Fraud Nirav in New York

Nirav Modi, who has allegedly defrauded Punjab National Bank (PNB) of Rs 11,400 crore has been traced at an apartment in New York, sources told.

The initial investigation had revealed that Nirav Modi left the country on January 1, much before the CBI received a complaint from PNB on January 29.

Fraud Nirav in New York

His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner (and uncle) Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6.

PNB alleges that Nirav Modi, his wife, and brother worked with some officials at a Mumbai branch of the said bank to obtain letters of undertaking in 2011 without following due procedures.

The officers did not record transaction entries in the bank’s systems but transmitted instructions to foreign branches of banks including Union Bank of India, Allahabad Bank and Axis Bank through the SWIFT global payment system.