Diamantaire Nirav Modi has been accused in the Rs 127-billion Punjab National Bank (PNB) fraud, but Nirav Modi’s brother got $350,000 from State Bank of India (SBI), according to TV reports.
As per reports, Nirav Modi’s brother received huge amounts of loan despite PNB FIR. Surprisingly, Nirav Modi’s State Bank of India accounts in Antwerp still active 28 days after his Rs 130 billion default.
Delhi High Court on Wednesday called the case against the absconding diamantaire “sketchy”. The court also issued a notice to the Enforcement Directorate (ED) on a plea filed by Modi.
The Delhi High Court Judge said, “… Want to wait to see what the ED has to say because Vijay Aggarwal (Nirav Modi’s lawyer) himself doesn’t seem to be too sure of the facts of the case.”
Now Nirav Modi wants the ED action of seizing his property and depositing it with the PNB quashed. It seems the extent of the unravelling fraud at PNB may even rise beyond the nearly $2 billion mark so far outlined by the state-owned lender.
Ever since the scam came to light following a complaint by the PNB, multiple probe agencies are investigating Modi, his uncle Mehul Choksi, and others. The bank had alleged last month that Modi and his Mehul Choksi had allegedly cheated the national bank with the purported involvement of a few bank employees.
The Enforcement Directorate has registered a money laundering case against Nirav Modi, his firms, and others on the basis of a Central Bureau of Investigation (CBI) first information report (FIR).
The CBI and the ED have registered FIRs to probe the case and intensified the crackdown on Modi and Choksi.