New Delhi: On Thursday, in the latest development in PNB scam case, CBI registered a fresh case against two firms of Nirav Modi.
Recently, Nishal Modi, brother of Nirav Modi, had refused to come back to India, said sources.
The Central Bureau of Investigation (CBI), in February 2018, launched an investigation into Nirav Modi. It is acting on a complaint from the Punjab National Bank (PNB), that alleges Modi and his partners defrauded the bank for Rs 280 crore by conspiring with bank officials to fraudulently obtain Letters of Undertaking (LoU) for making payments to overseas suppliers.
While Rs 280 crore is the fraud that has devolved to date, the potential liability of loss to the state-run bank goes well up to Rs 11,000 crore.
The bank has alleged that Nirav Modi and his business partners were involved in fraudulently issuing Letters of Undertakings (bank guarantees) at the bank’s Mid Corporate Branch in Mumbai’s Brady House.
The enforcement directorate (ED) is looking into the case of fraud that the CBI has registered against Nirav Modi.