Nirav Modi, a famous jeweler, has been charged by the CBI, for allegedly laundering multi crores. Specifically, he has been charged with cheating Rs 280 Crores, which is related to the Punjab National Bank. A bank official Manoj Hanumat and a retired deputy manager, Gokulnath Shetty, have also been accused for using the advantage of their posts in the FIR report. There are other officials who have been implicated in the corruption cases, and reports have been filed against all of them. Deputy General Manager of PNB, Avineesh Nepalia, of Mumbai branch had complained to the CBI, that some of the staffers or officials were responsible for causing damage to the bank.
One of the complaints had been that some officials had issued Understanding (LoU), but they hadn’t followed the proper steps that have been assigned for the procedure. They also hadn’t made entries and skipped other important mentions in the records. In total, Eight fraudulent LOUs that had the amount of approximate Rs. 280 crore had been issued for some banks that were based in Hong Kong.
The CBI then raided Modi’s offices in Delhi, Surat and Jaipur. Nirav is perhaps the most famous manufacturer of diamond jewelry and his clientele exists across the globe, from London, New York, Las Vegas, Hawai, Singapore, Beijing and Macau. He founded the Firestar Diamond, that spread into a $2.3 billion empire.