After Mallya, this is time for Nirav Modi

New Delhi, July 02: Interpol has issued a red notice request to find and arrest fugitive Indian billionaire jeweller Nirav Modi, accused of defrauding the Punjab National Bank of over Rs 13,000 crore, acting on the request of India's CBI and the Enforcement Directorate (ED).

The same notice has also been issued against his brother Nishal and Subhash Parab, an executive in one of Modi's companies.

An internal probe by PNB found that the fraud might have been orchestrated by a few rogue employees, and it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank.

A red notice is a "request to locate and provisionally arrest an individual pending extradition", according to Interpol.

In its charge sheets filed last month, the CBI had alleged that Modi, through his companies, siphoned off funds to the tune of Rs 6,498.20 crore using fraudulent guarantees issued from PNB's Brady House branch in Mumbai. His uncle, Mehul Choksi, swindled an additional Rs 7080 crore, possibly making it the biggest banking scam in the country, it alleged.