INSUBCONTINENT EXCLUSIVE:
charge sheet in the over $2 billion Punjab National Bank (PNB) fraud case involving Nirav Modi his associates, officials said
Modi case under several sections of the Prevention of Money Laundering Act (PMLA)
The criminal complaint has only been filed against Nirav Modi, his associates and businesses (Diamond R Us, Solar Exports and Stellar
Diamonds) and the entire gamut of issuance of fake Letters of Undertaking (LoU) by the Punjab National Bank (PNB) to his firms in alleged
connivance of bank officials.It is expected that the agency would file a second charge sheet against Modi's uncle and jeweller Mehul Choksi
The charge sheet also details the attachments made by the agency against Modi and his associates in the last few months after it first
registered an FIR in this case on February 14.: Fraud-Hit Punjab National Bank Reports Huge Loss Of Rs
13,417 Crore In Q4The CBI had early this month filed two charge sheets in this case
Modi, who is absconding and has not joined the ED probe in the case till now, and others are being probed under various criminal laws after
the fraud came to light this year following a complaint by PNB that they allegedly cheated the nationalised bank to the tune of over Rs
13,000 crore, with the purported involvement of a few employees of the bank
The ED charge sheet focuses on the money laundering aspect and the role of Nirav Modi and others in perpetrating the alleged fraud, a senior
official said.Both Nirav Modi and Choski are said to have left the country before criminal cases were lodged against them.(This story has
not been edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
