CBI on Tuesday arrested Vipul Ambani and four other senior executives of Nirav Modi and Mehul Choksi’s companies in Rs 11,400 cr scam. Nirav Modi, the billionaire luxury diamond jewellery designer, founder, and creator of the Nirav Modi chain of diamond jewellery retail stores was booked by the CBI on February 5 for his involvement in the cheating case that involved transactions worth Rs 280 crore.
In addition, on February 14, PNB filed two complaints against Modi after it detected fraudulent transactions worth USD 1.8 billion (over Rs 10,000 crore) in a South Mumbai corporate branch. After the fraud came into light the shares of the bank came down by 8 percent.
The Income Tax department raided over 50 offices and residential premises owned by Modi and seized cash, jewellery and several documents that revealed tax evasion by his firms, including bogus documents of purchases and cash sales. According to India Today, on Thursday Nirav Modi has written to Punjab National Bank that he will repay the loans in six months.