Nirav Modi is the main accused in the Rs. 11,300 crore PNB scam
Celebrity jeweller Nirav Modi
, who has been accused by Punjab National Bank
(PNB) of swindling the second-biggest state-run bank of over Rs 11,000 crore, is wanted by Indian authorities. Last month, Mr Modi was raided over charges that he and his associates swindled Rs 280 crore from PNB. In a new complaint this week, PNB pegged the scam
at much more - around $ 1.8 billion or Rs 11,300 crore. Mr Modi, who left India just days before the CBI started investigating him, has been traced
to an apartment in New York's Manhattan. Sources have told NDTV that he is staying in a suite at JW Marriott's Essex House, a short walk away from his luxe Madison Avenue jewellery retail store. The government has said his passport would be revoked and "no one, no matter how big, would be spared".
Here are the live updates in the Nirav Modi case:
Chief Economic Advisor to the government Arvind Subramanian advocated more private participation in public sector banks
after the fraud. He said recognition, resolution, recapitalization and reforms are the answers to the questions.
CBI has accused 10 other directors and officials in the scam. They are Krishnan Sangameshwaran, Nazura Yashjaney, Gopal Das Bhatia, Aniyath Shivraman, Dhanesh Vrajlal Sheth, Jyoti Bharat Vora, Anil Umesh Haldipur, Chandrakant Kanu Karkare, Pankhuri Abhijeet Varange, and Mihir Bhaskar Joshi, according to news agency IANS.
Gokulnath Shetty is the retired deputy manager of PNB, Manoj Kharat is a single window operator of PNB and Hemant Bhat is an authorised signatory of the Nirav Modi group of firms.
The only foreign bank affected in the fraud case turns out to be Intesa Sanpaolo SPA whose Hong Kong branch was called upon to provide money to Gitanjali Gems against a foreign letter of credit issued by the Punjab National Bank.
Defence Minister Nirmala Sitharaman took a shot at Congress President Rahul Gandhi saying he was present at a promotional event of Gitanjali Jewels and the whole episode took place in the UPA regime. She also alleged that all the inheritance, legacy and properties in this case belonged to the Congress party and that they were accusing the BJP for their own misdeeds.
Delhi Chief Minister Arvind Kejriwal also criticised the BJP government in a tweet by saying that earlier the Congress benefited from scams and now the BJP is. He also added that because of this, the BJP never sends a Congress member to jail. The chief minister also said that the Punjab National Bank "scam" started in 2011 and was going on till now.
The Shiv Sena taunted BJP by saying the absconding scamster Nirav Modi "should be made the Reserve Bank of India Governor to finish off the country".
"We're Trying to Clean Congress' Mess," Says BJP On PNB Scam
Continuing the ruling BJP's counter-offensive against the Congress over the Rs. 11,000-crore PNB fraud case, Defence Minister Nirmala Sitharaman on Saturday asked the Congress to explain the circumstances under which the Allahabad Bank official Dinesh Dubey was forced to quit.
CBI has arrested Gokulnath Shetty then Deputy Manager (now Retd) of Punjab National Bank; Manoj kharat, SWO(single window operater) PNB and Hemant Bhat, Authorised Signatory of the Nirav Modi Group of Firms.They will be produced today before CBI special court in Mumbai.
The taxman also filed a charge sheet against Nirav Modi before a special court in Mumbai under various sections of the Income Tax Act, 1961.
The court will take up the case on February 27.
Yesterday, the Income Tax Department provisionally attached 29 properties and 105 bank accounts of the diamond merchant, his family and firms as part of its tax evasion probe, officials said.
The department also slapped the new anti-black money act against him for allegedly holding illegal assets abroad.
Nirav Modi left India on January 1 and was last seen in Davos, Switzerland.
Nirav Modi's New York Apartment At JW Marriott Essex House, Manhattan
NDTV has traced Nirav Modi to this upscale apartment in Manhattan's JW Marriott Essex House. Mr Modi's apartment overlooks New York's well known Central Park and is minutes away from his fancy showroom in the city.
Yesterday, sources have confirmed to NDTV that Nirav Modi has been discreetly living at New York's JW Marriott Essex House at 160 Central Park South, which includes both a hotel and apartments.
- In 1999, Nirav Modi set up a diamond sourcing and trading company called Firestar Diamond. The company is worth $2.3 billion today.
- Brand Nirav Modi debuted with a pair of earrings that the billionaire designed for his friend in 2008.
- Nirav Modi has a long list of star clients - Kate Winslet, Steven Spielberg, Sharon Stone and Aishwarya Rai to name a few.
- Donald Trump, now US President, inaugurated his first store in New York's Madison Avenue in 2015.
- Last year, Priyanka Chopra, who scored Hollywood success with her hit series Quantico, was roped in as the brand's global ambassador.
- Nirav Modi has jewelry boutiques across three continents - in London, New York, Las Vegas, Hawai, Singapore, Beijing and Macau. In India, Nirav Modi has his stores in Mumbai and Delhi.
- Nirav Modi is the main accused in alleged fraudulent transactions of over Rs. 11,300 crore through 150 letters of understanding issued by Punjab National Bank.