28 February,2018 08:36 AM IST | | Agencies
Nirav Modi
A Mumbai Court on Tuesday issued summons to jeweller Nirav Modi to appear before it on March 12 in connection with multi-crore Punjab National Bank (PNB) scam. The court has also made it clear that if for any reason, Modi fails to appear before it, then a Non-Bailable Warrant (NBW) will be issued against him. The PNB detected a billion dollar scam earlier this month, in which Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.
The Enforcement Directorate (ED) provisionally attached 21 immovable properties, worth R523.72 crore, of Nirav Modi and companies controlled by him. The scam, allegedly started in 2011, was unearthed last month, after which the PNB officials reported it to the concerned agencies.
Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates
ALSO READ
Muslim men permitted to register multiple marriages, rules High Court
Shinde has promised his people to give them Rs 50 crore each to win polls: Raut
Mumbai Metro Line 3: How does it affect Mumbai's connectivity and economy?
Maharashtra polls: Sandeep Naik quits BJP, resigns from all party positions
Balasaheb Thorat meets Sharad Pawar ahead of MVA seat-sharing meeting
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever