PNB fraud: Interpol issues red corner notice against Nirav Modi
The Enforcement Directorate (ED) has attached four wind power plants, owned by Nirav Modi, in Rajasthan with a total capacity of 9.6 megawatt (MW) in connection to the Rs 13,000-crore Punjab National Bank fraud.
The plants earn up to Rs 5 crore a year due to share purchase agreement with Rajasthan's state electricity board, sources told Moneycontrol.
These wind power plants have been operational since 2014-15.
In March 2018, the ED had attached another solar power plant owned by Nirav Modi in Maharashtra. The central probe agency had provisionally attached a 5.24 MW solar power plant spread over 135 acres in Karjat in Ahmednagar district worth Rs 60 crore.
Last week, the ED filed its first chargesheet in the Rs 13,000-crore PNB fraud case involving diamantaire Nirav Modi and his associates.
In May, the CBI and the ED had registered two FIRs each to probe the case. Both Nirav Modi and Mehul Choksi are said to have left the country before criminal cases were lodged against them.
Nirav Modi is absconding and has not joined the ED probe in the case till now. Others are being probed under various criminal laws after the fraud came to light this year after PNB said they were cheated to the tune of over Rs 13,000 crore with purported involvement of a few bank employees.
On February 14, Punjab National Bank said it had detected a fraud worth Rs 13,400 crore perpetrated by Nirav Modi and his uncle Mehul Choksi using fake PNB letters of undertaking (LoUs). Both accused had left India a month before the scam came to light. The ED is expected to file a second chargesheet against Choksi and his businesses soon.