PNB scam: Mumbai court summons Nirav Modi

PNB scam: Mumbai court summons Nirav Modi

Mumbai: A Mumbai Court on Tuesday issued summons to jeweller Nirav Modi to appear before it on March 12 in connection with multi-crore Punjab National Bank”>Punjab National Bank (PNB) scam.

The court has also made it clear that if for any reason, Modi fails to appear before it, then a Non-Bailable Warrant (NBW) will be issued against him.

The PNB detected a billion dollar scam earlier this month, in which Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The Enforcement Directorate (ED) provisionally attached 21 immovable properties, worth Rs 523.72 crore, of Nirav Modi and companies controlled by him.

The scam, allegedly started in 2011, was unearthed last month, after which the PNB officials reported it to the concerned agencies. (ANI)