Nirav Modi bribed PNB officials with gold and diamond jewellery, police reveals

Nirav Modi has been accused in what can be termed as one of the biggest scams to have taken place in India. Now, as per reports, an official of the PNB bank that was the victim of Nirav's fraud, has been accused of taking a bribe from Nirav and being involved in the $2 billion bank fraud, the federal police told a court on Saturday. Reportedly, he received gold and diamond jewellery as a bribe from Nirav. In fact, several bank officials have now been accused of conspiring with Nirav. The CBI has arrested at least 14 people in the case, on Saturday. One of the accused, Yashwant Joshi, who worked as a manager in the forex department of the Mumbai branch admitted to having received two gold coins weighing 60 grams and a pair of gold and diamond earrings from Modi.

The articles have been recovered from Joshi's house in the presence of independent witnesses, the CBI said. "This indicates that he was in collusion with the beneficiary accused persons to cheat the bank," CBI Inspector D. Damodaran said. "He also obtained illegal gratification from the beneficiary party for continuing issuance of fraudulent LoUs." Both Nirav and his uncle Mehul Choksi left the country before the fraud came to light. As of now, the Mumbai court on Saturday issued non-bailable warrants against Modi and Choksi following an appeal by an Indian agency focused on foreign exchange and money laundering offenses. Stay tuned for more updates.