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Nirav Modi's US firm whets buyer interest amid probe

02 March 2018

Mar. 01 (ANI): A special Central Bureau of Investigation (CBI) court on Thursday sent Internal Chief Auditor M.K. Sharma of Punjab National Bank's (PNB) Brady House Branch to the CBI custody till March 13.

The official said that the arrested auditor has been identified as M K Sharma, chief manager rank of PNB.

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.

They said the more searches were carried out after information surfaced during questioning of some arrested accused and others persons.

On being asked by the CBI to join its investigation into the alleged fraud, Modi refused, saying he has "business abroad". The agency again wrote to him to immediately approach the high commission of the country where he is now present and ensure his return as soon as possible.

"In reply to the CBI's mail, the diamond jeweller showing helplessness said that he can't join the probe as he has some pending business overseas".

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On Feb 14, the CBI received complaints from PNB, which detected a Rs 11,292 crore fraud involving Modi.

The LoUs were issued on behalf of Diamond R US, Solar Exports, Stellar Diamonds.

On Wednesday, a Blue Corner notice was issued against Modi and Choksi.

"The total value of the 41 seized assets controlled by Choksi is estimated at Rs 1,217.2 crore", the ED said.

The agency had earlier asked Modi on his official email id to join the investigation related to Rs 12,636 crore scam pertaining to fraudulent issuance of the LoUs and Letters of Credit (LCs) from Brady House branch of PNB in Mumbai in favour of his and his uncle Mehul Choksi's companies, they said.In response, Modi refused to join the investigation saying he has businesses overseas because of which he can not return, they said.

The Enforcement Directorate attached 41 properties worth Rs 1,200 crore of Nirav's uncle Mehul Choksi of the Gitanjali Group. Both Choksi and Modi are said to have left the country before criminal cases were lodged against them. The Enforcement Directorate has claimed to have attached properties worth Rs 6,000 crore.

Nirav Modi's US firm whets buyer interest amid probe