India suspends passport of billionaire Nirav Modi

India suspends passport of billionaire Nirav Modi

Enforcement Directorate, ED had sought revocation of passports of billionaire jeweller Nirav Modi and his business partner Mehul Choksi in connection with the PNB scam.

Stocks of Gitanjali Gems, the luxury jewellery brand promoted by Modi's maternal uncle Mehul Choksi, plunged nearly 20 per cent. Scrips of PC Jewellers fell 5.31 per cent on the BSE. The ministry gave them one week to respond why their passports should not be revoked. Stocks of gold, diamond and precious stones worth Rs. 549 crore were seized today. The 46-year old, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country on same day.

The CBI on Friday also reportedly conducted searches at 20 properties belonging to Gitanjali Group and other directors of the accused companies in six cities, ANI reported.

On February 14, Punjab National Bank (PNB) disclosed that it has detected some fraudulent transactions with financial implication of about Rs 11,346 crore and the matter has been referred to law enforcement agencies for the recovery. The number of officials suspended by PNB now stands at 18.

The state-owned lender Punjab National Bank (PNB) shocked the nation when it revealed that jeweller Nirav Modi, with support from its bank officials, duped the bank/s single Mumbai branch worth of Rs.11,400 crore.

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The ED had filed the case under the Prevention of Money Laundering Act (PMLA) after going through a CBI FIR registered on January 31. The bank in its two complaints has alleged that Modi and his accomplices siphoned off Rs 280 crore.

ED teams swooped down and carried out simultaneous raids on Modi's offices, showrooms and diamond workshops in Mumbai, Surat (Gujarat) and New Delhi.

The Reserve Bank of India on Friday denied reports that claimed it had directed the Punjab National Bank to meet its commitments under the Letters of Undertaking provided to other banks. Officials said the ED had written a letter to the External Affairs Ministry in this regard.

Modi, whose jewellery creations are popular among celebrities, is already being investigated by the CBI for alleged cheating and fraud involving Rs280 crore at a PNB branch.

Ever since the PNB scam has surfaced, various government agencies are trying to analyse how deep it could be while taking into the account all the Nirav Modi linked companies.Meanwhile, according to some government sources, it is being said that every penny involved in this scam will be recovered.

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