PNB approaches CBI with plaint of ₹11,400 cr fraud

BIZMAN IN TROUBLE The bank alleged spotting fraudulent transactions involving diamantaire Nirav Modi & a jewellery company

The CBI has received two complaints from the Punjab National Bank (PNB) against billionaire diamantaire Nirav Modi and a jewellery company alleging fraudulent transactions worth about₹11,400 crore, officials said on Wednesday.

Modi, whose jewellery creations are popular among global celebrities, may face a fresh CBI probe as the agency is looking at suitable legal action to be taken in the case. He is already being investigated by the CBI for alleged cheating and fraud involving ₹280 crore at a PNB branch, the officials said.

They said it had received two complaints from the PNB on Tuesday in which it was alleged that the bank had spotted fraudulent transactions worth over ₹ 11,400 crore involving Modi and a jewellery company.

The officials, without divulging the future course of action on the complaints from the national bank, said suitable legal action could be initiated against the designer and the company after the agency had vetted the complaint. It was not immediately clear whether the jewellery company mentioned in the complaints was linked to Modi.

Meanwhile, the bank had also intimated stock exchange BSE

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