India asks Interpol to arrest jewellers linked to bank fraud

Javier Stokes
February 19, 2018

A Mumbai court ordered all three suspects to remain in police custody until March 3, as the federal investigators probe the fraud - the country's biggest-ever bank scam - that has raised serious questions about India's banking system.

He also accused Finance Minister Arun Jaitley of "hiding".

Rahul tweeted, "PM Modi tells kids how to pass exams for 2 hrs, but won't speak for 2 mins on the 22,000Cr banking scam". The accused have fled the country in the first week of January 2018 before the bank could register a complaint with CBI in Mumbai. Mocking the prime minister, Gandhi said, "Modi ji (Nirav Modi) withdraws Rs 22,000 crore and runs away, the prime minister spent almost one-and-half-hour teaching students how to appear for exams, but he did not tell us who's responsible for the loot of ordinary public's Rs 22,000 crore that Nirav Modi ran away with".

Meanwhile, the Rs. 11,400cr fraud hit not only PNB but also several other banks and entities.

While authorities said they did not know their whereabouts, broadcaster NDTV had tracked Modi to a hotel in NY.

The PNB detected scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

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Despite that, some social media users criticized her decision by saying that the Time's Up movement is not "a political thing". She said: "It's more likely we'll see an alien onscreen than we'll see an Asian woman at the moment, which is disgraceful".

Bollywood actor Sidharth Malhotra, who featured in the ad campaign for Nirav Modi jewels, on Friday said his contract with the latter's company got over a year ago.

He further said that PSU banks will continue to under-perform in the near term "on concerns of possibility of alleged scam which may extend to some other banks".

Indian authorities have seized over $870 million worth of diamonds, jewelry and gold in raids on showrooms and offices linked to firms run by Modi and his uncle, NDTV reported. Nirav Modi's company was a tenant of a Kamla Mills property owned by Adwait holdings in which my wife and sons are the directors, ' said the statement by Singhvi.

New Delhi, Feb 18 The CBI is examining balance sheets of 18 India-based subsidiaries of the Gitanjali group of companies promoted by Mehul Choksi to understand the money trail of funds taken from various banks on the basis of Rs 11,384 crore of guarantees furnished by the Punjab National Banks, officials said here today.

The BJP leader alleged that Singhvi's wife Anita had shares in Nirav Modi's firm.

Along with Modi, the passport of his uncle-cum-business partner, Mehul Chinubhai Choksi, was also suspended with immediate effect for a period of four weeks.

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