PNB Fraud Case: Punjab National Bank moves Hong Kong High Court against Nirav Modi

21 April 2018, 06:32 PM
PNB Fraud Case: Punjab National Bank moves Hong Kong High Court against Nirav Modi (File Photo)
PNB Fraud Case: Punjab National Bank moves Hong Kong High Court against Nirav Modi (File Photo)

The Punjab National Bank (PNB) on Saturday moved a Hong Kong court against billionaire jeweller Nirav Modi in order to recover an amount of over $5 billion.

The recovery writ has been filed gainst Nirav's companies Firestar Diamonds and Firestar Diamonds International. PNB will also approach the courts of other countries to explore the assets and business of both Nirav and Gitanjali Group owner Mehul Choksi in abroad.

"Punjab National Bank moves Hong Kong High Court against #NiravModi. PNB will also approach the courts of other countries where #NiravModi and #MehulChoksi have assets and businesses," ANI reported.

Also Read | PNB Fraud Case: CBI issues non bailable warrant against Nirav Modi, Mehul Choksi

Earlier, India has submitted a request to Hong Kong authorities to arrest the fugitive diamond merchant.

Minister of State in the Ministry of External Affairs General (retd) VK Singh informed the Rajya Sabha that the ministry "has sought the provisional arrest of Nirav Deepak Modi". The request was made on March 23.

The celebrity designer is at large after defrauding PNB of over Rs 14,000 crore using 1,200 illegally secured letters of undertakings (LOUs). The scam, which reportedly began in 2011, was detected in the third week of January 2018.

Also Read | Finance Ministry asks RBI to help ease industry troubles post LoU ban

First Published: Saturday, April 21, 2018 05:32 PM
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