Skip to content
Northwest Trail

Northwest Trail

  • Mococa Produtos Alimentícios, a Brazilian dairy brand, invested in SIG’s PAC. Trust operational digitisation Business
  • What Exactly Is Plastic Compounding And How Does It Work? Automobile
  • Congress Wins All 3 Seats In Rajasthan By Elections News
  • Indian Railways Relaxes Age Restriction For Recruitment Tests News
  • T-Mobile wins 2.5 GHz auction to fill network gaps in US Technology
  • Workplace wellness is changing because to the rise of the enterprise wearable News
  • How Can You Use The TOR Browser Effectively? Technology
  • Dallas Federal Reserve president to see cut in oil and gas capital spending News

CBI Seeks Interpol’s Help In Arresting Nirav Modi

Posted on February 25, 2018 By PeterHardy No Comments on CBI Seeks Interpol’s Help In Arresting Nirav Modi

CBI Seeks Interpol’s Help In Arresting Nirav Modi

The CBI has asked the Interpol for help in arresting fraudster jeweler Nirav Modi and his family that is involved in the largest bank fraud involving crores in India. The Punjab National Bank in its FIR has accused Nirav and his family members of conniving with bank officials to obtain large loans without guarantees that may cost the exchequer Rs. 11,300 crores. While the passport of Nirav Modi and his associate Mehul Choksi have been revoked and is likely to be cancelled if they do not respond within 4 weeks.

See also  Few Ways To Celebrate International Women’s Day, March 8, 2018

Raids by investigators at Nirav’s residences and stores across India have led to seizure of assets worth Rs. 5,600 crores in the form of diamonds and gold jewelry. The agency filed a fresh case against Mehul Choksi and his Gitanjali group of companies alleging fraud of Rs. 4,911.43 crores. According to the report, Nirav Modi has been traced to a hotel in New York from where he apparently stayed after his Davos visit. The agency has put out a lookout notice against the four accused in the first week of February. The case has led to political sparring with the opposition parties accusing the ruling party of allowing the accused to escape.

See also  The Myth of Walking 10,000 Steps a Day Has Been Disproved by Scientists

The fraud came to light when a few firms that are part of Nirav Modi’s group made a request to PNB for buyers’ credit by presenting a set of import documents. When the branch officials asked them for collateral to extend the loan, the employees argued that in the past, they had been granted such facilities without any guarantees. This statement alerted the bank employees and they were shocked to find that there were no traces of such transactions in past records. Further investigations revealed that previous employees of the Mumbai branch had abused their authority by using their access to the bank’s system to clear LoU’s without entering the details in the bank’s internal system.

See also  Carbon emissions might be reduced by using a new magnetic material in refrigerators

News

Post navigation

Previous Post: Samsung Galaxy S9 Consists Of A Feature That Is Missing In Pixel 2, iPhone X, And Others
Next Post: TRAI Slashes Rate Of Mobile Number Portability By 79%

Related Posts

  • Researchers Find New Approaches Into The Role Of Aging In Heart Failure
    Researchers Find New Approaches Into The Role Of Aging In Heart Failure Health
  • Congress Wins All 3 Seats In Rajasthan By Elections News
  • How to be ML research scientist in the task-oriented dialogue News
  • Quantum simulator shows electrons moving at different speeds in 1D News
  • A smart contact lens prototype with a Micro LED display News
  • Managing blockchain’s energy to stop its waste News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Automobile
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Internet
  • News
  • Sports
  • Technology
  • Uncategorized
  • Licorice Extract Market: Growth Factors, Industry Trends and Forecast 2023
  • Tangential flow filtration (TFF): Market Drivers And Opportunities 2023-2030
  • The Future of Business: How Quantum Computing is Transforming Industries
  • Exploring the Rapidly Growing Market for Maracuja Oil
  • Cyber-Physical Systems Market Analysis 2022-2030
  • The number of players in Halo Infinite is decreasing on Steam News
  • Workplace wellness is changing because to the rise of the enterprise wearable News
  • T-Mobile wins 2.5 GHz auction to fill network gaps in US Technology
  • Brain Signaling Changed Due To Increased Blood Pressure Health
  • How Does A Lead Generation Business Work? Business
  • Specialists of Many Areas Work at Chu Agency Business
  • Fixes for a bug in iCloud synchronisation have been released by Apple Internet
  • The UK Principal Of Indian Origin Reverses The Hijab Ban Order News

Copyright © 2023 Northwest Trail.

Powered by PressBook News WordPress theme