A multi-agency probe is already underway into the fraud, which was mainly perpetrated by way of fraudulent Letters of Undertaking (LoUs).
As part of the scheme, the bank issued up to 10 crore new equity shares to its employees at a discounted price of Rs 53.95 per share.
On this episode of Digging Deeper, we look into why was it so easy for Vijay Mallya to leave the country unchecked.
Mallya's extradition is the culmination of significant structural and fundamental changes by the government to prevent willful defaulters from fleeing the country.
The state filed an affidavit in the court stating Modi's illegal bungalow was demolished on December 5.
Congress spokesperson Randeep Singh Surjewala alleged that Prime Minister Narendra Modi and Finance Minister Arun Jaitley allowed the jewellers to flee the country.
The crucial report was finalised eight months before the PNB scam came to light, but was not shared with other agencies as there was 'no protocol' for such sharing at that time
Referring to Nirav Modi's claims of "security threats" in India, the ED said these points are "irrelevant" to the case.
According to the CBI FIR, the couple had amassed disproportionate assets to the tune of Rs 2.63 crore during the period.
The central probe agency said the assets were in the name of "Modi and his group company M/s Firestar Diamond FZE and they bear a market value of $7.79 million, which is equivalent to Rs 56.8 crore".
Kulkarni was arrested under the Prevention of Money Laundering Act (PMLA) and was expected to be produced before a court Tuesday, the officials said, adding that the ED would seek his transit remand to take him to Mumbai, where the case was registered.
Nirav Modi and his uncle Mehul Choksi are being investigated by the ED and the CBI for allegedly cheating Punjab National Bank of more than Rs 13,400 crore.
The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets.
Chief Judicial Magistrate B H Kapadia declared Modi an absconder in a case filed against him in December 2014 by the Mumbai zonal unit of the DRI.
Paul Alfonso, who was unaware of the fraud charges against Modi, bought the rings to propose to his girlfriend. However, one of the happiest moments of his life soon turned into a complete nightmare when the couple found out that the diamonds were fake.
It noted that there was an apprehension that Nirav Modi may try to alter the present status of movable and immovable properties and said the public sector banks, who have been cheated by him, are victim parties.
The bank is demanding Modi – who owns a chain of jewellery shops from Hong Kong to New York -- pay more than USD 5.49 million plus interest, after both firms allegedly defaulted on repayments, the report said.
When it comes to white-collar crime, the rewards for breaking rules far outweigh the risks of flouting laws and getting punished if spotted.
The agency has attached assets worth Rs 700 crore of Modi and his family in the country till now.
A bench of Justices A S Oka and R I Chagla directed the DC to submit, within eight weeks, his inquiry report to the principal secretary, state revenue and forest departments.
The 62-year-old liquor baron’s claims of meeting Finance Minister Arun Jaitley before he left India two years ago has stirred a hornet’s nest
The Sena said Italian businessman Ottavio Quattrocchi, an accused in the Bofors scandal, could not have left India without the help from the Indian government and the CBI.
MCA had sought to freeze the property of all directors of Nirav Modi and Mehul Choksi's firms following the Punjab National Bank fraud.
The request was sent to the Home Ministry on September 7. The Home Minister will send it to Belgium, where Nishal Modi is believed to be holding up, through the External Affairs Ministry, officials said.
The notice, which acts as an international arrest warrant, states that Purvi Deepak Modi, 44, is required on charges of "money laundering". The RCN against her was requested by the Enforcement Directorate (ED), officials said.