Nirav Modi Follows Vijay Malaya’s Footsteps To Evade ED Date
Owner of Finestar Diamonds, Nirav Modi who is the main accused in the billion dollar loan scam of Punjab National Bank seems to be following the footsteps of another famous loan defaulter Vijay Mallya. He sent an email to Enforcement Directorate officials that are probing the case stating that he cannot come back now and depose before them as his passport has been suspended by the government and he has pending business problems that have to be addressed from the current location. The agency replied to the businessman’s email by telling him to get travel documents from the nearest Indian embassy and return to the country according to issued summons.
Following the email, the enforcement directorate has now sent Nirav Modi fresh summons to join the investigation by making an appearance before central probe agency on February 26, 2018, at Mumbai. The actions of Nirav Modi seem to be following the pattern of actions taken by Vijay Mallya who has cited similar reasons for not making an appearance before his lenders. Modi replied that he is dealing with several business issues as he has been accused of bank fraud which has affected his international dealings.
Mehul Choksi, owner of Gitanjali Gems who is also a co-accused in the case had been summoned for an appearance before ED for Friday and following his inability to appear, fresh summons will be issued. Investigators of the case have attested shares, mutual funds and other investments of both Mehul Choksi and Modi along with luxury cars and properties that together are worth almost Rs. 100 crores. Raids against both men have been conducted at their personal and business premises on the basis of a complaint by Punjab National Bank that they cheated it of Rs. 11,400 crores with assistant of few bank employees. Though enforcement officials from CBI and ED registered FIR’s against the men, they had left the country by then.
