Mumbai Feb 15: In a Major move Punjab national Bank had detected a major fraud.PNB has said that "it has identified a major fraud of Rs 114 billion by jeweler Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through a clutch of companies they own."
The Enforcement agency has raided the home, showrooms, and offices in Mumbai, Delhi, and Surat of Nirav Modi who is a Delhi based jeweler. meanwhile, the Central Government had sought a status report from ED in this case.
Meanwhile, CBI had said that it has received a complaint against jeweler and we would soon initiate proceedings in this case.Punjab National Bank has also sought help from RBI and SEBI in this case.
Sources said that the prime absconder is in Switzerland. The jeweler had said that hew ould pay RS 5000 crore loan to the bank.