Punjab National Bank scam: Highlights of CBI's FIR against Nirav Modi; charges of criminal conspiracy, Rs 280-cr fraud

The ED case was registered after going through the CBI FIR. It is understood that the ED also went through the PNB complaint made out against Modi and others.

FP Staff February 15, 2018 15:24:27 IST
Punjab National Bank scam: Highlights of CBI's FIR against Nirav Modi; charges of criminal conspiracy, Rs 280-cr fraud

Punjab National Bank (PNB), the second largest public sector bank in India, on Wednesday detected a $1.8 billion fraud in one of its branches in Mumbai. "The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance," PNB said.

Following this, the Enforcement Directorate on Thursday conducted multiple searches in connection with a Rs 280-crore money laundering case against billionaire jewellery designer Nirav Modi and others following a complaint by Punjab National Bank.

The ED had filed a case under the Prevention of Money Laundering Act (PMLA) after going through a CBI FIR registered. It is understood that the ED also went through the PNB complaint that was made out against Modi and others.

The CBI FIR dated 31 January, 2018 was based on a complaint filed by Avneesh Nepalia, the Deputy General Manager at Punjab National Bank. It alleged that the partnership firms mentioned in the complaint had gained an amount of Rs 280.70 crore rupees while the bank suffered a wrongful loss of the same magnitude.

The CBI FIR itself lists out the details of the accused. The primary name is that of Nirav Modi who is listed as a partner in M/s Diamond R US, M/s Solar Exports and M/s Stellar Diamonds. It also names his associates Nishal Modi, Ami Nirav Modi and Mehul Chinubhai Choksi. The final two names are associated with Punjab National Bank. The first, Gokulnath Shetty, is a retired Deputy Manager with the bank while the other, Manoj Hanumant Kharat is an SWO wiht the bank.

The FIR charges the accused under Section 120-B (criminal conspiracy) read with Section 420 (cheating) of the Indian Penal Code as well as Section 13(2) (criminal misconduct by public servant) read with Section 13(1)(d) of Prevention of Corruption Act, 1988

With inputs from agencies

 

Click here to follow LIVE updates on PNB scam case

Updated Date:

also read

Mamata indulging in ‘hide-and-seek’ by clearing PM Modi on misuse of agencies: Congress
India

Mamata indulging in ‘hide-and-seek’ by clearing PM Modi on misuse of agencies: Congress

The remarks came a day after Banerjee sought to insulate Prime Minister Modi from allegations of misuse of central agencies by the BJP-led Centre against political rivals by saying she did not believe that the PM was behind the alleged excesses of the CBI and the ED

CBI, forensic officials visit Goa's Leoney Grand Resort, leave after 10 hours
India

CBI, forensic officials visit Goa's Leoney Grand Resort, leave after 10 hours

This comes as CBI took over the probe into Sonali Phogat's death from Goa Police on 15 September, 2022, and registered an FIR into the case followed by an order for a detailed probe in the case

Equity markets fall in early trade; investors lookout for US Fed policy meet results
Business

Equity markets fall in early trade; investors lookout for US Fed policy meet results

The 30-share BSE Sensex declined 227.93 points to 59,491.81 in initial trade. The NSE Nifty went lower by 55.05 points to 17,761.20. However, later both the benchmark indices turned choppy