Mehul Choksi gets non-bailable warrant in PNB fraud case

Punjab National Bank Stock Price, Share Price, Live BSE/NSE, Punjab National Bank Bids Offers. Buy/Sell Punjab

It is alleged that Choksi and Modi got LoUs and Foreign Letters of Credit (FLCs) of Dollars 2 billion issued in favour of foreign branches of Indian banks based on fraudulent claims.

Letter Rogatory, which is common term for a judicial request issued by courts on the request of an investigating agency for any information that it wants from another country.

According to the information provided by CBI counsel Om Prakash in the court, Modi's account in Barclays bank in the United Kingdom had an amount of about RS 12,79,517 pounds (INR 12 crore) and Dollars 1,244 (over Rs. 80,000).

Several bank employees have been booked for collusion in the case, CBI and ED officials have said.

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"The investigation is under the purview of working capital loan and it may become the part of the existing PNB fraud cases". Modi and his jeweler uncle, Mehul Choksi, are accused of defrauding the PNB to the tune of around Rs 12,700 crore. It is alleged that the letter of undertaking (LoU) and letter of credit (LC) worth close to $2 billion were issued to the companies of accused Choksi and his nephew Nirav Modi from the Brady Road branch of the PNB in Mumbai through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages. The Enforcement Directorate (ED) is also conducting an independent probe into the scam. If the applicant defaults, the bank issuing the LoU is required to pay the liability to the credit-giving bank, along with interest. They were frozen on India's request in view of the Punjab National Bank fraud cases.

Geng Shuang, the spokesman of Chinese Foreign Ministry said in Beijing on Monday, "According to the one country, two systems (policy) and basic law of the HKSAR (Hong Kong Special Administrative Region), under the assistance and authorisation of the Central government, the HKSAR can make arrangements on judicial mutual assistance with other countries".

Choksi, Modi and his family are still at large as they fled overseas in the first week of January - around a month before the PNB filed the first complaint against them about the fraud.

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