PNB Moves Hong Kong High Court Against Nirav Modi
Punjab National Bank on Saturday moved the Hong Kong High Court against absconding jewellery designer Nirav Modi in connection with the multi-crore loan fraud. An official from the bank told ANI that it would approach the courts of countries where Nirav Modi and his uncle, Mehul Choksi have assets and businesses. Nirav Modi and Mehul Choksi had acquired separate Letters of Undertaking (LoUs) to avail credit from various sources and did not repay the loan. The scam, which reportedly began in 2011, was detected in the third week of January…
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