PNB Fraud: CBI seals residence of Nirav Modi's wife
PNB Fraud: CBI seals residence of Nirav Modi's wife. The Central Bureau of Investigation (CBI) has sealed the residence of Ami Modi, American wife of Nirav Modi in connection with Punjab National Bank (PNB) fraud case. The CBI sealed her residence along with 95 documents including import bills and applications after conducting a raid on February 3 and 4. The Punjab National Bank detected a 1.77 billion dollars scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. The PNB has suspended 10 officers involved in this scam and referred the matter to CBI for investigation. The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies. -PTC News
