INDIA: The Central Bureau of Investigation had launched an investigation against Nirav Modi, one of India’s richest men, over the allegations that he frauded Punjab National Bank of $44 million.
The officials of CBI said that the department is taking action on the complaint filed by the bank that Modi and other associates had planned with bank officials to get advances fraudulently for making payments to overseas suppliers.
A spokeswoman for Nirav Modi had rejected the comment of CBI. “The case will never go to trial as the announcement of investigation and registration of a complaint mark the early stages in an inquiry,” she added.
“We have raided at 21 locations over the weekend linked to companies of Nirav Modi and others accused in the case filed by the State Bank, said CBI spokesperson,” Abhishek Dayal.
Nirav Modi is 85th richest person in India, according to Forbes, he has a net worth of $1.84 billion through his jewelry design and retail business.