Hong Kong branch did not have exposure to Nirav, Choksi companies: SBI

Hong Kong branch did not have exposure to Nirav, Choksi companies: SBI

Hong Kong branch did not have exposure to Nirav, Choksi companies: SBI

The CBI on Tuesday arrested the Vice President of Banking Operations of Mehul Choksi's Gitanjali Group in connection with its ongoing probe into the multi-crore Punjab National Bank (PNB) fraud case, officials said.

Though India has not yet charged Modi and only suspended his passport as well as his uncle and business partner Mehul Choksi's for four weeks, threatening to take strict legal action in case of his failure to respond to the government's notice.

Gitanjali Gems promoter Mr. Choksi, in his seven page letter which was released by his lawyer, has said it was impossible for him to return to India and join the investigation due to the suspension of his passport and ill-health. I am further being deprived of my basic right to communicate and the seizure of my servers have effectively denied me my fundamental right to defend myself against the allegations. "In case I am arrested, then I would not be able to get proper healthcare and would be provided treatment only in a government hospital", he wrote in the letter, a copy of which was reviewed by Mint.

Choksi said in the letter he had traveled overseas on business before the complaints were made and his departure was not "a direct result" of the allegations against him.

In a terse reply, the CBI "directed" him to approach the Indian mission in the country where they were residing so that immediate arrangement can be made for their travel to India, officials said.

"We refer to the news dated February 18, 2018 and February 19, 2018 reported by some sections of media and advise that SBI Hong Kong Branch does not have any exposure against any corporates/banks based upon LOUs/LCs issued by PNB, Brady House Branch", the bank said in a statement.

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Choksi also accused political parties of politicizing the issue.

The PNB filed a second complaint with the CBI on February 13.

Mumbai: Continuing the probe into the Punjab National Bank fraud, sleuths of the Serious Frauds Investigation Office (SFIO) questioned the bank's Managing Director and CEO Sunil Mehta on Wednesday.

On March 6, Modi's firm, Firestar Diamond, moved the Delhi High Court against the ED's proceedings against the company. It alleges that the credit sanctioned to Modi's Firestar group of companies was not used for the purposes for which it was given.

Raids across Nirav Modi's establishments and properties have, according to ED's claims, yielded over Rs 6000 crore, which included luxury cars like the Rolls Royce Ghost and Porsche Panamera, two Mercedes Benz GL class, three Honda cars and a Toyota Fortuner.

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