On trail of the absconding diamond merchant and jewellery designer, Nirav Modi, the Punjab National Bank (PNB) has now reportedly moved the Hong Kong High Court for extradition.
Following the recent multi-million dollar scam involving several banks, PNB moved the Hong Kong HC yesterday.
According to bank officials, it is gearing up to approach the courts of other countries where Nirav Modi and his uncle, Mehul Choksi have assets and businesses.
For those unversed, PNB had detected a loan default scam early this year, wherein Modi and Choksi had acquired separate Letters of Undertaking (LoUs) to avail credit from various sources and did not repay the loans.
Also Read: PNB’s “Mission Gandhigiri” for defaulters
The scam, which reportedly began in 2011, was detected in the third week of January this year after which PNB officials reported it to the concerned agencies.
In April, the Ministry of External Affairs (MEA) had sought provisional arrest of Modi by the Hong Kong government in connection with the close to two billion dollar scam case.
However, the MEA has now confirmed that the Hong Kong authorities, who, under a treaty with the Indian Government, are obliged to surrender a fugitive wanted by India, have not sent a word regarding Nirav Modi’s whereabouts yet.
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