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Rs 139-billion loan scam: PNB moves Hong Kong HC against Nirav Modi

Hong Kong authorities are obliged to surrender a fugitive wanted by India

ANI  |  New Delhi 

PNB, Punjab National Bank, nirav modi, mehul choksi
People stand in front of the logo of Punjab National Bank outside a branch of the bank in New Delhi | Photo: Reuters

Following the recent multi-million dollar scam involving several banks, the Punjab Bank on Saturday moved the Hong Kong High Court against absconding jewellery designer Nirav Modi.

An official from the Bank told ANI that it would approach the courts of other countries where Nirav Modi and his uncle, have assets and businesses.

For those unversed, PNB had detected a loan default scam in February, wherein Modi and had acquired separate (LoUs) to avail credit from various sources and did not repay the loan.

The scam, which reportedly began in 2011, was detected in the third week of January this year after which PNB officials reported it to the concerned agencies.

In April, the (MEA) had sought a provisional arrest of Modi by the in connection with the close to two billion dollar scam case.

However, the MEA on Thursday confirmed that the Hong Kong authorities, who, under a treaty with the Indian Government, are obliged to surrender a fugitive wanted by India, have not sent word regarding Nirav Modi's whereabouts as yet.

First Published: Sat, April 21 2018. 18:52 IST
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