CBI file case against Diamond merchant

Mumbai. The CBI has filed a case against billionaire diamond merchant Nirav Modi, his wife Ami and brother Nishal Modi, among others, for allegedly cheating Punjab National Bank of almost Rs 281 crore in 2017. The agency teams carried out searches at 21 locations, including the residence of Modi, Nishal and Ami, all partners of Diamond R US, Solar Exports and Stellar Diamonds, and two bank officials Gokulnath Shetty (now retired) and Manoj Kharat, also named in the FIR as accused. Searches were also carried out at the residence of Mehul Chinubhai Choksi, also said to be a partner in Diamond R US, Solar Exports and Stellar Diamonds; in a statement Choksi denied he was a partner in any of the firms.

The searched locations included the offices and SEZ units of the companies in Mumbai and Surat, sources said. The 46-year-old Modi, who had figured in the Forbes's list of richest Indians, has been named in the cheating case on a complaint from the PNB, which alleged that the jewellery firm owner, Nishal, Ami and Choksi, entered in criminal conspiracy with officials of the bank and cheated it, causing a "wrongful loss".
"The public servants committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017," the FIR has alleged.
Modi, whose designs have been worn by international celebrities, has been charged by the CBI under the IPC sections related to criminal conspiracy, cheating and provisions of Prevention of Corruption Act against the four, an official said.
A PNB statement said that after unearthing the alleged fraudulent activities, the bank rejected the request for rollover of facilities and decided to inform the regulator and CBI for booking the culprits. "The bank will take all necessary steps to ensure zero tolerance of such activities by its employees and customers," it said.
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