Hong Kong can decide on Nirav's arrest, says China

How the rich and the famous parked black money in Nirav Modi firms

Meanwhile, investigations into the fraud have picked up pace with the former PNB deputy manager Gokulnath Shetty confessing before the ED that he issued the first LoU to Nirav Modi in 2010 and that since then all LoUs worth Rs 13,700 crore were issued by him. Both Modi and Choksi have so far refused to cooperate with the CBI probe.

But even as India presses Hong Kong on the arrest, the central government in Beijing could play a decisive role behind-the-scenes.

China today said that Hong Kong can accede to India's request to arrest fugitive Indian diamond merchant Nirav Modi based on local laws and mutual judicial assistance agreements.

Taking cognisance of the CBI applications, the special court issued the non-bailable warrants on Saturday. Modi has been traced to Hong Kong and a provisional arrest warrant has been issued, but going by the example of absconder Vijay Mallya, extradition, especially in loan default cases is not an easy process.

Nirav Modi's Barclays bank account in the United Kingdom has about 12,79,517 pounds and Dollars 1,244.

The Supreme Court has admitted and agreed to hear another case related to the huge PNB scam. Choksi was the managing director of the Gitanjali group and is also wanted in the PNB fraud case.

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This fraud on PNB was allegedly perpetrated by two jeweller groups that raised loans from overseas branches of Indian banks using almost $2 billion of fraudulent guarantees issued by some rogue PNB staffers over a period of years.

The PNB has alleged in its complaint that they opened the Letters of Credit initially for smaller amounts by creating purported entries in the core banking system, they said.

The CVC observed while examining a case that KYC documents, proof of income and other documents submitted by the borrower were forged while pre-sanction survey conducted by an independent outside agency appointed by the bank was also improper.

According to the RBI guidelines, LoUs for gems should not be valid for more than 90 days.

The CBI had approached the Interpol with a request for issuing "Diffusion Notice" which was aimed at locating an individual.

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