Mumbai: Nearly eight years after the CBI registered a case against diamantaire Nirav Modi in the Punjab National Bank fraud, the agency on Monday moved a special court seeking a proclamation against his absconding senior executives.
About The Plea
The plea seeks a proclamation against Sandeep Mistry, a close associate of Modi and director in one of his Hong Kong-based companies, and Mihir Bhansali, another key associate. The special court has scheduled the matter for arguments next week.
A proclamation would allow the agency to initiate the process of confiscating the properties of the accused if they fail to appear before the court. According to the CBI, investigations revealed that between 2011 and 2017, as many as 1,214 Letters of Undertaking (LoUs) amounting to Rs23,780 crore were fraudulently issued by accused bank officials on behalf of Diamonds R US, Stellar Diamond and Solar Export.
Of these, 150 LoUs remain outstanding. Nirav Modi fled the country on January 1, 2018, and was arrested by the UK police on March 19, 2019.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
