The Nirav Modi scam rocked the nation in February 2018. The scam that amounted to Rs. 11,000 crores worth had left the Congress red-faced when news emerged that this scam too, that they had been blaming the Modi government for, had squarely landed on their doorstep.
As per the reports, 2 of the bank staffers were involved in this fraudulent activity. Firstly they would issue the LOU’s from their branch but never made relevant entries in the Bank accounting systems. Moreover, it is alleged that Nirav Modi’s entities did not have credit facilities with PNB which entailed them access to LOU’s. So it can be said that these LOU’s were off-balance sheet items.
After this, the Complaint filed by PNB with the Central Bureau of Investigation, also alleges that the staffers sent SWIFT messages to foreign bankers and completely bypassed the Core Banking System/software. Foreign bankers trusting the SWIFT instructions and LOU’s extended credit and transactions were happening all this while. As per further reports, the total value of such transactions is well over INR 11000 crores.
Now, as reported by ANI, The International Criminal Police Organization more commonly known as Interpol has issued a red corner notice against the absconding Nirav Modi in connection with the Punjab National Bank Scam.
The notice mentions that Nirav Modi is wanted by Indian Judicial Authorities on Money Laundering charges and if anyone has information on him, they should contact the General Secretariat of Interpol.
Interpol Notices are international requests for cooperation or alerts allowing police in member countries to share critical crime-related information.
According to Interpol, in the case of Red Notices, the persons concerned are wanted by national jurisdictions for prosecution or to serve a sentence based on an arrest warrant or court decision. Interpol’s role is to assist the national police forces in identifying and locating these persons with a view to their arrest and extradition or similar lawful action.
The Modi government has been in relentless pursuit of Nirav Modi. Attempts are also on by the Enforcement Directorate to seize his assets under the provisions of Fugitive Economic Offender’s Ordinance.