PNB fraud: Nirav Modi may face non-bailable warrant; top 10 developments

Nirav Modi and Mehul Choksi's overseas businesses and assets across more than a dozen countries are under the scanner of the Enforcement Directorate (ED), which will soon send judicial requests to countries like Belgium, Hong Kong, Switzerland, the United States, the United Kingdom, Dubai, Singapore, and South Africa for obtaining information about them as part of the widening of its probe into the Rs 114-billion Punjab National Bank (PNB fraud case.

Nirav Modi, his wife Ami, and uncle Mehul Choksi have been summoned by the ED to appear at its zonal office in Mumbai on Monday. According to sources, if they skip the summons, the agency could approach a special PMLA court to get non-bailable warrants issued against them.
Modi has already had his luxury cars, including a Rolls Royce Ghost, a Mercedes Benz, and a Porsche Panamera, and imported watches, seized in the past week. During the weekend, the Income-Tax department seized over 150 paintings by renowned artists from Nirav Modi's warehouse located at Wadala in Mumbai.

While probe agencies continue to put pressure on Modi and Choksi, the Institute of Chartered Accountants of India (ICAI) assured of an "accelerated inquiry" into auditors' role in the PNB fraud.