Indian billionaire held for allegedly cheating of over Rs 280.70 crore

The CBI has booked billionaire diamond merchant Nirav Modi, his brother and wife and a business partner for allegedly cheating Punjab National Bank of over Rs 280.70 crore(approximately Dh160,535,113) during 2017, officials said.

The CBI has acted on a complaint from the Punjab National Bank, which alleged that Modi, his brother Nishal, wife Ami and Mehul Chinubhai Choksi, all partners of Diamon R US, Solar Exports, Stellar Diamonds, were in conspiracy with officials of the bank and cheated it, causing “wrongful loss”, the officials said.

Read Also: A man who trying to break into presidential office was shot and arrested in Iran

The response to an email seeking the company’s comments is awaited.

“The public servants committed an abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and wrongful loss of Rs 280.70 crore (approximately Dh160,535,113) to Punjab National Bank during 2017,” the FIR has alleged.

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *