The Supreme Court on Tuesday suggested Mainak Mehta, the brother-in-law of fugitive diamantaire <keyword id="571991" type="General" weightage="20" keywordseo="Nirav-Modi" source="Orion">Nirav Modi</keyword> who is an accused in the <keyword id="62034" type="General" weightage="20" keywordseo="Punjab-National-Bank" source="Orion">Punjab National Bank</keyword> (<keyword id="47268" type="DOMAIN" weightage="20" keywordseo="pnb" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="pnb" meta.entityname="Punjab National Bank" meta.entityid="11585" meta.seoname="punjab-national-bank">PNB</keyword>) fraud case, to give a "letter of authority" to <keyword id="6354572" type="General" weightage="20" keywordseo="CBI" source="Orion">CBI</keyword> to access and probe his offshore bank accounts. The top court was hearing a CBI plea, filed through its Director, Banking Securities Fraud Branch, Mumbai, challenging the August 23, 2022 order of the Bombay High Court which had allowed Mehta to travel to Hong Kong and stay there for three months. The central probe agency has alleged Mehta received a large sum of money siphoned off in the <keyword id="8866433" type="General" weightage="20" keywordseo="PNB-fraud-scam" source="Orion">PNB fraud scam</keyword> and transferred them to his and his wife's offshore bank accounts. Mehta is a British national who lives in Hong Kong with his family and had come to India on September 8, 2021, for appearing in a Mumbai court. "What we suggest to you (counsel for Mehta) is that you give the letter of authority to an official designated by the CBI for accessing the bank details. The matter ends. Or, we will hear the SLP (special leave petition) of CBI dispassionately and decide it," the CJI said. "Are you willing to give the letter of authority? What we suggest is... either you accede to the request and give the letter of Authority to CBI. Alternatively, we will hear the matter," the bench said. It then listed the matter for hearing on February 9. At the outset, Additional Solicitor General SV Raju, appearing for the CBI, apprised the bench about the developments so far in the case. "The situation is, last time, I requested my learned friend (counsel for Mehta) to give us a letter of authority. It was refused. That is why we had to get letters rogatory (LRs) issued. No response on LR has been received. We have written to the embassy (in Singapore) to pursue it," the law officer said. "We apprehend that a huge amount of money has gone into those accounts. He is not giving us access to the account. He is a foreign national. His wife is a Belgian national. Once he leaves, he will not come back," he said. Senior advocate Amit Desai, appearing for Mehta, referred to records to say that he has been cooperating in the probe and was made an approver by the Enforcement Directorate in a money laundering case arising out of the PNB case. " I have been in India and away from home for a long. False allegations are made by the CBI. We have always co-operated. We have done everything. We are willing to give the letter of authority but then I will have to stay in India for another year. "The ED has said I am not a flight risk. I am only saying let me go for some time, I will come when needed. Travel application has become an investigation," Desai said. The senior lawyer said that he should be at least permitted to take part in an important business meeting in Dubai which is happening for the first time post-COVID-19. The bench, which seemed unconvinced, said that allowing Mehta to travel abroad would mean the dismissal of CBI's appeal without a hearing. "Once we do that, we are dismissing the SLP of CBI without hearing the matter. That cannot work," the CJI said, adding that the court cannot compel Mehta to give the letter of authority to the CBI. "We will allow you to reflect on our suggestion to give the letter to the CBI. Take it from us that if you do not give it, we will not hold it against you," the bench said while adjourning the hearing. Earlier, the top court had said that it will hear on January 31 the CBI's plea challenging the Bombay High Court order allowing Mehta to visit Hong Kong. The bench was informed by Mehta's lawyer that the letters rogatory (LR) to a Singapore court for obtaining evidence against Mehta were issued. Prior to this, the CBI had informed about the Union home ministry granting the sanction to move the special CBI court in Mumbai for issuance of LR to a Singapore court for obtaining evidence against Mehta. Letters Rogatory is a document making a request through a foreign court to obtain evidence from a person living under the territorial jurisdiction of the requested court within the ambit of the Mutual Legal Assistance Treaty (MLAT) and on the basis of reciprocity if no such treaty exists. The CBI has said Mehta is related to Nirav Modi, an accused in the multi-crore rupees PNB case, and he has not cooperated fully in the probe. The CBI had flagged issues with regard to non-disclosure by Mehta of transactions in bank accounts, including the one based in Singapore, and two transactions of USD 8.9 million and USD 1.8 million transferred by Modi's father. The probe agency had said Mehta should share the details with it after which he might be considered for travelling abroad. It has alleged an amount of USD 30 million was sent by Modi, which was diverted by Mehta, and said it needs to know the details. On August 23, 2022, the Bombay High Court dismissed the CBI's plea against an order of a special court dealing with cases lodged under the Prevention of Money Laundering Act (PMLA) that allowed Mehta to travel to Hong Kong. The CBI wanted a stay on the PMLA court order. The CBI had submitted in the high court that Mehta was not named as an accused in the case and his role in the PNB scam was yet to be ascertained for which he needed to be interrogated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/in-a-major-clean-up-drive-bmc-sacks-55-staffers-for-corruption-suspends-134-for-graft-crimes/articleshow/97491919.cms">In a major clean-up drive, BMC sacks 55 staffers for corruption, suspends 134 for graft, crimes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-emerged-as-global-ma-hotspot-in-2022-bain-company-report/articleshow/97490051.cms">India emerged as global M&amp;A hotspot in 2022: Bain &amp; Company report</a>

SC suggest Nirav Modi's bro-in-law to give letter of authority to CBI to access offshore bank accounts

<ul><li>They said the 'red notice' has been issued by the global police body on the request of the Enforcement Directorate (ED). </li><li>Once such a notice issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin. </li><li><keyword id="6243034" type="PERSON" weightage="20" keywordseo="ami-modi">Ami Modi</keyword> is stated to have left country soon after the alleged bank fraud case came into light in 2018. </li></ul>An Interpol global arrest warrant has been issued against Ami Modi, wife of <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, prime accused in the over USD 2 billion <keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword> bank fraud case, on charges of money laundering, officials said on Tuesday. They said the 'red notice' has been issued by the global police body on the request of the Enforcement Directorate (ED). Once such a notice issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin. Ami Modi is stated to have left country soon after the alleged bank fraud case came into light in 2018. The ED has charged Ami Modi for conspiring and money laundering with her husband and jeweller Nirav Modi apart from his uncle Mehul Choksi and others under the Prevention of Money Laundering Act (PMLA). Nirav Modi (49), is currently lodged in a UK jail after being arrested in London in March, 2019 and is currently fighting extradition to India. He has been declared a fugitive economic offender by a Mumbai court early this year and the court had also ordered confiscation of his assets. The ED has already confiscated about Rs 329 crore of his linked properties. The businessman, Choksi and others are being probed by the ED on money laundering charges in connection with an over USD 2 billion alleged bank fraud at a PNB branch in Mumbai. Similar Interpol notices have been earlier been issued against Nirav Modi's younger brother Nehal Modi and sister Purvi Modi.

Interpol issues red notice against Ami Modi, the wife of fugitive Nirav Modi, over $2 billion PNB fraud case

