PNB scam: CBI court nods to attach Nirav Modi's United Kingdom bank account

PNB scam: CBI court nods to attach Nirav Modi's United Kingdom bank account

PNB scam: CBI court nods to attach Nirav Modi's United Kingdom bank account

"According to the one country, two systems and basic law of Hong Kong special administrative region, HKSAR under the assistance and authorisation of the central government can make proper arrangements on judicial mutual assistance with other countries", foreign ministry spokesperson Geng Shuang said.

Without disclosing the name of the lawyers, he said the bank is legally engaged in the matter of insolvency proceedings of Firestar Diamond and the concerned authorities have been requested to make the bank a party in the case. While India has previously made an extradition treaty with Hong Kong, there has been no such agreement done with China.

Mumbai: A special CBI court in Mumbai on Monday issued a judicial request to be sent to the United Kingdom after the central probe agency moved a petition, seeking to attach a bank account of beleaguered diamond trader Nirav Modi, a key accused in the Rs 12,700-crore fraud in the Punjab National Bank (PNB). These letters helped facilitate Rs 280.7 crore fraud by jewellery designer Nirav Modi among others.

The warrant was issued by the court on Saturday after the CBI told the court that the two did not respond to two summons issued against them on health grounds.

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A LoU is a guarantee which is given by an issuing bank to Indian banks having branches overseas to grant a short-term credit to the applicant. The bank had detected that fraudulent Letters of Undertaking had been issued to Modi. Dhanda claimed that accused like billionaire jewellers Nirav Modi and Mehul Choksi had committed fraud and fled and "the whole country was watching that the government had not done anything" in the past in a similar case relating to Vijay Mallya.

The agency has also summoned an officer dealing with foreign exchange at Allahabad Bank's Hong Kong branch, for questioning, the source said.

The CVC report said it had been dealing with issues related to the core banking system, which was not updated by PNB officials in the case of loans given to Modi and Choksi, human resource management systems (HRMS) and projects of development of IT infrastructure in the banking sector.

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