PNB Fraud Case: Nirav Modi, Mehul Choksi Served Non Bailable Warrants, Other Developments

In PNB fraud case, CBI has also questioned former deputy governor of RBI, H R Khan
In PNB fraud case, CBI has also questioned former deputy governor of RBI, H R Khan
  1. Before approaching the court for seeking non-bailable warrants (NBW), Central Bureau of Investigation (CBI) had written emails to Nirav Modi and Mehul Choksi asking them to join probe, but they refused to join, citing business engagements and health issues.
  2. The government has claimed to have tracked Modi in Hong Kong where it has sent a request for his provisional arrest.
  3. The issuance of NBWs by a court also opens door of seeking Red Corner Notices against both of the accused from the Interpol.
  4. The CBI, in the meanwhile, is questioning officials of overseas branches of Indian banks which had extended credit facilities to the companies of Modi and Choksi on the basis of fraudulent Letters of Undertaking (LoUs) issued by the Punjab National Bank's Brady House branch in Mumbai.
  5. CBI has also summoned the official who handled foreign exchange transactions in the Hong Kong branch of the Allahabad bank, they said, adding that he may join the probe soon.
  6. The CBI had approached the Interpol with a request for issuing 'Diffusion Notice' which was aimed at locating an individual.
  7. CBI has also questioned former deputy governor of the Reserve Bank of India, H.R. Khan, in relation to the $2 billion fraud at state-run Punjab National Bank, a government source told Reuters on Friday. It was not immediately clear what was Khan questioned about. Khan was not immediately available for a comment.
  8. Separately, 4 senior RBI officials were called on by investigators to help explain banking processes, sources familiar with the matter said on Thursday. A federal police source had said the agency was questioning them, without giving further details.
  9. Both authorities (CBI and ED) have conducted dozens of raids since PNB disclosed the fraud, targeting PNB, Modi and Choksi,
  10. The Supreme Court has also agreed on February 23 to hear a plea seeking an SIT (special investigation team) probe and other reliefs in the over Rs. 13,000 crore PNB fraud. The PIL, filed by a petitioner Vineet Dhanda, through advocate JP Dhanda, sought setting up of an SIT to probe the banking fraud, allegedly involving billionaire jewellers Nirav Modi and Mehul Choksi.