Indian authorities are working to proceed against accused jeweller Nirav Modi’s brother, Belgian citizen Nehal Modi, in the Punjab National Bank fraud case and plan to send evidence against him to Belgium.
Jailed jewellery tycoon Nirav Modi has threatened suicide should he be extradited to India, and has claimed to have been the victim of multiple assaults in prison. His requests for bail have again been denied.
Punjab & Sind Bank has a $441 million (Rs 2,933.9 crore) loan exposure to jewellery tycoon Mehul Choksi, the public sector bank revealed on October 12. The bank named Choksi a “wilful defaulter” on September 17, 2019.
Accused jewellery tycoon Mehul Choksi has moved the Bombay High Court hoping to gain a revaluation and reinstatement of his assets, which have been seized by the Enforcement Directorate in the Punjab National Bank case.
Accused jewellery tycoon Nirav Modi has filed an application at a special court in Mumbai to revoke the Enforcement Directorate’s plea to name him a fugitive economic offender in the ongoing PNB fraud case.