Nirav Modi not joining CBI probe, says 'have businesses abroad'

Nirav Modi

Nirav Modi

Remanding Sharma to police custody for 13 days, Special CBI judge SR Tamboli observed, "It prima facie appears that it was the duty of the auditor to tally the entries". The searches were triggered by the information sourced out by CBI after questioning the arrested and other suspects.

The documents were hidden in a small room of a chawl in Wadala, a central Mumbai suburb.

The billionaire jeweler has refused to join the probe citing his business engagements.

A special CBI court had on Thursday sent Internal Chief Auditor MK Sharma of the same branch to the CBI custody till March 13.

Earlier in the day, the CBI said two places in Mumbai linked to diamontaire Nirav Modi were searched, leading to seizure of incriminating documents related to the Letters of Undertaking (LoUs) in the PNB fraud case.

Nirav Modi and his uncle Choksi and others are being investigated by the ED, CBI and other probe agencies after the bank fraud recently came to light, following a complaint by the PNB that they allegedly cheated the nationalized bank to the tune of over Rs 12,000 crore, with the purported involvement of a few employees of the bank.

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The US government is aware of the media reports that diamond jeweller Nirav Modi is in the country but is unable to confirm them, a State Department official said today.

CBI directed him to mandatorily join the investigation from next week. The offence is with regard to a fraud of Rs 6,500 crore and therefore the Investigation Officer should get a fair chance to investigate the crime, find out the nexus of the accused in connection with the crime.

An LoU is used by traders to avail short-term loans from banks in foreign countries.

The quantum of the alleged fraud perpetrated in the bank by billionaire jewellers Modi and Choksi stands close to Dollars 2 billion after the teams of the CBI and PNB found fresh LoUs and LCs worth Rs 1,251 crore related to Choksi's Gitanjali group of companies. In case of default, the bank issuing the LoU has to pay the liability to credit giving bank along with accruing interest.

These messages were allegedly not entered in the banking software of the PNB to bypass surveillance.

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