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PNB fraud | Passports of Nirav Modi and Mehul Choksi revoked: Report

India Today logo India Today 24-02-2018

The passports of Nirav Modi and Mehul Choksi, the jewellers who find themselves at the centre of a Rs 11,400 crore fraud detected by Punjab National Bank, have been revoked, the new agency ANI quoted government sources as saying Saturday.

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Modi, who had a chain of boutique stores from New York to Beijing, and Choksi, his uncle, are both accused of perpetrating the biggest loan fraud in Indian banking history - and are both out of the country.

Both men are accused of colluding with employees of PNB, the country's second-largest state lender, to fraudulently issue letters of undertaking over a seven year period which the businessmen used to obtain credit from overseas branches of Indian banks.

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The Ministry of External Affairs had said it suspended the passports of Modi and Choksi for four weeks, and had given them one week to voice objections to its plan to revoke the documents.

Authorities said Saturday they seized a farmhouse, a solar power plant and land belonging to Modi.

The Enforcement Directorate said on Twitter it had taken possession of 21 properties belonging to Modi worth 5.24 billion rupees in the latest swoop in Mumbai and Pune.

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