Nirav Modi will be prosecuted under the Customs Act and the Indian Penal Code. Photo: Aniruddha Chowdhury/MintNew Delhi: The Central Bureau of Investigation (CBI) arrested four people on Sunday in relation to the Rs12,600 crore fraud at Punjab National Bank (PNB), while the Directorate of Revenue Intelligence (DRI) initiated prosecution against jeweller Nirav Modi and his companies. The arrested include two employees and an auditor of the Nirav Modi Group of Companies, and one director of Gitanjali Group helmed by Modi’s uncle Mehul Choksi. Meanwhile, an official at DRI, on condition of anonymity, said it has initiated prosecution proceedings against Modi and his firms for alleged misdeclaration and diversion of imported diamonds. Modi will be prosecuted under the Customs Act and the Indian Penal Code.

Source: Mint March 04, 2018 16:52 UTC