignleft” width=“380”] Nirav Modi. Facebook image.[/caption] The government has further informed that Nirav Modi’s passport was suspended after ED had approached it with a request for the same. “On the advice of the Enforcement Directorate, the Passport issuing authority in the Ministry of External Affairs has suspended validity of passports of Nirav Modi and Mehul Choksi with immediate effect for a period of four weeks,” news agency ANI quoted a government official as saying.

On the advice of the Enforcement Directorate, the Passport issuing authority in the Ministry of External Affairs has suspended validity of passports of #NiravModi & #MehulChoksi with immediate effect for a period of four weeks pic.twitter.com/DwBMxawJ5m

— ANI (@ANI) February 16, 2018

Later in the day the finance ministry under which the ED works informed the agency will raid as many as fifty locations across the country as part of its widespread investigation in the Rs 11,000 crore Punjab National Bank fraud case. Nirav Modi’s maternal uncle Mehul Choksi, managing director of Gitanjali Group, has also been named as the key player in the scam due to which the bank has lost $1.77 billion.

Over 50 #NiravModi -linked companies will be raided: Fin Min sources

Read @ANI Story | https://t.co/j1MZ41kVXe pic.twitter.com/O2tJiaf9qO

— ANI Digital (@ani_digital) February 16, 2018

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The uncle and nephew duo, it has been alleged, connived with a few employees at Punjab National Bank’s Mumbai branch to get issued fake Letters of Undertakings or comfort documents to commit the fraud. With suspension of the passports of the Modi and Choksi, the government has asked the duo to reply to the step taken within one week. They have been asked to explain why their passports should not be impounded or revoked, ANI reported. Earlier on Friday, the ED raided Modi’s boutique in Mumbai’s Kala Ghoda district.

#NiravModi & #MehulChoksi have been asked to respond within one week as to why their passports should not be impounded or revoked. If they fail to respond within the stipulated time, MEA will go ahead with the revocation

— ANI (@ANI) February 16, 2018