Nirav Modi Fraud case: Odisha man arrested

Nirav Modi Fraud case: Odisha man arrested

The Indian Ocean island nation is the largest source of foreign direct investment (FDI) into India with a cumulative inflow that has touched $111 billion, thus, accounting for 30 per cent of all FDI inflows into the country. The FIR filed by the Central Bureau of Investigation has named 10 senior executives of his organizations accusing them of financial fraud amounting to Rs. 4,800 crore. "We have also highlighted the fact before the court that instead of cooperating with the agency, Modi has offered to cooperate and answer the agency's queries through email", Venegaonkar added.

"The CBI has arrested two employees and an auditor of Nirav Modi Group, and a director of Mehul Choksi's Gitanjali Group", a CBI spokesperson said.

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The overseas branches of some Indian banks are said to have credited thousands of crores into the accounts linked to Modi on the basis of the LoUs, which serve as credit guarantees, obtained by Modi and Choksi. "Trying to ensure that so far as possible the position of these business creditors (including banks)& employees are properly considered", said Modi to ED in an email, according to ANI. "And when the liberty of a female is not been priced (sic) by the investigating agencies, my concern for my safety and for the unfairness in the process is not in any manner misplaced", Nirav Modi wrote to Archana Salaye, Assistant Director of ED, on February 26. An ED court issued non-bailable arrest warrants against the two today.

Apart from the CBI and the Enforcement Directorate, the Serious Fraud Investigation Office (SFIO) under the ministry is also probing the matter.

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When asked about the issuance of NBW against Nirav, Aggarwal has said he will challenge the order in Bombay High Court.

Nirav Modi, if found guilty, under section 135 (i)(D) of the Customs Act, 1962 is likely to be sentenced for seven years. But final decision shall be taken only upon seeing the order. The ED had earlier issued summonses to Modi and Choksi, both key accused in the scam cases, asking them to appear before the central agency. They have not returned to India since then. The government has revoked their passports.

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