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  1. Here’s why Anand Mahindra is interested in PNB scam accused Nirav Modi’s Rhythm House

Here’s why Anand Mahindra is interested in PNB scam accused Nirav Modi’s Rhythm House

After the news that Enforcement Directorate (ED) has seized Rhythm House, one of the high-end properties owned by Nirav Modi prime accused in Rs Punjab National Bank (PNB) scam, hit headlines, Anand Mahindra, Chairman of Mahindra Group, has shown interest in acquiring the music store.

By: | Published: February 27, 2018 1:09 PM
Rhythm Store, a brick-and-mortar music store based-out of Mumbai, shut its shop in 2016 in wake of plunging sales.

After the news that Enforcement Directorate (ED) has seized Rhythm House, one of the high-end properties owned by Nirav Modi prime accused in Rs Punjab National Bank (PNB)  scam, hit headlines, Anand Mahindra, Chairman of Mahindra Group, has shown interest in acquiring the music store. If the Enforcement Directorate is planning to auction Rhythm House eventually, a bunch of like minded individuals in Mumbai can collectively acquire, restore and turn it into a performance destination for emerging musicians and a hangout for music lovers, Anand Mahindra tweeted. Rhythm Store, a physical music store based-out of Mumbai, shut its shop in 2016 in wake of plunging sales. The loyal customers of the store that was one of the most happening places in Mumbai shifted to online shopping post its closure.

After Anand Mahindra posted the tweet, various other celebrities including  politician Milind Deora and Bollywood music director Vishal Dadlani supported his move. After Punjab National Bank (PNB) reported a fraud to the tune of Rs 11,400 crore at its Brady House branch, Enforcement Directorate (ED) began conducting raids at various locations including companies and showrooms associated with  Nirav Modi and his uncle Mehul Choksi, the other prime accused

Punjab National Bank fraud

On 14 February, PNB informed the stock exchanges during its filings that a scam of Rs 11,400 crore has occured at its Brady House branch in Mumbai. The bank also reported that a few of its officials in connivance with firms associated with Nirav Modi which held accounts in the branch issued fake Letters of Undertaking (LoUs) to the overseas branches of a few Indian banks.

Yesterday, Enforcement Directorate sought issuance of non bailable warrants (NBWs) from a court after both Nirav Modi and Mehul Choksi didn’t appear before the ED even after three summons. Both accused cited suspension of their passports as the main reason behind their inability to appear before the agency in the PNB fraud case. Both CBI and ED has been investigating the matter and carrying out raids at different locations associated with the accused.

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