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SBI freezes three overseas deposit accounts of Nirav Modi group companies

These accounts are not directly related to fraud, however, these could help in investigation so the bank shared the details with the CBI, the ED, the income tax department

Press Trust of India  |  New Delhi 

Nirav Modi Nirav Modi jewellery showroom, PNB
A Nirav Modi jewellery showroom in New Delhi’s Defence Colony. Photo: PTI

(SBI) has frozen three accounts of Nirav Modi group companies and shared the information related to those accounts with investigative agencies, bank officials said.

"We have proactively conducted internal scrutiny and came across three deposit accounts of the Nirav Modi group companies in our overseas branches," the officials told PTI.

These accounts were with the three overseas branches at Dubai, and Antwerp, officials said.

The bank found out these accounts after internal scrutiny, the officials said, adding these accounts are not directly related to the fraud of nearly Rs 126 billion.

However, these could help in investigation so the bank shared the details with the CBI, the ED, the and other relevant agencies.

(SBI), the country's largest lender that has exposure of $ 212 million to Nirav Modi fraud, expects (PNB) to clear the dues in the fraud case.

Billionaire is at the centre fraud.

I am very much confident that things will get sorted out between and other banks, Kumar said in an interview to CNBC TV18. As far as our exposure is concerned on PNB, that number is very much confirmed, calculated and advised to PNB, Chairman Rajnish Kumar had said.

He had said the exposure of to Gitanjali Gemsone of the companies involved in the fraudhas also been crystallised and there was no issue on that.

So our numbers, our claim is clear because there are some secondary market purchases, so double counting has to be avoided, the chairman had said.

First Published: Fri, March 02 2018. 00:29 IST
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