TRACKING THE CASE

JANUARY 16: Nirav Modi group representatives approach PNB’s branch seeking issuance of letter of undertakings for raising buyer’s credit. New set of bank officials insist on cash margins, which the group contests JANUARY 16-24: Closer scrutiny of books shows earlier letters of understanding (LoUs, essentially guarantees) issued to the group firms made without entries in bank’s books and without supporting documentation. PNB holds a series of meetings with the firms asking them to pay the amounts and provide necessary documentation related to the imports

JANUARY 25: First set of LoU liabilities related to three Modi group firms amounting to ~281 crore mature

JANUARY 29: PNB files a fraud compliant against Modi group firms with RBI. Moves to register FIR with CBI FEBRUARY 4: CBI issues lookout notice against Modi. FEBRUARY 5: PNB informs stock exchanges about the ~281 crore fraud involving the Modi group.

FEBRUARY 7: PNB files fraud complaint against the Mehul Choksi promoted Gitanjali group companies with RBI for ~65 crore LOU liability due on February 9. FIR also filed against these companies with CBI FEBRUARY 12: Total fraud of ~11,394 crore detected involving Modi group firms, Gitanjali group firms and Chandri Paper and Allied Products Pvt Ltd dating back to 2011. FEBRUARY 13: Bank files fresh FIR with CBI and registers complaint with Enforcement Directorate.

FEBRUARY 14: Bank informs the stock exchanges on the magnitude of the fraud. FEBRUARY 15: ED conducts raids across 17 locations; attaches properties worth ~5,100 crore.

FEBRUARY 16: MEA suspends Modi and Choksi’s passport; CBI seeks Interpol help amid reports in several media outlets that the billionaire jeweler is in New York. February 17: The CBI arrests a former employee of PNB who is believed to be a key figure in the fraud disclosed by the country’s second-largest state-run lender earlier this week. Two other persons are also arrested including a key employee of Modi.