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Nirav Modi may be in New York; his passport meanwhile gets revoked

Nirav Modi may be in New York; his passport meanwhile gets revoked

The businessman is alleged to have defrauded Punjab National Bank (PNB) of Rs 11,400 crore

Nirav Modi may be in New York; his passport meanwhile gets revoked

In a major development, certain section of media have begun reporting that absconding businessman Nirav Modi, may now be in New York.

The businessman is alleged to have defrauded Punjab National Bank (PNB) of Rs 11,400 crore.

Meanwhile, it has also been learnt that Nirav Modi’s passport may have been revoked by the Ministry of External Affairs.

It need be mentioned that the initial investigation had revealed that Nirav Modi left the country on January 1 itself, much before the CBI received a complaint from PNB on January 29.

PNB alleges that Nirav Modi, his wife, and brother worked with some officials at a Mumbai branch of the said bank to obtain letters of undertaking in 2011 without following due procedures.

The case came to light when Nirav Modi’s companies sought a fresh loan last month. By then, the officials who were allegedly conniving with them had retired and the new ones asked for 100 per cent cash margin to issue the letters.

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