Punjab National Bank (PNB) has informed the Central Government that it has received US $3.25 million (Rs 24.33 crore) as the first tranche of recoveries in the Nirav Modi case in the US. Nirav Modi, along with his uncle Mehul Choksi, is a key accused in the Rs 13,000 crore PNB scam and fled the country before the fraud came to light. Nirav Modi was declared fugitive offender on December 5, 2019. It also authorized PNB to issue subpoenas to compel the examination of Nirav Modi, Mihir Bhansali and Rakhi Bhansali under oath. Subsequently, on August 24, 2018, the examiner appointed by the New York Bankruptcy Court submitted his report.

Source: dna August 26, 2020 01:30 UTC