CBI registers FIR against Gitanjali Group in PNB fraud case

The CBI on Friday registered an FIR against the Gitanjali Group of companies based on a complaint registered by the Punjab National Bank (PNB) in Rs 11,515 crore fraud case, sources said.

The PNB had filed the complaint on 13 February in the multi-crore fraud case.

Searches were underway on Friday at 20 locations related to the Gitanjali Group of companies in six cities and five states, the source added. Mehul Choksi, uncle of Nirav Modi, is the chairman of the Geetanjali Group.

Stocks



plunge

Stocks of jewellery company Gitanjali Gems also plunged almost 20 per cent. Stocks of Gitanjali Gems, the luxury jewellery brand promoted by Modi's maternal uncle and business partner Mehul Choksi, plunged 19.94 per cent.

Billionaire diamond trader, Nirav Modi has been accused by the PNB of fraud along with his wife, Ami and brother Nishal Modi and partner Choksi.

However, media reports suggested that the diamond merchant Nirav Modi left India and has been residing in an apartment in New York's Manhattan.