India's Enforcement Directorate has begun attaching assets of the accused and is seeking to immediate confiscation under the Fugitive Economic Offenders Ordinance.
Branch records did not show any such facility having been granted to the firms, PNB suspected fraud and began digging into transaction history.
The PNB official in his complaint informed the agency that at the Bank's branch office at Brady House in Fort, Mumbai, two of its employees, Gokulnath Shetty, retired Deputy Manager of PNB and another bank official, issued fraudulent LoUs to Hong Kong based creditors on behalf of three firms associated with Nirav Modi and the Gitanjali Group.
[11][12] On 13 June 2018, the CBI approached the Interpol to issue a red corner notice (RCN) against Nirav Modi's brother Nishal and one of his executives in connection with its probe into the Punjab National Bank (PNB) fraud.
[13] On 20 August 2018, former MD and CEO of Allahabad Bank, Usha Ananthasubramanian was granted bail on a surety bond of Rs 1 lakhs by Special CBI court in Mumbai.
[14] The CBI registered a disproportionate assets case against a retired deputy manager of Punjab National Bank, Gokulnath Shetty, a key accused, for allegedly amassing wealth 200 per cent more than his known sources of income.
[21] In September 2019, Antigua and Barbuda Prime Minister Gaston Browne said Fugitive diamantaire Mehul Choksi of the Gitanjali Group is a "crook" and repatriated to India after he exhausts all legal options.
Mehul Choksi, who is currently in the Caribbean nation of Antigua, told the high court that he left India for medical treatment and not to avoid prosecution in the case.
[26] On 8 June 2020, The Prevention of Money Laundering Act (PMLA) Court has ordered a confiscated of nearly Rs 1,400 crores worth property of Nirav Modi.
[28] In July 2020, Enforcement Directorate (ED) has filed a charge sheet against Mehul Choksi alleging how he ran an organized racket to cheat customers and lenders in India, Dubai and the United States.
[30] The bill covers a wide range of economic offenders which include: loan defaulters, fraudsters, individuals who violate laws governing taxes, black money, Benami properties, financial sector, and corruption.
[32] The fraud was featured in the second episode "Diamonds Aren't Forever" of the Netflix based documentary series Bad Boy Billionaires: India.
[33] The series got involved in legal issues, as Mehul Choksi approached the Delhi High Court and filed a plea demanding a pre-screening before the release.