Punjab National Bank moves Hong Kong High Court against absconding jewellery designer Nirav Modi

An official from the Bank told ANI that it would approach the courts of other countries where Nirav Modi and his uncle, Mehul Choksi have assets and businesses.

Published: 21st April 2018 06:34 PM  |   Last Updated: 21st April 2018 06:34 PM   |  A+A-

Nirav Modi (Photo | Reuters)

By ANI

NEW DELHI: Following the recent multi-million dollar scam involving several banks, the Punjab National Bank on Saturday moved the Hong Kong High Court against absconding jewellery designer Nirav Modi.

An official from the Bank told ANI that it would approach the courts of other countries where Nirav Modi and his uncle, Mehul Choksi have assets and businesses.

For those unversed, PNB had detected a loan default scam in February, wherein Modi and Choksi had acquired separate Letters of Undertaking (LoUs) to avail credit from various sources and did not repay the loan.

The scam, which reportedly began in 2011, was detected in the third week of January this year after which PNB officials reported it to the concerned agencies.

In April, the Ministry of External Affairs (MEA) had sought a provisional arrest of Modi by the Hong Kong government in connection with the close to two billion dollar scam case.

However, the MEA on Thursday confirmed that the Hong Kong authorities, who, under a treaty with the Indian Government, are obliged to surrender a fugitive wanted by India, have not sent word regarding Nirav Modi's whereabouts as yet.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp