Trouble mounts for Nirav Modi and Mehul Choksi; Government revokes their passports in PNB fraud case; Enforcement Directorate takes action against Nirav Modi; Attaches 21 properties worth over 500 crore rupees.

Mehul and nirav modi

The government revoked the passport of disgraced diamond czar Nirav Modi even as his maternal uncle Mehul Choksi wrote to his employees telling them that he would not be able to pay their dues.

Nirav Modi and Choksi are facing multiple investigations into one of the biggest frauds in the country’s banking history and are accused of defrauding India’s second biggest lender, Punjab National Bank, of an estimated Rs 11400 crore with the help of a couple of bank employees.

Section 10 (3) (C) of the Act says that a passport can be revoked in the interests of the sovereignty, integrity, security of the country or friendly relations of India with any foreign country, or in the interests of the general public. Revoking the passport of an accused is aimed at stopping the person from travelling from one country to another to avoid arrest.

Meanwhile, the Special CBI Court on Saturday sent Rotomac Pens owner Vikram Kothari and his son Rahul Kothari sent to 11 days CBI remand in Lucknow.

CBI had registered a case against Rotomac pen promoter Vikram Kothari and his family in connection with a case related to the alleged swindling of 3,695 crore rupees of bank loan. The case against three directors of the company including Kothari and others was filed on a complaint received from Bank of Baroda. It is alleged that Directors in criminal conspiracy with themselves and other unknown bank officials, cheated the bank to the tune of over 616 crore rupees. They were arrested by CBI on Thursday. -DD-