Punjab National Bank revealed that there have been $2 billion heists from its Mumbai branch. Nirav Modi, on the wealthiest person in India who deals in expensive jewels and pearls, has been named as the prime convict.
The immediate effect was seen in the share market when the news broke out PNB’s shares dipped harder than a meteor hitting earth’s crust. The shares of other leading banks also dropped when they said that the scam may involve multiple banks. Central Bureau of Investigation has named Nirav Modi as the prime suspect who is involved in making dresses and jewelry for a top actress of Bollywood and Hollywood. His famous clients include Priyanka Chopra and Kate Winslet. He was also ranked at No. 85 on Forbes’s 2017 list of richest people in India.
The Enforcement Directorate had issued a notice to Nirav Modi to be present before the officials but he has not responded to it yet. According to sources, the thousand-crore fraud has been pulled off with the help of PNB employees. CBI has been raiding the showrooms of Nirav Modi jewelry across the country for five consecutive days.
The Enforcement Directorate has been probing the role of PNB employees in the heist. Another accused, Gokulnath Shetty has not been promoted in all these years and the sources said that in the March 2011, first Lou was sent and it was rolled over. Apart from Shetty, other eleven employees are on the radar of CBI and ED.
In the ongoing raids all over the country, the Enforcement Directorate has seized more than five thousand crore rupees of assets. They said that more raids have been conducted in more than 40 places out of which, ten were in Mumbai. The investigation will take time as the laundering took place in the foreign jurisdiction. They are trying to find exactly how were they able to pull off the heist for so long without getting caught.
A group of experts has been hired by the ED to tell the exact value of the jewelry seized from the storerooms of Nirav Modi all across the country. They have ascertained the value of assets to be around Rs 5000 crores. The experts have been hired because of the investigation process by the PNB in the scam.
The Enforcement Directorate has been trying to locate the exact location of Nirav Modi and his close associates. Once the location is found, they will send a letter via the court of the country where he has been hiding. According to sources, he has been hiding in a swish New York hotel with his wife after he fled on first January.
The directorate has asked PNB to provide the reports of its internal audit and statutory audits of last few years. The investigation has also asked Income Tax department for its report on Nirav Modi till now. This will be the first step to declare him as an absconder. Nirav Modi has not replied to the summons and has not appeared before CBI for further investigation and reporting.
