PNB Scam 2018: 10 things you must know

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Nirav Modi in Punjab National Bank scam
Nirav Modi in Punjab National Bank scam

London : As per request from the Enforcement Directorate, the London Police has arrested fugitive diamond businessman Nirav Modi from a metro station in Westminster. Here is a look at 10 crucial things you must know about his involvement in the multi-crore Punjab National Bank.

1: Nirav Modi is accused of duping Punjab National Bank with bonds worth Rs 14,356.84 crores, making PNB liable of that amount.

2: The bonds were issued from Punjab National Bank's Brady House branch in Mumbai to a firm partnered by Nirav Modi, his wife Ami Modi and uncle Mehul Choksi.

3: Nirav Modi and family have been absconding from India since early 2018.

4: Modi is on the Interpol's wanted list for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering since February 2018.

5: At the initial level, the bank issued a statement claiming that two of its employees were involved in bypassing the PNB's guidelines and issuing bonds of such hefty amounts.

6: Noticing soon about the transactions, the bank informed the Central Bureau of Investigation agency.

7: In February 2019, Nirav Modi was reportedly seen living in London.

8: The Enforcement Directorate requested London authorities to arrest him and extradite to India.

9: As per request, the London Police arrested Nirav Modi on March 20, 2019. He was presented before the UK court.

10: A long trail of legal formalities are barring India from bringing Nirav Modi back in India; He is also believed to have started a new diamond business in London.