The External affairs ministry does not know where Nirav Modi is, MEA  spokesperson Raveesh Kumar, says. "Woh jis country mein hain wahi rahenge, passport suspend hone ke baad woh kahi nahi ja sakte," Raveesh Kumar added. "We can say with confidence that this gentleman is not in touch with any of our officials and frankly at this stage we are not aware about his location," the MEA said.


India Inc today called for swift and strict action against the companies who have allegedly defrauded Punjab National Bank, while expressing concern over the vulnerability of lenders. PNB has detected USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.


The alleged fraudulent transactions from a single branch of the bank show how vulnerable Indian banks, especially PSBs, have become, with a dangerous potential contagion in the country's financial system, Assocham said.