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Interpol issues red corner notice against Nirav Modi
Posted on: 02-07-2018 , 03:08:PM | DY365 Bureau

 Picture Courtesy: The Financial Express

July 2, 2018: In a recent development, the Interpol has issued a Red Corner Notice against billionaire jeweller Nirav Modi in connection with the over $2 billion fraud at state-run Punjab National Bank.

The step was taken after the Central Bureau of Investigation (CBI) had approached Interpol last month seeking issuance of RCN against Nirav Modi.
Nirav Modi, a celebrity jeweler with star clients in India and abroad, is wanted for a Rs. 13,000-crore bank fraud in India. He is accused of extracting loans abroad based on fake guarantees in the name of the Punjab National Bank (PNB), India's second largest government bank.ng issuance of RCN against Nirav Modi.
Interpol has also issued the notice against Nirav Modi’s brother Neeshal Modi and close aide Subhash Parab in Rs. 13,578 crore PNB scam related to cheating, criminal conspiracy, corruption & money laundering.
Nirav Modi managed to travel across several countries even after information about his passport being revoked by the Indian government was flashed in the Interpol central database on February 24 as per reports.
Reportedly, in its Red Corner Notice (RCN) issued against a fugitive, the Interpol asks its 192 member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.
It may be stated that Nirav Modi along with his wife Ami -- a US citizen, brother Nishal -- a Belgian, and uncle Mehul Choksi -- Gitanjali group's promoter, had fled the country in January first week this year, before the PNB approached CBI with a complaint against his companies for allegedly cheating through fraudulent issuance of Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs).
 
 

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