CBI arrests 3 in the Nirav Modi financial fraud case

Just days after the news of Punjab National Bank fraud of 1.7 Billion USD broke out, the government officials have already started clamping down on the parties involved.

The Central Bureau of Investigation has today made the first arrests in the case. Former deputy manager of PNB Gokulnath Shetty, who has now retired was arrested by CBI. CBI also arrested another PNB employee Manoj Kharat who was a Single Window Operator at PNB. The third person arrested is Hemant Bhat. Hemant Bhat was the authorised signatory of Nirav Modi group of firms.

Yesterday the Enforcement Directorate had raided several locations including properties of Nirav Modi and had seized valuables and money worth a total of about 5649 crores. The Ministry Of External Affairs had also suspended the passports of Nirav Modi and Mehul Choksi.

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According to news reports, Nirav Modi had left the country in January. As per latest reports, Mehul Choksi has been traced to Texas while the search for Nirav Modi is still on.

The Congress has been blaming the BJP led NDA government for the massive fraud while several details emerging in the case have suggested a long ongoing collusion Nirav Modi, Mehul Choksi and several higher-level officials. Details also emerged as to how the ‘whistleblowers’ termination letter was possibly signed by P. Chidambaram himself while Rajiv Takru, the then Finance Secretary under the Congress government, had harassed whistleblower.

While the political blame game is on, the ED seems to be on overdrive conducting raids on Nirav Modi premises.

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