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  1. Nirav Modi PNB case: CEO of top private bank, family member under scanner for lending loans to Mehul Choksi firm Gitanjali group

Nirav Modi PNB case: CEO of top private bank, family member under scanner for lending loans to Mehul Choksi firm Gitanjali group

As the investigation into multi-crore Punjab National Bank (PNB)-Nirav Modi widens, chief executive officer (CEO) of a top private bank has come under scanner of probe agencies. Apart from the official, role of the family of the CEO is also being probed

By: | New Delhi | Updated: March 23, 2018 9:41 AM
nirav modi pnb case Notably, Nirav Modi is nephew of Choksi. Both are being probed for their alleged involvement in fraudulent transactions and siphoning of funds.

As the investigation into multi-crore Punjab National Bank (PNB)-Nirav Modi widens, chief executive officer (CEO) of a top private bank has come under scanner of probe agencies. Apart from the official, role of the family of the CEO is also being probed, according to The Indian Express report. The government’s investigative agencies are looking into the role of the CEO and his/her family in connection with loans given to Mehul Choksi’s Gitanjali Gems Ltd. It has been learnt that a total of 32 banks had granted Rs 5,280 crore loans to Gitanjali Group. According to report, the private bank in question was among that group of lenders.

The CEO’s spouse is the prime suspect here. The spouse had received a commission for securing the loan from the private bank. The CEO is likely to be summoned in the first week of April.

Notably, Nirav Modi is nephew of Choksi. Both are being probed for their alleged involvement in fraudulent transactions and siphoning of funds. However, Choksi and Modi have denied the charges. Both Modi and Choksi have left on January 1 and 4 respectively. Their passports have been revoked by central government. The Enforcement Directorate has obtained arrest warrants.

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