Nirav Modi, who is the founder of Nirav Modi global diamond jeweler house established in 2010 and he’s absconding since CBI start investigated in a $2 billion fraud case, Interpol the world’s largest police organisation, has issued a diffusion notice against Nirav Modi. He is being investigated in a $2 billion fraud case at Punjab National Bank (PNB).
The team of Rahul Gandhi, rose into action as soon as Nirav Modi left the nation. Nirav Modi has a surname same as PM Modi, that’s why Rahul Gandhi assumed that PM Modi is responsible for his escape from India, and perhaps attacked the Indian Prime Minister. But now the reports have nailed the involvement of P Chidambaram. When the Congress party was in power, the then finance minister P Chidambaram had helped Nirav Modi and Mehul Choksi with a government scheme.
In August 2013, the then UPA government had introduced the 80:20 rule, which said traders would be allowed to import gold only after they had exported 20 percent of gold from their previous import. This gold scheme was misused by jewellers including fugitives Nirav Modi and Mehul Choksi for money laundering. But as soon as PM Modi came to power, this scheme was scrapped in November 2014.
The Revenue Secretary and top officials of the Enforcement Directorate (ED), the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) appeared before the PAC’s sub-committee which was headed by BJP MP Nishikant Dubey.
Round tripping became rampant since 2007, when the Centre scrapped a 3% import duty and allowed free imports of cut and polished diamonds. It’s the practice where some traders export the same stock of polished diamonds multiple times to borrow from banks against the receivables at a lower interest rate than what is available through traditional money-lenders.
The government strongly believes that P Chidambaram helped the diamond mafia head-Nirav, Modi and Mehul Choksi. There are high chances that if fast-track investigation takes place, then even more shocking evidence on how the Congress helped to loot the nation, may get exposed.pnb
In February 2018, the Indian government’s Central Bureau of Investigation launched an investigation into Modi. The CBI is acting on a complaint from the Punjab National Bank, a state banking institution, that alleges Modi and his partners defrauded the bank for Rs 280 Crore (approximately USD 40 million) by conspiring with bank officials to fraudulently obtain Letters of Undertaking for making payments to overseas suppliers. While Rs 280 Crore is the fraud that has devolved to date, the potential liability of loss to Punjab National Bank goes well up to Rs 11000 crore. The bank has alleged that Modi and his business partners were involved in fraudulently issuing Letters of Undertakings – or bank guarantees – at the bank’s Mid Corporate Branch in Mumbai’s Brady House.
The enforcement directorate (ED) is looking into the case of fraud that the CBI has registered against Nirav Modi and his associates for cheating over Rs 280 crore as cited by Punjab National Bank (PNB). Although the case is still under investigation but Nirav Modi’s stores will remain open and business is as usual at his stores around the globe including the one at Marina Bay Sands in Singapore.