Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: 3.0
Article rating: No rating
Article rating: 4.5
RSS

News

Can’t depose before ED as passport is suspended: Nirav Modi

Author: IANS/Friday, February 23, 2018/Categories: Banking & Financial Services

Can’t depose before ED as passport is suspended: Nirav Modi

New Delhi, Feb 22 - Diamond czar Nirav Modi, who is being investigated in India for over Rs 11,300 crore Punjab National Bank along with his uncle Mehul Choksi of the Gitanjali Group, on February 22 told the Enforcement Directorate (ED) saying that he could not appear before it as his passport has been suspended.

According to the ED officials, Modi, in his email reply to the agency, said that he "cannot depose before the agency now as his passport has been temporarily suspended".

The government had on February 16 temporarily suspended the passports of Modi and Choksi for four weeks on the request of the ED. It had also asked Modi and Choksi to respond within one week as to why their passports should not be impounded or revoked under Section 10 (3) (c) of the Passports Act 1967. 

Modi and Choksi were summoned by the financial probe agency for questioning in connection with the PNB fraud case last week under the Prevention of Money Laundering Act (PMLA).

Earlier in the day, the ED officials said that it has seized nine high-end luxury cars belonging to Nirav Modi besides crores of assets. The agency seized a Rolls Royce Ghost, two Mercedes Benz GL series, a Porsche Panamera, three Hondas, a Toyota Fortuner and an Innova.

The agency also froze mutual funds and shares worth Rs 7.80 crore of Nirav Modi and Rs 86.72 crore belonging to his uncle Choksi of the Gitanjali Group.

On February 21, the agency carried out searches at over 17 different locations across the country.

The agency's action comes in the wake of its ongoing probe against the two and many others, including directors of their companies and bank officials for the alleged bank fraud.

Letters of Undertaking and Foreign Letters of Credit were used to raise and rollover the amount over several years before an FIR was lodged by the bank on January 29 and February 14.

The Central Bureau of Investigation was also probing the case. Both Modi and Choksi, along with other family members, were said to have left the country in early January.

The FIR has named two former bank employees for alleged direct involvement in the fraudulent transactions.

Three companies of the Gitanjali Group were also named in the second CBI FIR for allegedly defrauding PNB of Rs 4,886 crore.

The Income Tax department officials on February 22 also attached properties worth Rs 1,200 crore of the Gitanjali Group in Hyderabad.

On February 21, the IT department has also attached 141 bank accounts and fixed deposits of the Nirav Modi group. The cumulative credit balance in these accounts were about Rs 145.74 crore.

Print Rate this article:
No rating

Number of views (162)/Comments (0)

Kavita Giridhar Mallya

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free