ED to seek info on Nirav, Choksi’s foreign assets

Mumbai/New Delhi, February 25

Widening its probe into the PNB fraud case, the Enforcement Directorate (ED) will soon send judicial requests to over a dozen countries for obtaining information about the overseas businesses and assets of diamantaire Nirav Modi and owner of Gitanjali Gems Mehul Choksi.

Sources said that the agency would approach a competent court in Mumbai with a request to obtain Letters Rogatories (LRs) to be sent to about 15-17 countries where the central investigation agency has traced the footsteps of the diamond and gold jewellery businesses of the firms owned by Nirav, his uncle Choksi and others associated with them.

The countries where the LRs would be sent include Belgium, Hong Kong, Switzerland, the United States, the United Kingdom, Dubai, Singapore and South Africa.

Some official requests on the basis of agency-to-agency exchange will also be sent to few countries, sources added. The attempt of sending judicial requests for exchange of information is aimed at obtaining details of overseas financial holdings of Nirav and Choksi, they said.

These assets and sources of their income would be investigated and attached, if necessary, under the Prevention of Money Laundering Act (PMLA) if it is found that these were created using tainted funds or the proceeds of crime of the alleged bank fraud.

Meanwhile, Nirav, his wife Ami, and Choksi have been summoned by the Enforcement Directorate (ED) to appear at its zonal office in Mumbai tomorrow.

Sources indicated if they skip the summons, the agency might approach a special PMLA court to get non-bailable warrants against them.

The agency has also asked about 16 other banks, apart from the Punjab National Bank, to share with it details of loans extended and collaterals offered in the case of Nirav, Choksi and their companies.

It has also asked the RBI to share with it audit reports of the PNB conducted by it since 2011. — PTI

CBI questions PNB ED for second day

• The CBI examined Punjab National Bank's Executive Director KV Brahmaji Rao for the second day on Sunday in connection with the Rs 11,400-crore PNB scam
• Rao, who started his career in banking 35 years ago as a probationary officer with Vijaya Bank, handled the Mumbai zone, among others, in the bank where the crime was allegedly detected
• Officials said several other officers of the bank were also being questioned by the agency