Nirav Modi was arrested a short while ago in London. 13 months ago, it came to light that celebrity diamantaire Nirav Modi and his uncle Mehul Choksi had defrauded <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB), India’s second-largest state-owned bank, of more than <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">₹143 billion ($2.1 billion)</a>. By using illegal letters of guarantee procured through PNB’s Brady House branch in Mumbai, the pair and their affiliates had taken loans from the overseas branches of a number of Indian banks since 2011 and had subsequently defaulted on them. A warrant for Modi’s arrest was issued by a Westminister Court on March 18th. The warrant came a week after he was spotted on the streets of London with a full beard. Here is how the events leading up to his arrest unfolded. Early January 2018: Nirav Modi reportedly <a href="https://www.tribuneindia.com/news/nation/nirav-modi-fled-india-on-jan-1/544819.html">leaves India</a>. January 29th, 2018: Punjab National Bank filed a complaint with the CBI alleging that Nirav Modi, his uncle Mehul Choksi and their associates had swindled the bank through transactions at its Brady House branch in Mumbai. February 15th, 2018: India’s Enforcement Directorate registers a money laundering case against Nirav Modi and his associates under the Prevention of Money Laundering Act. Early March 2018: The UK’s Serious Fraud Office <a href="https://www.ndtv.com/india-news/why-nirav-modi-wanted-in-india-is-roaming-the-streets-of-london-2006007">confirms</a> to India in early March that Nirav Modi is in London. April 5th, 2018: Regulators in Belgium <a href="https://www.thehindu.com/news/national/pnb-fraud-case-belgium-freezes-two-nirav-modi-accounts-on-ed-request/article23440305.ece?utm_source=pushnotifications&amp;utm_campaign=pushnotifications)">freeze </a>the two bank accounts of Modi after a request from the ED to do so. April 8th, 2018: A court in Mumbai issues <a href="https://www.ndtv.com/india-news/non-bailable-warrant-issued-against-nirav-modi-mehul-choksi-in-pnb-scam-1834399">non-bailable arrest warrants</a> for Modi and Choksi at the CBI’s request. June 13th, 2018: The CBI approached Interpol to issue a red notice against Modi and Choksi. A red notice is a request to locate and arrest a criminal on the run, but not an international arrest warrant. June 29th, 2018: Interpol issues <a href="https://indianexpress.com/article/india/nirav-modi-pnb-fraud-case-arrest-close-as-cbi-sends-extradition-plea-to-uk-5316602/">a red corner notice</a> against Modi, thereby enabling the cooperation of international police. August 20th 2018: The extradition process against Nirav Modi <a href="https://www.businessinsider.in/billionaire-fugitive-nirav-modi-could-be-arrested-in-the-uk-as-soon-as-this-week/articleshow/65483882.cms">is initiated</a>. An application is lodged with the UK Home Office. However, the application is reportedly missing certain documents, which causes <a href="https://www.ndtv.com/india-news/waiting-for-uk-to-respond-to-extradition-request-says-india-after-nirav-modi-seen-in-london-2005117">proceedings</a> to be delayed. October 1st, 2018: The ED seizes around <a href="https://www.indiatoday.in/business/story/assets-of-nirav-modi-worth-rs-637-crore-seized-by-ed-1353236-2018-10-01">₹6.4 billion </a>of Nirav Modi’s assets. This includes properties in India and abroad as well as jewelry and bank deposits. March 8th, 2019: The UK Home Office certified India’s extradition request, deeming Nirav Modi’s case “fit for extradition”. The case was then transferred to the District Court in Westminister, which had to issue the summons. March 9th, 2019: The Telegraph, a UK daily, <a href="https://www.telegraph.co.uk/news/2019/03/08/exclusive-indias-wanted-man-nirav-modi-accused-15bn-fraud/">broke the news </a>that Nirav Modi was living in London. The newspaper said it had tracked Modi down to his £8 million (₹726 million) flat in London’s West End. SEE ALSO: <a href="https://www.businessinsider.in/billionaire-fugitive-nirav-modi-could-be-arrested-in-the-uk-as-soon-as-this-week/articleshow/65483882.cms">Billionaire fugitive Nirav Modi could be arrested in the UK as soon as this week</a> <a href="https://www.businessinsider.in/india-presses-new-charges-against-diamond-merchant-nirav-modi-and-wife-ami-in-alleged-money-laundering-case/articleshow/68367950.cms">India presses new charges against diamond merchant Nirav Modi and wife Ami in alleged money laundering case</a> <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">Here are the main findings from Punjab National Bank’s internal investigation into the $2 billion Nirav Modi scam</a>

