PNB Fraud Case: CBI issues non bailable warrant against Nirav Modi, Mehul Choksi

A special Central Bureau of Investigation (CBI) court in Mumbai on Sunday issued non bailable warrant (NBA) against jewellers Nirav Modi and Mehul Choksi in Punjab National Bank scam case.

Both Modi and Choksi are accused of making fraudulent transactions worth over Rs 13,000 crore through fake letters of undertaking (LoUs) issued on behalf of PNB bank. Earlier on April 5, India had submitted a request to Hong Kong government for provisional arrest of Nirav Modi.

The government claimed that he was residing in Hong Kong. Meanwhile, the Punjab National Bank MD Sunil Mehta has said that the bank will be out of the “problem and pain” caused by Nirav Modi fraud case in six months. “So worst is behind us.

Everything now seems to be under control as surgery is over, now we are in the recovery phase. We are anticipating that we will be able to come out of this entire problem and pain in the next 6 months,” he said.

He also revealed that the PNB bank was mulling reform in its credit process by dividing it into four verticals—sourcing, processing, monitoring and recovery.

The public-sector lenders State Bank of India (SBI) and Punjab National Bank (PNB) have put their 15 non-performing assets worth Rs 1,063 crore for sale.