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Court in New York appoints examiner to investigate Nirav Modi’s ties to US

Nirav Modi

New Delhi: Nirav Modi’s plan to sell his American assets may face a block as a Bankruptcy Court in New York has appointed an examiner to take a closer look at Nirav Modi’s ties to the US. The appointment of the examiner was ruled by the court after a case was filed by Nirav Modi’s Firestar Diamond Inc.

The examiner will be closely investigating the circumstances surrounding the alleged fraud involving Nirav Modi and some employees of the Punjab National Bank. The examiner will be submitting its report in 120 days.

“Examiner shall cooperate fully with any governmental agencies in the United States and the Union of India (such cooperation shall not be deemed a public disclosure as referenced above),” said the court order.

In January, PNB uncovered the alleged fraud in which several bank officials were suspected of colluding with jeweller Nirav Modi and his uncle Mehul Choksi to issue fraudulent LoUs for their companies to raise loans from overseas branches of mostly Indian banks. Nirav Modi is responsible for a fraud of Rs 13500 crore and is suspected to be hiding in Hong Kong.

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