Here’s how the 13-month chase for Nirav Modi came to an end

New Delhi, Feb 27 () Sebi on Thursday slapped a total fine of Rs 5 crore on fugitive Mehul Choksi, Gitanjali Gems and another individual for violating various regulations, including listing norms, in connection with a massive fraud on state-run lender PNB. Choksi, promoter and managing director of Gitanjali Gems, is the maternal uncle of Nirav Modi, who is also facing charges for defrauding state-run Punjab National Bank (PNB) of over Rs 14,000 crore. Both Choksi and Modi fled India after the PNB scam came to light in early 2018. While Choksi is said to be in Antigua, Modi is lodged in a British jail and has challenged India's extradition request. In its order, Sebi said it is imposing a fine totalling Rs 5 crore on Choksi, Gitanjali Gems and Dhanesh Sheth, the executive director of Gitanjali. "... the default is grave and the gravity of this matter cannot be ignored," Sebi said. It quoted a communication from PNB that it had reported to the RBI total fraud of over Rs 11,394 crore in case of unauthorized issuance of LOUs, foreign letters of credit and inland letter of guarantees in the group accounts of Nirav Modi Group and Gitanjali Group and in the account of one Chandri Paper &amp; Allied Products Pvt Ltd. The overall fraud size is said to be even larger at over Rs 14,000 crore. "I am of the considered opinion that the deliberate defiance of the mandatory obligations and hiding the crucial and material information from investors, regulators and stock exchange, as found in this case should be dealt with sternly and the penalty in such cases should serve as effective deterrence," Sebi Adjudicating Officer Santosh Shukla said in a 28-page order. Sebi has penalised the entities for failing to make various requisite disclosures. Gitanjali has not made disclosures regarding withdrawal of credit limits by PNB in view of the alleged fraud by the firm and its subsidiaries, the sudden obligation to repay Rs 1,045.88 crore within 10 days and subsequent developments in the matter. The firm also failed to make disclosures on various litigations and actions by enforcement agencies against it, its managing director and other senior managerial personnel to the stock exchanges and also failed to reply on various clarifications sought by the exchanges till date, Sebi said. In addition, no disclosure was made on resignation of director, company secretary and chief finance officer to the stock exchanges. No disclosures with respect to delay in payment of interest and principal amount for a period of more than three months from the due date and default in payment of interest and principal to LIC on NCDs was made. Sebi noted that LIC has exposure to the firm under secured non-convertible debentures (NCDs) for Rs 125 crore. Gitanjali had issued post-dated cheques which were payable up to July 2019. However, the company stopped making repayments from October 2017. The firm has "prima facie" defaulted on debt obligations to LIC since October 2017, Sebi said. "Noticees actively and deliberately concealed the important information and did not disclose at all by the noticees, to the stock exchanges," it added. Highlighting Choksi's and Sheth's responsibility in making disclosures, Sebi said "instead of fulfilling their responsibilities, based on various media reports, it has been noted that the noticee no. 2 (Choksi) abdicated his responsibilities by leaving the country in the first week of January 2018, days before the alleged fraud came to light. Further, there is no information available with respect to the noticee no. 3 (Sheth)." "In this case, the Noticees have committed repeated and serious defaults by not disclosing subsequent material events / information with regard to material events as found hereinabove. The defaults by the Noticees are blameworthy and serious considering the degree of responsibility bestowed upon them by the statute," Sebi noted. Regarding Choksi and Sheth, Sebi said "the conduct of these directors is apparently mala fide." SRS BJ ABMABM

PNB fraud: Sebi imposes Rs 5-cr fine on Mehul Choksi, others

A special court here on Thursday declared diamond businessman <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, the key accused in the USD 2 billion Punjab National Bank (PNB) fraud case, a fugitive economic offender, on a plea of the Enforcement Directorate. He is the second businessman after liquor tycoon <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> to be declared a fugitive economic offender under provisions of the Fugitive Economic Offenders (FEO) Act which came into existence in August last year. Special PMLA court Judge V C Barde declared Nirav Modi a fugitive economic offender after hearing extensive arguments of lawyers of the diamantaire and the Enforcement Directorate (ED). Nirav Modi had earlier urged the court here to set aside the ED's plea to declare him an FEO. Modi and his uncle Mehul Choksi are the main accused in the <keyword id="6242396" type="UNKNOWN" weightage="20" keywordseo="PNB-scam">PNB scam</keyword> and they both left India before details of the fraud came to light in January 2018. Nirav Modi was arrested in London in March this year and his extradition process is pending. In July 2018, the central agency filed an application under the newly-promulgated FEO Act to declare him a fugitive economic offender. His lawyer earlier claimed that the ED was relying on evidence and statements recorded under the Prevention of Money Laundering (PMLA) Act to seek a remedy under the FEO Act. This was not permissible under the FEO Act, he said. As per the investigating agency, Nirav Modi and his uncle Choksi, in connivance with certain bank officials, allegedly cheated the PNB to the tune of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs). These LoUs were allegedly issued in a fraudulent manner by a <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword> branch of the PNB to the group of companies belonging to Nirav Modi since March 2011, till the case came to light. Under the FEO Act, a person can be declared a fugitive economic offender if a warrant has been issued against him for an offence involving an amount of Rs 100 crore or more and he has left the country and refuses to return.

You Searched For "PNB fraud" and got 5 results

SC suggest Nirav Modi's bro-in-law to give letter of authority to CBI to access offshore bank accounts

PTI

Interpol issues red notice against Ami Modi, the wife of fugitive Nirav Modi, over $2 billion PNB fraud case

PTI

Here’s how the 13-month chase for Nirav Modi came to an end

Dilsher Dhillon

PNB fraud: Sebi imposes Rs 5-cr fine on Mehul Choksi, others

PTI

Nirav Modi declared fugitive economic offender by a Mumbai court

PTI