The CBI on Wednesday directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged
Rajan said it is hard to offer an objective self-assessment but the RBI should probably have raised more flags about the quality of lending in the early days of banking exuberance.
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
Once a stock market darling, the jewellery chain heads for liquidation.
The common denominator: They were predominantly Gujarati, mostly male, and either related by blood or very well-known to Nirav.
Building a global brand was Choksi's idea, which Modi borrowed from him.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
Providing relief to the economy from widening trade deficit on account of gold imports, the inward shipments of the metal slumped in December to 39 tonnes, Commerce Secretary Rajeev Kher said on Wednesday.
Frozen mutual funds and shares worth Rs 86.72 crore belong to Choksi and his group, and the rest are owned by the Modi group.
Gokulnath Shetty, then deputy manager (now retired), Manoj Kharat, a single window operator of PNB, and Hemant Bhat were taken into custody by the agency
The billionaire jeweller, who has fled the country, in the letter also disagreed with the loan default amount of Rs 11,400 crore and pegged the amount his companies owe to the bank at under Rs 5,000 crore.
Nirmala Sitharaman said Nirav Modi may have been able to run away from the country, but the government is taking action against him, and claimed that it will "surely nab him".
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
The Reserve Bank of India on Monday moved on Monday to tighten gold imports again in an attempt to rein-in a record high current account deficit by taming demand for the yellow metal.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances