Central Bureau of Investigation (CBI) officials have registered a criminal case against Nirav Modi, a third generation Indian diamond manufacturer and Mehul Choksi in an alleged Rs 280 crore embezzlement case.
According to CBI, on January 29, they had received a complaint from a senior official from Punjab National Bank (PNB) wherein it was alleged that Nirav, Ami Modi, Nishal Modi and Mehul Choksi, all partners of M/s Diamond R US, M/s Solar Exports and M/s Stellar Diamonds, in conspiracy with Gokulnath Shetty, retired Deputy Manager of PNB and another bank official Manoj Kharat committed the offence of cheating against PNB and caused a wrongful loss.
“It is alleged that the bank officials committed abuse of official position to cause pecuniary advantage to M/s Diamond R US, M/s Solar Exports and M/s Stellar Diamonds and wrongful loss of Rs 280.70 crore to PNB during 2017,” said a CBI official.
The PNB official in his complaint had informed the agency that at the Bank’s branch office at Brady House in Fort, Mumbai, some fraudulent issuance of Letters of Undertakings (LOU) for and on behalf of a set of partnership firms had transpired. “On January 16, 2018, the said firms approached the bank and presented a set of import documents to the branch with request to allow buyer’s credit for making payment to the overseas suppliers,” the complaint stated.
“Since there was no sanctioned limit in the name of the above firms, the branch officials requested the firms to furnish at least 100 percent cash margin for issuing LOU for raising buyer’s credit. At this, the firms contested that they have been availing this facility in the past also but the branch records did not reveal details of any such facility having been granted to the said firms,” the complaint alleged.
