India’s ministry of external affairs has suspended passports billionaire jeweller Nirav Modi and Mehul Choksi. The I-T department has blocked more than 100 accounts linked to the billionaire jeweler who is accused of triggering Rs 11,300 crore fraud on Punjab National Bank (PNB).
With the suspension of passports of his and uncle the two cannot move to another country.
Meanwhile, MEA spokesperson said Modi has not contacted with the officers and so his whereabouts is not known to them. TV channels on the other hand claims to have traced him to a swish 36th-floor suite at JW Marriott’s Essex House that overlooks New York’s famed Central Park.
Nirav Modi is one of the richest men in India and deals in diamonds and pearls. He was at number 85 on the list of Forbe’s 2017. He has dressed Bollywood as well as Hollywood including actors like Priyanka Chopra and Kate Winslet and Priyanka Chopra.
Nirav Modi is just 47-year-old and one of the youngest richest person in the country.
Punjab National Bank alleges Nirav Modi worked with one of their former employees named Gokulnath Shetty, deputy general manager in the foreign-exchange department, in a PNB branch in Mumbai, the place of origin of the fraud. Shetty then looked after import payments.
In January 2017 the jeweller’s company approached PNB for a fresh loan, but successor of Shetty declined to honor the request. Shetty has retired. PNB says investigation is under process.
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