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PNB fraud: Rs 49-bn unexplained funds in Nirav Modi, Choksi firms, says I-T

PNB executives had opened fraudulent letters of undertakings (LoUs) without authority on behalf of firms belonging to the Nirav Modi group

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Security guards wait outside the showroom of Nirav Modi as Enforcement Directorate team raids his showroom and office at Kala Ghoda in Mumbai Photo: PTI

Billionaire jewellery designer Nirav Modi, the main accused in the Rs 114-billion fraud at Punjab National Bank (PNB), has been under the scanner of central probe agencies since 2013. An income tax investigation on Modi and his uncle Mehul Choksi revealed unaccounted or unexplained funds to the tune of Rs 49 billion. PNB executives had opened fraudulent letters of undertakings (LoUs) without authority on behalf of firms belonging to the Nirav Modi group. The Directorate of Revenue Intelligence (DRI) and the income tax (I-T) department had probed Modi and entities promoted by ...