CBI arrests auditor of PNB in bank fraud case

A security guard stands guard inside a Nirav Modi showroom during a raid by the Enforcement Directorate

It is to be recalled that a Blue Corner notice was issued against Nirav Modi and his uncle Choksi in connection with the PNB fraud case, on Wednesday last. The CBI official said that Nirav Modi has not shared anything with regard to his current location with the investigating agency.

It was found that jewellery designer Nirav Modi and his maternal uncle Mehul Choksi used letters of understanding that were fraudulently issued from PNB's Brady Road branch in Mumbai in favour of Hong Kong branches of Allahabad Bank and Axis Bank. The cabinet also chose to present a bill in parliament aimed at making it easier to seize properties of "fugitive economic offenders".

On Thursday, the CBI arrested another former bank official, Bishnubrata Mishra, who was the internal chief auditor between 2011 and 2015 at the Brady House branch, ANI reported.

"CBI is now probing Rs 12,636 crore which is (Nirav and Gitanjali) PNB scam, up from Rs 11,421 crore", said CBI.

Stung by the Modi and Choksi fraud, banks have raised their guard while lending to jewellers. Nirav responded to the email saying, "I have business to run here".

It has also told secured lenders it was in discussions with lenders for debtor-in-possession financing as it weighed options.

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The company is a wholly owned subsidiary of Firestar Group, which in turn is wholly owned by Synergies Corp.

"In 2017, we were engaged by Firestar International Ltd (FIPL) and Firestar Diamond International Pvt".

A 170-acre park in Hyderabad's Ranga Reddy district valued at over Rs 500 crore has also been attached, it said. The term operations covers bank branches, joint ventures, subsidiaries, remittance centres and representative offices.

According to locals, the effigy is a reflection of rampant corruption prevalent in the system that has allowed people like Nirav Modi, and many others before him, to defraud banks of thousands of crores.

"Sixty-nine operations identified for further examination", he added, without naming the banks or the affected operations. "Move towards cost efficiencies and synergies in overseas market", but did not name the banks or the affected operations.

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