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New Delhi


Multi-crore fraud : Nirav Modi refuses to join CBI investigation

Jeweller Nirav Modi has refused to join Central Bureau of Investigation (CBI) probe in connection with multi-crore Punjab National Bank fraud case.

The CBI emailed Nirav Modi on his official id asking him to join investigations, however, in his reply the jeweller said that he will be unable to join the investigations owing to business abroad.

Fogh Commission of the concerned country, for travelling back to India and made it mandatory for him to appear before the agency by next week.

Earlier on Tuesday, a Mumbai Court issued summons to Nirav to appear before it on March 12 in connection with the scam.

The court also made it clear that if Modi fails to appear before it, then a Non-Bailable Warrant (NBW) will be issued against him.

The PNB detected a billion dollar scam earlier this month, in which Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The Enforcement Directorate (ED) provisionally attached 21 immovable properties, worth Rs 523.72 crore, of Nirav Modi and companies controlled by him.

The scam, allegedly started in 2011, was unearthed last month, after which the PNB officials reported it to the concerned agencies

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