CBI Books Celebrity Jeweller Nirav Modi In Rs 280-Crore Cheating Case

| February 5 , 2018 , 18:50 IST

The top jeweller Nirav Modi has been charged by the CBI in a Rs 280 crore cheating case, confirmed officials on Monday. The billionaire along with his wife and a business partner have reportedly been accused of cheating Punjab National Bank, according to CBI officials.

A First Information Report (FIR) for criminal conspiracy and cheating has been filed against Nirav Modi, his brother Nishal, wife Ami and Mehul Chinubhai Chowski of Diamond R and Stellar Diamonds, for causing the "wrongful loss" of Rs 280 crore to the bank.

"The public servants committed an abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017," the FIR has alleged. 

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A bank official Manoj Hanumat and retired deputy manager Gokulnath Shetty have also been mentioned in the FIR for abusing public position and helping in the conspiracy. Unknown bank officials have also been booked for corruption by the investigative agency.

The Deputy General Manager of PNB's Mumbai branch, Avineesh Nepalia has filed a complaint to CBI on January 29 accusing certain officials of cheating. The bank further claimed that the two officials had issued Letters of Understanding (LoU), without following proper procedure.

Eight such fraud LoUs amounting to Rs 280 crore were issued for Hong Kong-based banks. Modi was raided by Income Tax officials on January 31 as his offices in Delhi, Surat and Jaipur were already under I-T department's scanner.

The founder of $2.3 billion Firestar Diamond, Nirav Modi has designer jewellery boutiques across three continents - in London, New York, Las Vegas, Hawai, Singapore, Beijing and Macau. In India, Mr Modi has his stores in Mumbai and Delhi.