Indian jeweller's bankrupt U.S. firm gets strong interest from buyers- court papers

Indian jeweller's bankrupt U.S. firm gets strong interest from buyers- court papers

As many as 41 properties of Mehul Choksi of the Gitanjali Group, worth Rs 1,217 crore, have been attached by the Enforcement Directorate (ED) in connection with an ongoing probe into the Rs 12,600 crore Punjab National Bank fraud case.

The Central Bureau of Investigation (CBI) has arrested at least 13 people, seven from the bank and six from Modi and Choksi's companies. Meanwhile, in a terse letter, the CBI "directed" him to approach the Indian mission in the country where he is residing so that immediate arrangement can be made for his travel to India, officials said.

It was found that jewellery designer Nirav Modi and his maternal uncle Mehul Choksi used letters of understanding that were fraudulently issued from PNB's Brady Road branch in Mumbai in favour of Hong Kong branches of Allahabad Bank and Axis Bank.

Billionaire jeweller Nirav Modi has refused to join the CBI investigation in the United States dollars 2 billion fraud in Punjab National Bank citing his business engagements, prompting the agency to issue a stern letter on Wednesday asking him to appear before it next week.

Earlier, the fraud amount was said to be Rs 11,3000 crore, but onn Tuesday, the bank had informed the stock exchanges that additional amount of Rs 1,300 crore had been discovered to be part of the fraud.

7.5 magnitude earthquake strikes Papua New Guinea
Several other aid and missionary agencies said poor communications in the area made damage and injury assessment hard . The Pacific Tsunami Warning Center in Hawaii says there is no risk of tsunami caused by the jolt.

An ED official said, "A Blue Corner notice is issued to locate, identify or obtain information on a person of interest in a criminal investigation".

Synergies is in turn wholly owned by Firestar Holdings Ltd, a Hong Kong corporation itself wholly owned by Modi's company Firestar International Ltd, according to the court filing.

Stung by criticism of a slippage in the government's oversight of state-run banks, the finance ministry announced a flurry of measures, including setting banks a 15-day deadline to kick off action to improve risk oversight. The term operations covers bank branches, joint ventures, subsidiaries, remittance centres and representative offices.

Nirav Modi had hired PwC India, Moelis & Co., IDFC Bank and Jefferies.

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