Tightening the noose
Jeweller Nirav Modi allegedly used fake LOUS to defraud PNB in connivance with bank officials
HOW THE CASE UNFOLDED
JANUARY 16: Nirav Modi group representatives approach PNB’s Mumbai branch, seeking letters of undertaking for raising buyer’s credit JANUARY 16-JANUARY 24:
Scrutiny of books shows earlier LOUs made without entries in bank’s books and without supporting documentation JANUARY 29: The bank files a fraud compliant against Nirav Modi group firms with RBI; moves to register FIR with CBI
FEBRUARY 4: CBI issues lookout notice against Nirav Modi
FEBRUARY 5: PNB informs stock exchanges about the ~281 crore fraud involving the group
FEBRUARY 7: PNB files fraud complaint against Mehul Choksi promoted Gitanjali group companies with RBI for ~65 crore LOU liability due on February 9. FIR also filed against these with CBI
FEBRUARY 12: Total fraud of ~11,394 crore detected involving Nirav Modi group firms, Gitanjali group firms and Chandri Paper and Allied Products Pvt Ltd dating back to 2011 FEBRUARY 13: PNB files fresh FIR with CBI and registers complaint with Enforcement Directorate
FEBRUARY 15: ED conducts raids across 17 locations; attaches properties worth ~5,100 crore FEBRUARY 16: MEA suspends Modi and Choksi’s passports FEBRUARY 19: CBI seals the Brady Road branch of PNB in Mumbai that is at the heart of the fraud FEBRUARY 20: The CBI arrests Vipul Ambani and four other senior executives of Nirav Modi and Mehul Choksi’s companies FEBRUARY 21: Nirav Modi writes an email to his employees in India saying they should look for other jobs because he will not be able to pay them
MARCH 4: CBI makes four more arrests - two former employees of Modi’s Firestar International, an auditor of Modi’s group and a former director of one of Choksi’s companies
MARCH 6: CBI arrests a vice president of Gitanjali group
APRIL 5: An ED official tells HT the agency found Nirav Modi laundered about ~6,000 crore in 2017 during its probe into the case
MAY 14: The CBI files a charge sheet that names Nirav Modi, Allahabad Bank MD and CEO Usha Ananthasubramanian among 22 people in connection with fraud