PNB moves Hong Kong HC against Nirav Modi, will approach courts in other nations

Mumbai: Punjab National Bank (PNB) on Saturday moved Hong Kong High Court against the disgraced jeweller Nirav Modi accused in the PNB loan fraud case.

The bank has also decided to approach the courts of other countries where Nirav Modi and his uncle Mehul Choksi have assets and businesses.

The Ministry of External Affairs (MEA), had earlier in April claimed to have traced Modi in Hong Kong and submitted a request to the authorities for provisional arrest of the disgraced jeweller.

Raveesh Kumar, Spokesperson of the MEA had said that India has requested the Hong Kong authorities to surrender Nirav Modi based on the extradition agreement for surrender of fugitive offenders signed between the two sides in 1997.

Meanwhile, China had said that Hong Kong can accede to India's request to arrest fugitive Indian diamond merchant Nirav Modi based on local laws and mutual judicial assistance agreements.

Modi and Choksi had fled the country after the alleged bank fraud came to light. Their passports were revoked on February 23, 2018 after they failed to respond to show cause notices issued to them by the MEA on February 16.

A special CBI court in Mumbai has also issued non-bailable warrants (NBWs) against Modi and Choksi.

In February, this year, the second largest public sector bank PNB had detected fraudulent transactions at the Brady House branch. The biggest ever banking fraud of more than Rs 13,000 crore was allegedly committed by billionaire diamantaire Nirav Modi and his uncle Mehul Choksi in connivance with some PNB officials.

(With PTI inputs)