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India requests Hong Kong’s authorities to arrest Nirav Modi for fraud

India requests Hong Kong’s authorities to arrest Nirav Modi for fraud

New Delhi – India submitted the request to authorities in Hong Kong on the 23rd March to arrest Nirav Modi, one of the main suspects in the $2-billion fraud at the State-run Punjab National Bank.

The whereabouts of Modi and his complice Mehul Choksi have been unknown since the Police launched an investigation in February. The passports, of the culprits who both left India before the Scandal emerged, have been revoked.

Both men are accused of colluding with employees of Punjab National Bank, the country’s second-largest state lender, to fraudulently issue letters of undertaking over a seven year period which the businessmen used to obtain credit from overseas branches of Indian banks.

Modi and Choksi have both denied their wrongdoings.  Further investigations are still being carried out.