There is an important update regarding the big scam that took place in Punjab National Bank (PNB). The two main accused – Nirav Modi and his uncle Mehul Choksi have fled India and Government is trying to bring them back to India. But Now, a third person has also come to light.
The Central Bureau of Investigation (CBI) has filed a supplementary chargesheet against Purvi Mehta, sister of prime accused Nirav Modi, as an accused in the case. The chargesheet was submitted on Monday before a special CBI court by special public prosecutor A. Limosine.
Along with Purvi Mehta, another accused named in the chargesheet is Aditya Nanavati, an official associated with the Firestar Group of Companies, which was owned by Nirav Modi.
Purvi Mehta’s Role in the Scam
Purvi Mehta, who is a Belgian citizen, has been named as an accused because she was allegedly a beneficiary of the fraudulent funds obtained using Letters of Undertaking (LOUs) from PNB. LOUs are financial instruments that were misused in the scam to illegally raise foreign credit.
However, the CBI has not included her husband, Maiank Mehta, a British citizen, in the chargesheet. Although both Purvi and Maiank were initially accused in the money laundering case linked to the scam—being investigated by the Enforcement Directorate (ED)—they later turned approvers and provided key information in the case.
The PNB Scam: One of India’s Biggest Bank Frauds
The PNB scam is one of India’s largest banking frauds, involving over ₹13,000 crore ($1.8 billion) in fraudulent transactions. Nirav Modi and his uncle Mehul Choksi are the prime accused in the scam.
The duo allegedly siphoned off public money from PNB’s Brady House branch in Mumbai by bribing bank officials to issue unauthorized LOUs and Foreign Letters of Credit (FLCs). These financial instruments were used to fraudulently obtain huge loans from foreign banks, leaving PNB to bear the losses.
Where Are Nirav Modi and Mehul Choksi Now?
- Nirav Modi has been in a London prison for the last six years, fighting extradition to India.
- Mehul Choksi, who fled India in 2018, has been living in Antigua. However, according to recent media reports, he is now staying in Antwerp, Belgium, with his wife, Preeti Choksi, after obtaining a residency card in the country.
The PNB scam investigation continues, with authorities trying to recover the stolen money and bring the accused to justice.
