SBI freezes accounts of 3 Nirav Modi group companies
March 01, 2018  22:05
State Bank of India (SBI) has frozen accounts of three group companies of fugitive Nirav Modi and shared the information related to those accounts with investigative agencies, bank officials said.

"We have proactively conducted internal scrutiny and came across deposit accounts of three Nirav Modi group companies in our overseas branches," the officials told PTI.

These accounts were with the three overseas SBI branches at Dubai, Bahrain and Antwerp, officials said.

The bank found out these accounts after internal scrutiny, the officials said, adding these accounts are not directly related to the PNB fraud of nearly Rs 12,600 crore.

However, these could help in investigation so the bank shared the details with the CBI, the ED, the income tax department and other relevant agencies.

State Bank of India (SBI), the country's largest lender that has exposure of $212 million to Nirav Modi fraud, expects Punjab National Bank (PNB) to clear the bank's dues in the fraud case.

Billionaire jewellery designer Nirav Modi is at the centre PNB fraud.  -- PTI
« Back to LIVE