Non-bailable warrants issued against Nirav Modi, Mehul Choksi

09 April, 2018, 00:48 | Author: Darnell Patrick
  • Nirav Modi

While both Modi and Choksi have denied wrongdoing and have said that they are unable to join the ongoing investigation, their lawyers told Mint that the two were unable to travel to India since their passports have been suspended.

A special court for CBI cases in Mumbai has issued non-bailable warrants (NBWs) against billionaire jeweller Nirav Modi and his uncle Mehul Choksi in the Punjab National Bank fraud case.

A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.

The CBI is also questioning the officers of overseas branches of Indian banks that extended alleged credit facilities on the basis of LoUs issued by the PNB to firms related to Nirav Modi and Mehul Choksi. The CBI and Enforcement Directorate are now investigating the fraud case worth Rs 12,700 crore. "We are anticipating that we will be able to come out of this entire problem in the next six months".


The Central Bureau of Investigation (CBI) applied for non-bailable warrants after both the accused refused to appear before the agency to assist in the probe on various pretexts.

According to sources, H R Khan, RBI's former deputy governor is being questioned about the fraudulent Letters of Undertaking (LoU) issued by banks to Nirav Modi and Mehul Choksi.

Reports quoting sources familiar with the developments said CBI had sought background information from the former senior RBI official on the "80:20 scheme" and that it was "not a grilling exercise".

The bank has received support from the government, stakeholders and employees, Mehta said, adding, "So the worst is behind us".

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