Indian police say gold bribes given in $2 billion bank fraud case

In January, PNB found the first evidence of fraud in which few of its employees issued fake Letters of Understanding (LoUs) to companies associated with Nirav Modi.

Asked if the department is providing any assistance to the Indian government in tracing Modi, the spokesperson said, "We refer you to the Department of Justice for questions on legal assistance to the Indian authorities in relation to their investigation of Mr. Modi". "Modi appears to be the prima donna in the whole saga of the fraud perpetrated on the PNB", the directorate said in a filing to the court seen by Reuters.

A Central Bureau of Investigation (CBI) official in Delhi said arrested official Bishnubrata Mishra, who was Chief Manager/Internal Chief Auditor of the Punjab National Bank's Brady House branch in Mumbai from 2011 to 2015, was responsible for concurrent audit of the bank between 2011 to 2015.

A special court for the Prevention of Money Laundering Act cases in Mumbai on Saturday issued NBWs against Nirav Modi and his partner Mehul Choksi, in connection with the PNB scam.

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The CBI said on Sunday that it had arrested Manish Bosamiya and Miten Pandya, both former employees of Firestar International - a company owned by billionaire jeweller Nirav Modi. He added that the agency received replies from Nirav for two summonses. Venegoankar told the court the ED registered a case against Nirav Modi on February 15 and from that time issued three summonses to him to appear before the agency. The diamantaire, however, claimed that he could not join the probe due to business commitments overseas. In response to the second summons, Nirav Modi said he can not appear before the agency owing to his business commitments.

In response to the second summons, Nirav said he can not appear before the agency owing to his business commitments.

The agency stated that the fraud involved an amount of around Rs 6,400 crore. State Bank of India and two other state-run banks, Union Bank of India and Allahabad Bank, are lenders who had extended credit based on the LoUs issued by PNB that were later found to be fraudulent.

The fraud is already being probed by multiple agencies in India which are also seeking details from their counterparts in various other countries including Mauritius and Hong Kong about the details of the financial transactions related to the case.