This Article is From Feb 18, 2018

Nirav Modi Case Updates: Celebrity Jeweller In New York As Authorities Race To Bring Him To India

The government say that Nirav Modi left India in early January, before PNB detected either of the two fraud cases.

Nirav Modi Case Updates: Celebrity Jeweller In New York As Authorities Race To Bring Him To India

Nirav Modi is the main accused in the Rs. 11,300 crore PNB scam

New Delhi: 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:

Feb 18, 2018 08:39 (IST)
Nirav Modi Scam Shows Fault In BJP Anti-Corruption Promises: Shiv Sena
The Shiv Sena today attacked Prime Minister Narendra Modi over the multi-crore-rupee Punjab National Bank (PNB) scam and alleged that celebrity jeweller Nirav Modi, who is at the centre of the scandal, had been a "partner" of the BJP and helped it collect funds for elections.
Feb 18, 2018 08:38 (IST)
"Not A Word From PM": Rahul Gandhi Makes All-Out Attack Over PNB Scam Involving Nirav Modi
The Congress on Saturday launched an all-out attack on the NDA government over the alleged multi-crore PNB fraud involving Nirav Modi, saying a scam of such magnitude could not have taken place without "top-level protection", and questioned the prime minister's silence on the issue.
Feb 18, 2018 08:37 (IST)
After Minister Alleges Nirav Modi Link, Congress Leader Threatens To Sue
Adding to the ongoing political blame game between the BJP and the Congress over the Rs 11,300 crore banking fraud involving celebrity designer Nirav Modi, Defence Minister Nirmala Sitharaman today launched an attack on Congress leader Abhishek Singhvi.
Feb 18, 2018 08:35 (IST)
Punjab National Bank Scam: Banks Face Nearly Rs 20,000 Crore Blow In Nirav Modi Case: Tax Department
Indian banks could take a hit of at least Rs 17,632 crore from loans and corporate guarantees provided to Punjab National Bank in the Nirav Modi fraud case, the tax department said on Saturday.
Feb 17, 2018 21:28 (IST)
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.

Feb 17, 2018 19:52 (IST)
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.
Feb 17, 2018 19:46 (IST)
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.
Feb 17, 2018 18:41 (IST)
Gokulnath Shetty, Manoj Kharat and Hemant Bhat, who are accused in the fraud case, have been sent to CBI custody till March 3 by Mumbai court.

Feb 17, 2018 18:18 (IST)
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.
Feb 17, 2018 17:25 (IST)
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.

Feb 17, 2018 16:57 (IST)
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.
Feb 17, 2018 16:49 (IST)
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".
Feb 17, 2018 15:05 (IST)
"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.

'We're Trying to Clean Congress' Mess,' Says BJP On PNB Scam
Feb 17, 2018 14:04 (IST)
PNB Scam: Ex-Bank Official Gokulnath Shetty, Key Accused In The Case, Arrested By CBI
A retired PNB deputy manager Gokulnath Shetty and another bank official, Manoj Hanument Kharat, were placed under arrest after the CBI questioned them for several hours to figure how they were able to pull off what is being described as Indian's biggest banking fraud.

PNB Scam: Ex-Bank Official Gokulnath Shetty, Key Accused In The Case, Arrested By CBI
Feb 17, 2018 12:13 (IST)
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.
Feb 17, 2018 11:22 (IST)
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.
Feb 17, 2018 11:11 (IST)
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's 29 Properties, 105 Bank Accounts Attached In PNB Fraud Case
Feb 17, 2018 11:08 (IST)
Nirav Modi left India on January 1 and was last seen in Davos, Switzerland.
Feb 17, 2018 11:06 (IST)
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.

Feb 17, 2018 11:03 (IST)
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.
Feb 17, 2018 11:02 (IST)
  • 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.