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CBI gets 2 complaints against Nirav Modi, company about Rs 100 billion

Agencies/New Delhi 14 Feb 18 | 02:15 PM

Image posted by Nirav Modi on Facebook

The  CBI has received two complaints from PNB against billionaire jewellery designer Nirav Modi and a jewellery company about fraudulent transactions worth Rs 100 billion, official sources said on Wednesday.

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The agency received the complaints about the transactions detected by the public sector bank late last night, sources said.

The complaints deal with fraudulent transactions reported from the bank's branches and the amount involved is over Rs 100 billion, the sources said.

The allegations are being looked into and future course of action will be decided soon, they said.

The agency has refused to share any further details as it may hamper the investigation.

Agency sources said Modi is already facing a CBI probe on a complaint from the Punjab National Bank.

Last week, Indian federal agents said they had launched an investigation into billionaire jeweller Nirav Modi, one of the country's richest men, over accusations that he and others defrauded PNB of $44 million.

Woes abound

State-run Punjab National Bank (PNB) said on Wednesday it had detected some "fraudulent and unauthorised" transactions worth about $1.77 billion at one of its branches in Mumbai.

The bank said in a regulatory filing the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad."

PNB, the country's second-biggest state-run lender and fourth-biggest overall by assets, did not name the people involved but said it had reported the deals to law enforcement agencies and would evaluate later whether it faces any liability arising out of the transactions.

"In the bank, these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions," PNB said, without giving further details.

PNB is already dealing with other allegations of fraudulent transactions. 

It was not immediately known if the latest disclosure on fraudulent transactions was related to or separate from the previous incident.

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