India Abroad

Interpol Issues Red Corner Notice Against Nirav Modi On Money Laundering Charges

| July 2 , 2018 , 10:42 IST

At the request of India's Central Bureau of Investigation (CBI), Interpol has issued a Red Corner Notice against absconding jeweller Nirav Modi on money laundering charges in connection with the over $2 billion fraud at the state-run Punjab National Bank.

The Red Corner Notice, announced on Monday against Modi, urges its 192 member countries to detain or arrest an accused wanted by a specific member country.

The Interpol had earlier this year on February 15 issued a diffusion notice against Nirav Modi, co-accused Mehul Choksi and Modi's brother Nishal, which calls for member nations to share the location of an absconder with the concerned nation.

"After getting the diffusion notice issued through the Interpol channel on February 15, 2018, the CBI proactively pursued it with the national central bureaus of individual countries which are likely to have been visited by the accused fugitives for confirmation of their addresses and location," a senior official said.

Jeweller businessman Nirav Modi's fraud of Punjab National Bank worth around Rs 12,700 crore came to light in mid of February this year, however, he had already fled from the nation in the first week of January, along with his wife, brother Nishal and uncle Mehul Choksi.

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The massive scam of PNB took place by means of fraudulently issued Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) issued. Around 2 weeks later, the PNB approached the CBI with complaints of fraud against Nirav Modi and Mehul Choksi.

The CBI has since then filed chargesheets before a special CBI court in Mumbai in connection with the PNB fraud, which is said to be the biggest banking scam in the country. Apart from Modi and Choksi, the chargesheets have also been filed against Modi's brother Nishal, who is a Belgian citizen, and Subhash Parab, an executive of his company.

Despite reports of Nirav Modi being spotted in London, New York and Brussels, India is yet to gain access to him.