The Fraud Case that turned out to be an Eye opener for many people was the Nirav Modi Scam. Nirav Modi is an Indian billionaire businessman and the founder of the famous Nirav Modi global diamond jewellery house that was established in the year 2010. He had fleed when CBI started investigating a $2 billion fraud case against him.
Interpol, the world’s largest police organisation, had issued a diffusion notice against Nirav Modi, which he became aware of and tried to escape from all the possible accusations.Back in the day, Nirav Modi was the first Indian jeweller who was mainly promoted on the covers of Christie’s and Sotheby’s brochure. The companies headquarter is situated in Mumbai
The Indian government’s Central Bureau of Investigation (CBI) had launched a case against Modi and started to carry on further investigations in Feb 2018. Earlier to the investigation Punjab National Bank had stated and complained about Modi that he and his partners had deceived the bank for Rs 280 Crore by collaborating with the Bank officials to obtain fraud letters from the bank. Due to this complaint, the bank figured out that there were at a loss of 11000 crore. These accusations mainly led to the Nirav Modi Scam.
The thorough investigation by the CBI had bought up much evidence against him and further realised that there were many people involved in this case.More than 15-20 people have been arrested by the CBI since the fraud case at Punjab national bank, India’s second-biggest lender, came to light in February.
CBI hardcore investigation brings light to the Case
The Nirav Modi Scandal made THE CBI jot out all the possibilities through which they had found “six sacks” of documents from Mumbai Chawl allegedly linked to applications that were made by firms of jewellers, Nirav Modi and his uncle Mehul Choksi, to raise Foreign Letters of Credits and Letters of Undertaking from Punjab National Bank.
The documents had been found in a room which was in Wadala include originals and photocopies of the applications of over 1,000 Letters of undertaking and LC’s that were raised by the bank for the firms which were linked to Choksi and Modi, who are at the middle of an enquiry into alleged fraud of over Rs 12,700 crore, said sources.
According to an official that was associated with the ongoing investigation, one of the arrested charged – Gokulnath Shetty, a former deputy manager of PNB had displayed his discovery.He apparently revealed that to intercept the bank from perceiving any irregularity, both originals and photocopies were returned to Choksi and Modi after managing the appeal,” claimed Shetty.During the cross-examination of staff that was linked with the firms of Nirav Modi, we learnt that a room had been rented in the name of an employee.
The sources had said that the Room was mainly used for a stack of Documents. The CBI has also Tracked down two suppliers who were working in Choksi’s firms. The sources said that these are completely Hong Kong-based companies who are shown as outsiders.
Four More Arrested in the Scandal
According to the latest Nirav Modi Scam Details, The CBI on Sunday had arrested four more people in the two cases that were linked to the PNB scam a few days ago taking the total number of arrests to 18. Manish K Bosamiya, then AGM (operation) and Miten Anil Pandya, then Finance Manager, both who were a part of Firestarter International Ltd were arrested for their apparent role in the composition of applications for the fraud practice i.e LoUs submitted to Punjab National Bank.
The two other arrested are Sanjay Rambhia, Partner in CA firm M/s. Sampat and Mehta, who are in Mumbai, Aniyath Shiv Raman Nair, then who was the Director of M/s. Gili India Ltd
None of these individuals who are to be arrested was reachable for giving any comments on Sunday. The agency has yet to track down Nirav Modi and Choksi who had left India before January. They Both have denied the allegations, issued statements denying the CBI’s charges.