Rashtriya Pioneer Pride: CBI file case against Diamond merchant

CBI file case against Diamond merchant
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Dilip Thakur on 06/02/2018 11:48:00

The agency teams carried out searches at 21 locations.

Mumbai. The CBI has filed a case against billionaire diamond merchant Nirav
Modi, his wife Ami and brother Nishal Modi, among others, for allegedly cheating
Punjab National Bank of almost Rs 281 crore in 2017. The agency teams carried
out searches at 21 locations, including the residence of Modi, Nishal and Ami,
all partners of Diamond R US, Solar Exports and Stellar Diamonds, and two bank
officials Gokulnath Shetty (now retired) and Manoj Kharat, also named in the FIR
as accused. Searches were also carried out at the residence of Mehul Chinubhai
Choksi, also said to be a partner in Diamond R US, Solar Exports and Stellar
Diamonds; in a statement Choksi denied he was a partner in any of the firms.
The searched locations included the offices and SEZ units of the companies in
Mumbai and Surat, sources said. The 46-year-old Modi, who had figured in the
Forbes's list of richest Indians, has been named in the cheating case on a
complaint from the PNB, which alleged that the jewellery firm owner, Nishal, Ami
and Choksi, entered in criminal conspiracy with officials of the bank and
cheated it, causing a "wrongful loss".
"The public servants committed abuse of official position to cause pecuniary
advantage to Diamond R US, Solar Exports, Stellar Diamonds and wrongful loss of
Rs 280.70 crore to Punjab National Bank during 2017," the FIR has alleged.
Modi, whose designs have been worn by international celebrities, has been
charged by the CBI under the IPC sections related to criminal conspiracy,
cheating and provisions of Prevention of Corruption Act against the four, an
official said.
A PNB statement said that after unearthing the alleged fraudulent activities,
the bank rejected the request for rollover of facilities and decided to inform
the regulator and CBI for booking the culprits. "The bank will take all
necessary steps to ensure zero tolerance of such activities by its employees and
customers," it said.
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