New Delhi: With a special court in Mumbai issuing a non-bailable warrant against diamond traders Nirav Modi and Mehul Choksi — key accused in the over Rs 12,000 crore Punjab National Bank (PNB) bank fraud case, central probe agencies CBI and Enforcement Directorate (ED) may soon initiate the process of issuing Red Corner Notice (RCNs) against the jewellers to locate and provisionally arrest them.
Sources said, “Nirav Modi has already refused to join the investigation saying he has businesses abroad because of which he cannot return. Same is the case with Choksi. Central probe agencies are now exploring the possibility of issuing RCN against the duo to locate them as the earliest”. The CBI had earlier asked Nirav Modi on his official email id to join the investigation related to Rs 12,636 crore scam pertaining to fraudulent issuance of the LoUs and Letters of Credit (LCs) from Brady House branch of PNB in Mumbai in favour of his and his uncle Mehul Choksi’s companies. He (Nirav), however, refused, they added. “Both Central agencies are now tightening their noose around Nirav Modi and Choksi. A special court in Mumbai recently issued a non-bailable warrant (NBW) against Nirav Modi and Mehul Choksi. The court, set up under the Prevention of Money Laundering Act, had also allowed the central agency’s plea seeking issuance of Letters Rogatory (LRs) to six countries — Malaysia, Armenia, France, China, Japan, Russia and Belgium 1 for obtaining information about the overseas businesses and assets of the duo,” sources said.
Sources further said the quantum of the alleged fraud perpetrated in the bank by Modi and Choksi stands close to $2 billion.
