PNB Fraud: ED Wants Help From Seven More Countries Including Belgium

The Enforcement Directorate moved a special court in the Rs 12,700-crore Punjab National Bank fraud to issue letters rogatory seeking help from another seven countries, including Belgium, the diamond capital of the world where billionaire jeweller Nirav Modi was raised.

The investigating agency wants its overseas counterparts to identify and seize assets and documents related to the fraud and hand them over to India. It approached the court to issue fresh letters rogatory—requests for judicial assistance to a foreign court—to Malaysia, Armenia, France, China, Japan and Russia.

The court has already accepted the agency's plea for sending similar requests to the U.S., the U.K., Hong Kong, the UAE, South Africa and Singapore.

The enforcement directorate's plea said every statement recorded or document received will be considered as evidence collected during the course of investigation. Modi and his firms, along with Choksi, are accused of obtaining loans on fraudulent guarantees issued by a Mumbai branch of the Punjab National Bank in connivance with some of the employees.

The matter is being heard by the PMLA court along with the application for a non-bailable warrant against Modi.