PNB scam: Enforcement Directorate finds Rs 5000 crore money trail, says report

The development comes just a day after the CBI questioned four senior RBI officials in connection with the PNB fraud involving jewellers Nirav Modi and Mehul Choksi

Modi, who is wanted in connection with the 12,700-crore scam at the PNB, is reportedly in Hong Kong which is an especially administrative region of China.

In the middle of the controversy surrounding the PNB fraud that involves jeweller Nirav Modi and his uncle Mehul Choksi, it has been reported that the Bengaluru police had failed to enforce a court's order to impound Choksi's passport in another cheating case.

The Enforcement Directorate is set to file a chargesheet against Nirav Modi and Mehul Choksi in the PNB fraud case.

The Central Bureau of Investigation (CBI) applied for non-bailable warrants after both the accused refused to appear before the agency to assist in the probe on various pretexts. They can now be used by the agency to request the Interpol for issuance of Red Notices against the two accused, seeking assistance from the respective foreign jurisdictions to detain them.

China on Monday indicated it won't interfere in Hong Kong's decision on India's request to arrest businessman Nirav Modi.

India and Hong Kong have an extradition treaty, but not India and mainland China.

The Only Way to Win a Trade War is Not To Fight
He said he had also instructed agricultural officials to implement a plan to protect U.S. farmers and agricultural interests. That was backed up by Trump's chief economic adviser, Larry Kudlow, who said tariff negotiations with China had not started.

It is alleged that LoUs (letters of undertaking) and LCs (letters of credit) worth close to Dollars 2 billion were issued fraudulently to the companies of the uncle-nephew duo from the PNB's Brady House branch in south Mumbai through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages.

Geng said India would have to follow Hong Kong's legal process.

Another plea filed by advocate M L Sharma on a similar issue would be taken up on April 27.

A LoU is a guarantee which is given by an issuing bank to Indian banks having branches overseas to grant a short-term credit to the applicant. However, he blamed Rajesh Jindal, who was GM of PNB's Brady House branch between August 2009 and May 2011, for directing the fraud.

Dhanda, in fact, asked for a direction to fasten liabilities on the employees of a bank for sanctioning loans on the basis of deficient documents and said loans should also be recovered by attaching the properties of such bank officials even after their retirement.

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