The Hush Post: While media had been able to chase Nirav Modi to an upscale apartment at Manhattan in the US, overlooking New York’s famous Central Park, the US has denied they know of Nirav Modi’s presence there.
About a fortnight ago, newspaper reports mentioned, he was occupying the 36th floor suite in JW Marriott’s Essex House whose tariff was about Rs 75,000 per day. Modi had booked it for 90 days. However, US said, it cannot confirm that Nirav Modi is in US. A state department official said that they cannot confirm Nirav Modi’s presence in the US.
Asked if the department is trying to assist the Indian government in tracing Modi, the spokesperson said, “We refer you to the Department of Justice for questions on legal assistance to the Indian authorities in relation to their investigation of Modi.” Meanwhile, the department of justice declined to comment on Modi.
More recently, CBI asked Nirav Modi to join investigations into the alleged fraud, but he refused. Subsequently, the CBI asked him to contact the embassy of India in the country where he was staying so that his travel to India could be managed.
Nirav Modi is involved in a fraud of over Rs 11,300 crore. At the centre of the fraud exposure is Punjab National Bank. Modi’s jewellery company acquired fraudulent letters of undertaking to secure overseas credit from other Indian banks. The disclosure of the embezzlement led to the share price tanking 9.8 per cent at the Bombay Stock Exchange. With the sharp fall, investors lost Rs 3,844 crore of wealth on single day. Meanwhile, the bank has suspended 10 officials and referred the matter to the CBI.