Neerav Modi
How is the government screwed over Nirav Modi, accused of Punjab National Bank (PNB) scam. Four bank accounts of Neerav Modi and sister East Modi have been frozened in Switzerland. The property has also been seized. It is believed that property worth about $ 60 million has been seized for Nirav Modi.Nirv Modi, accused of the PNB scam, was arrested in London. On March 18, the Westminster Court of Britain issued an arrest warrant against Neerav Modi on the request of the ED (ED). Neerav Modi has alleged that he had taken a loan of Rs 13,600 crore by cheating Punjab National Bank. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are investigating against the PNB scandal against Neerav Modi, Mehul Choksi and others.
Closed in a UK prison:
The diamond trader, Neerav, who is leaving the country, is currently locked in a UK jail and India has been constantly trying to extradite him. Nirav Modi's hearing is going on in London's Westminster Magistrates' Court.
Was disclosed by PNB:
The disclosure made by PNB has revealed the country's largest banking scam. According to the information published in the media, this scam is about Rs 11,500 crore. PNB had given the stock market a scam in Mumbai based branch. PNB suspended its 10 officials after the scam got over.
About Nirav Modi:
Neerav is related to the family of famous Diamond Broker Company of Antwerp City, Belgium, known as Diamond Capital. Neerav Modi is a jewelery showroom in major cities around the world. These include Delhi, New York, Hong Kong, London, Macau etc. His most popular design, Endless Cut, Jasmine Cut, Anaar Cut and Mughal Cut are very popular.
Nirav Modi's name has also come in Forbes list of the richest people. He was 57th in the list of the year 2017. His total assets are 1.73 billion dollars, which is 110 billion rupees, while his company's revenues are said to be worth 149 billion rupees.
How the scam happened?
PNB had filed a fake FIR worth Rs 280.7 crore related to LOU near CBI. At that time the PNB officials had said that they are now examining the level of the scam. In its complaint, PNB said that diamonds R Asa, Solar Exports and Stellar Diamonds, three diamond companies came to them on 16th January and requested them for a credit.
PNB demanded 100% cash margin for issuing money to lenders to increase the buyer loan. Neerav Modi is a partner in his company Nishal, wife Amy and Mehul Chinubhai. They have showrooms for diamond jewelery in New York, Hoggog and London.
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