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A special court, while ordering on Thursday that the trial be separated, said that although the extradition proceedings against Nirav is going on in the UK, 'nobody knows how much time it will take’.
Punjab National Bank (PNB) CEO Atul Kumar Goel has revealed that the bank plans to recover Rs 50-100 crore from bank accounts associated with Nirav Modi, who siphoned off Rs 14,000 crore from PNB in connivance with some bank officials. Earlier, PNB unearthed that Modi and companies associated with him colluded with some of its officers and had fraudulently acquired guarantees worth Rs 11,400 crore to obtain loans from the overseas branches of Indian claiming to need the cash to import pearls.
Pulling off one of the biggest bank frauds in the country, fugitive diamantaire Nirav Modi and his uncle Mehul Choksi created a complex web of deception through fraudulent Letters of Undertaking (LoUs) to siphon off Rs 14,000 crore from state-owned Punjab National Bank in connivance with some bank o