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India launches manhunt for billionaire jeweler over fraud case
(MENAFN) Indian federal officials have issued a manhunt for a diamond billionaire on accusations of being an accomplice to a bank scam that caused USD1.8 billion losses.
An international manhunt was confirmed to have been issued by Indian Central Bureau of Investigation for billionaire jeweler Nirav Modi, even though no charges were made against him.
Mr. Modi is suspected of scamming Punjab National Bank though falsified bank "letters of understanding" in order to acquire loans.
The External Affairs Ministry declared a suspension for four weeks for Modi's passport, along with the passport of his uncle Mehul Chinubhai Choksi, despite local media assumption of taking New York or Dubai as a safe haven.
An international manhunt was confirmed to have been issued by Indian Central Bureau of Investigation for billionaire jeweler Nirav Modi, even though no charges were made against him.
Mr. Modi is suspected of scamming Punjab National Bank though falsified bank "letters of understanding" in order to acquire loans.
The External Affairs Ministry declared a suspension for four weeks for Modi's passport, along with the passport of his uncle Mehul Chinubhai Choksi, despite local media assumption of taking New York or Dubai as a safe haven.
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