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Dec 31, 2020 · In the case of PNB, the LOU’s were issued in favour of Nirav Modi bypassing the bank’s reporting system using SWIFT messages to overseas banks without authorization. Nirav Modi, with the assistance of senior PNB officials, was able to obtain LOUs without submitting any securities.
Nov 9, 2022 · After multiple twists and turns in a protracted legal case, Modi on Wednesday lost his appeal against extradition to India as the High Court in London ruled that his risk of suicide is not such that it would be either unjust or oppressive to extradite him to face charges of fraud and money laundering.
In December 2019, Nirav Modi, his step-brother Nehal Modi and two of their business associates tried to threaten witnesses and destroy evidence, said the Central Bureau of Investigation (CBI) in the additional charge sheet submitted before the CBI court in Mumbai.
Sep 8, 2021 · In the year 2017, it was found that PNB was involved in a huge scam of around 11,000 Cr Rupees by issuing. false bank guarantee in an unethical manner to a business tycoon Mr. Nirav Modi. He is...
May 12, 2022 · His uncle Mehul Choksi, his wife Ami Modi, sister Purvi Modi, brothers Neeshal Modi and Nehal Modi are all being investigated by the Indian authorities in relation to the PNB Scam for charges ranging from aiding Nirav Modi to money laundering via companies owned by family members.
The PNB case involving Nirav Modi revealed substantial deficiencies in banking supervision, internal regulations, and risk mitigation. The incident emphasized the necessity for more stringent regulatory measures and improved compliance standards in the Indian banking industry.
"The Nirav Modi scam is incredibly intricate and was made possible by dishonest bank employees who gave it the impression of legitimacy by enabling it to grow and persist for a long time.
Feb 15, 2018 · Billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. The Enforcement Directorate (ED) on...
Jan 1, 2024 · Abstract. In August 2018, Interpol and the Indian government filed charges against Belgian businessman Nirav Deepak Modi, who is wanted for illicit breach of confidence, deceiving, and dishonesty.
Jul 12, 2023 · Nirav Modi, the fugitive diamond merchant wanted in India to face charges of fraud and money laundering in the estimated USD 2-billion Punjab National Bank (PNB) scam case, has lodged his appeal against extradition from the UK and the case will be heard at the High Court in London on December 14.
