In more trouble for Nirav Modi, the Interpol or International Criminal Police Organization has issued a red corner notice (RCN) against the diamond jeweler, accused of a fraud worth Rs 13,500 crore at Punjab National Bank (PNB).
Besides Nirav Modi, the international police cooperation agency has also issued a red corner notice against his brother Nishal Modi, as well as employee Subhash Parab, officials said on Monday.
A red corner notice is a request to locate and provisionally arrest an individual pending extradition.
It is issued by the General Secretariat at the request of a member country or an international tribunal based on a valid national arrest warrant.Here are 10 things to know:1.
The red corner notice was issued on June 29 but was made public on Monday by the Interpol, news agency Press Trust of India (PTI) reported citing sources, adding that it will make unhindered movement of Nirav Modi across border difficult and might lead to his arrest.2.
"Interpol has accepted our request to issue RCN against Nirav Modi, his brother Nishal Modi and an executive of his company Subhash Parab," news agency Indo-Asian News Service (IANS) cited a CBI official as saying.
The official said the Interpol has put the charges of money laundering against Nirav Modi, as levelled by Enforcement Directorate (ED).3.
The Interpol issued the red corner notice (RCN) on the basis of a charge sheet filed by CBI in a special court in Mumbai and the arrest warrant issued by the judge Special J C Jagdale there.4.
In its red corner notice issued against a fugitive, the Interpol asks its 192 member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.5.
The CBI had earlier this month approached the Interpol to issue red corner notices (RCN) against Nirav Modi and the other two persons.
It had previously filed the first charge sheet naming Nirav Modi, Nishal and Parab besides 18 others in a special court in Mumbai on May 14.6.
Nirav Modi along with his wife Ami Modi, a US citizen, brother Nishal Modi, a Belgian citizen, and uncle Mehul Choksi, all accused in the CBI FIRs in the case, had left the country in the first week of January, weeks before the country's biggest banking scam surfaced.
Nishal and Parab have also been chargesheeted by the CBI along with Nirav Modi and Mehul Choksi for alleged corruption and cheating.7.
Nirav Modi and his uncle Mehul Choksi have refused to return India to join probe citing business and health reasons among others, PTI reported citing sources.8.
PNB shares were trading nearly 1 per cent lower in afternoon deals on the National Stock Exchange (NSE), whose benchmark index Nifty was down 0.6 per cent.9.
PNB had first disclosed the fraud on February 14, estimating "fraudulent and unauthorised transactions" at $1.77 billion (about Rs.
11,400 crore).
After the latest disclosures, the quantum of unauthorised transactions related to the fraud went up to Rs.
13,500 crore.
Since then, the share price of PNB has fallen by nearly 50 per cent.10.
The fraud was committed during 2011-17 by illegal issue of Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) allegedly by PNB officials.(With agency inputs)