The PNB has lodged two financial fraud complaints of Rs 114 billion (Rs 11,400 crore) and Rs 2.8 billion (Rs 280 crore) against Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems.
The Central Bureau of Investigation (CBI) has filed a formal case charging four- Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi- on January 31 over Rs 2.8 billion (Rs 280 crore) fraud.
The agency has filed the case under the Prevention of Money Laundering Act (PMLA) on the basis of an FIR registered by the Central Bureau of Investigation (CBI).
The PNB detected the scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.
The scam started in 2011 and was detected in the third week of January this year, after which the PNB officials filed a complaint with the CBI on January 31.
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