In the case of 10,000 crore rupees ($ 1.8 billion) scam in Punjab National Bank (PNB), the Enforcement Directorate (ED) has registered a case of money laundering against Diamond trader Neerav Modi and others. Modi is accused of scam of Rs 280.70 crore of banks.

The case has been registered on the basis of the FIR of the Central Bureau of Investigation (CBI). Official sources said that earlier this month the CBI had registered an FIR. On the basis of this FIR, this matter has been filed under the Prevention of Money Laundering Act (PMLA). It is believed that the ED has also taken cognizance of PNB's complaints against Neerav Modi and others. PNB has also demanded release of Look Out Notice from the CBI.

He said that the CBI will investigate whether the fraudulent amount of the bank was misappropriated and the accused had repeatedly used this method for making illegal property. The CBI has registered a case against Neerav Modi, his brother, his wife and business partner in this regard.

Apart from this, the CBI has also raided the residence of Modi, his brother Nishal, wife Amy and Mehul Chinubhai Chaukasi. All these are partners in Diamonds R US, Solar Exports and Stellar Diamonds. Two bank officers Gokulanath Shetty (now retired), Manoj Kharat's residence have also been raided. Neerav was also included in the list of Forbes' Indian Rich List.

PNB has alleged that Gokul Shetty and Manoj Kharat had issued eight LOUs for Allahabad Bank and Axis Bank in Hong Kong without fulfilling the procedure. Its total value was $ 4.42 crore (Rs 280.70 crore).

Strangely enough that the accused officials did not reportedly enter it. After the departmental scrutiny, the PNB had asked the CBI to investigate the matter by giving a complaint. It is alleged that documents were not provided for issuing eight LOUs worth crores rupees. Also, the approval was not received from the concerned officials.

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