Upon Receiving Two Complaints, CBI Probes Nirav Modi's Transactions Worth Rs 100 Billion

| February 14 , 2018 , 19:25 IST

The billionaire jewellery designer Nirav Modi was already under the radar of Central Bureau of Investigation (CBI) due to cheating charges but the latest two complaints against him by Punjab National Bank has instigated another probe in connection with his fraudulent transactions worth over Rs11, 000 crore.

The state-owned Punjab National Bank complaint of detecting the shady transactions and agency received the information on Tuesday late night. While the enquiry has already started, the future course of action will be decided soon. Any further information was kept under the wraps to safeguard the investigation from harm.

The jeweller along with his wife Ami Modi, brother Nishal Modi and his maternal uncle Mehul Choksi were booked by CBI after receiving a complaint from PNB in connection with an alleged Rs 280-crore cheating case. The bank has alleged of detecting "fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai."

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The statement further added, "Based on these transactions other banks appear to have advanced money to these customers abroad." Punjab National Bank further stated that the fraudulent transactions were for the "benefit of [a] few select account holders with their apparent connivance". 

Within few hours of fraud, the report made it to the public, shares of the Punjab National Bank fell as much as 7.5 percent, poised for the steepest drop since October. Adding that the details had been reported to law enforcement agencies, PNB refrained from naming anyone, particularly in their official statement.