(MENAFN- Gulf Times) A lookout notice was issued by the Central Bureau of Investigation against jeweller Nirav Modi and his associates last month in the banking fraud case but by then they had escaped from the country, CBI sources said yesterday.
According to the sources, a lookout circular was issued against Modi along with his wife Ami, brother Nishal Modi and Mehul Choksi in the Punjab National Bank (PNB) fraud case on January 31.
The circular was issued to all airports, ports and exit points to stop them from escaping. However, according to the sources, Modi and his associates fled the country before the notices were issued.
While Nirav and his brother Nishal left India on January 1, his wife Ami, a US citizen, and Choksi left on January 6, all before the CBI received a complaint from the PNB on January 29.
The source added that around 150 Letters of Understanding were issued to Nirav Modi's firms by the PNB. In course of the probe, the CBI has finished examining computers seized during searches at Modi's properties on February 3, 4 and 21.
Meanwhile, Union Law Minister Ravi Shankar Prasad said. the NDA (National Democratic Alliance) government has taken the 'strictest and 'fastest action against Modi but the Congress was doing politics over national interest,
Addressing a press conference, Prasad said that the scam started in 2011 when the Congress-led United Progressive Alliance (UPA) government was in power and is the 'latest in line in the legacy of corruption and fraudulence left by the Congress Party.
He said that the agencies are already taking action against Modi who fled the country.
'The ED (enforcement directorate) and the CBI (Central Bureau of Investigation) are already in action against Modi. The ED has already raided nine properties associated with Modi, three in Surat, four in Mumbai and two in Delhi. Assets worth Rs13bn have been seized. Action has been taken to initiate revocation of his passport, Prasad said.
He added the CBI was also raiding 20 locations associated with him and has seized his Mumbai residence.
Prasad said that the CBI first received a complaint from PNB pertaining to Rs2.8bn on January 29 this year and a case was registered on January 31.
'The prime minister had said in the Lok Sabha that our government has not given any loans that have become NPA (non-performing assets). The legacy of NPAs comes from the Congress, he said, claiming that it was a 'well known fact that Modi was close to the Nehru-Gandhi family.
'The genesis of the scam was in 2011 and interesting thing to note is that the total income of Geetanjali Jewels almost doubled within a span of two years between 2011 and 2013. Geetanjali Jewels a company owned by Mehul Choski who is also one of the partners along with Modi in the firms booked for fraud by PNB, Prasad said.
Prasad also questioned Congress' right to comment on the incident, claiming that their government allowed disgraced tycoon Vijay Mallya to run away with around Rs90bn which he had taken as loan from 17 Indian banks.
MENAFN1502201800670000ID1096471302
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.