India's federal police have arrested six people, including employees of a billionaire jeweller, as an inquiry into one of the country's biggest bank scams widens, investigators said on Wednesday.
The Central Bureau of Investigation is looking into allegations that Nirav Modi, a jeweller to Hollywood stars including Kate Winslet and Naomi Watts, was involved in scamming India's second-largest state bank of almost $1.8 billion (Dhs6.7bn).
Mr Modi and his uncle and business partner Mehul Choksi, a diamond merchant, have been accused by investigators of defrauding the Punjab National Bank of 2.8 billion rupees (Dhs158.7 million), part of the total losses.
The CBI has carried out raids on luxury diamond sellers and properties connected to the pair and has contacted Interpol to track down Mr Modi, who is believed to be abroad.
Investigators said senior associates from Mr Modi's Firestar Diamond company and Choksi's Gitanjali group were among those detained in the latest arrests on Tuesday evening.
"We have arrested five people connected to both Nirav Modi and Mehul Choksi's companies, and they will be produced in CBI court today," CBI spokesman Abhishek Dayal told AFP.
He said the manager of the bank's branch in Mumbai where the alleged fraud occurred was also detained and is due to be in court on Wednesday.
"We will intensify our investigations," Mr Dayal said.
______________
Read more:
India bank fraud cases likely tip of the iceberg
Indian banks face $3bn hit from Nirav Modi frauds
Hefty price curbs India's love for gold
_______________
The CBI has arrested a dozen bank officials and employees linked to the high-profile jewellers since the PNB announced last week it had detected fraud of almost $1.8bn at the Mumbai branch.
Several of those arrested are suspected of facilitating fraudulent lines of credit to companies linked to Mr Modi and Mr Choksi, investigators have stated.
Mr Modi, the third generation of his family to go into the diamond trade, is worth $1.73bn according to Forbes, placing him 85th on India's rich list.
The 47-year-old's high-end eponymous Nirav Modi brand has shops in several of the world's major cities.
New Delhi suspended the passports of Mr Modi and Mr Choksi following reports that the pair had left the country.
In a letter to bank officials quoted by The Press Trust of India, Mr Modi accused PNB of acting hastily and "erroneously" inflating the amount he owed the bank.
"Your actions have destroyed my brand and the business, and have now restricted your ability to recover all the dues," he said in the letter cited by PTI.
India's government is trying to reduce the crippling debts of the country's embattled state banks, including PNB.
It recently announced a $32bn recapitalisation plan to help them clean up their books.
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Company profile
Name: Khodar
Based: Cairo and Alexandria, in Egypt
Founders: Ayman Hamza, Yasser Eidrous and Amr El Sheikh
Sector: agriculture technology
Funding: $500,000
Investors: Saudi Arabia’s Revival Lab and others
Employees: 35
AL BOOM
Director:Assad Al Waslati
Starring: Omar Al Mulla, Badr Hakami and Rehab Al Attar
Streaming on: ADtv
Rating: 3.5/5
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
Sweet Tooth
Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5
Traces of Enayat
Author: Iman Mersal
Publisher: And Other Stories
Pages: 240
In 2018, the ICRC received 27,756 trace requests in the Middle East alone. The global total was 45,507.
There are 139,018 global trace requests that have not been resolved yet, 55,672 of these are in the Middle East region.
More than 540,000 individuals approached the ICRC in the Middle East asking to be reunited with missing loved ones in 2018.
The total figure for the entire world was 654,000 in 2018.
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
More on Quran memorisation:
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Five calorie-packed Ramadan drinks
Rooh Afza
100ml contains 414 calories
Tang orange drink
100ml serving contains 300 calories
Carob beverage mix
100ml serving contains about 300 calories
Qamar Al Din apricot drink
100ml saving contains 61 calories
Vimto fruit squash
100ml serving contains 30 calories
AIR
Director: Ben Affleck
Stars: Matt Damon, Jason Bateman, Ben Affleck, Viola Davis
Rating: 4/5
John Wick: Chapter 4
Director: Chad Stahelski
Stars: Keanu Reeves, Laurence Fishburne, George Georgiou
Rating: 4/5
List of UAE medal winners
Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)
Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)
Bronze
Yahia Mansour Al Hammadi (Open and +94kg)
Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
COMPANY PROFILE
Name: Elmawkaa
Based: Hub71, Abu Dhabi
Founders: Ebrahem Anwar, Mahmoud Habib and Mohamed Thabet
Sector: PropTech
Total funding: $400,000
Investors: 500 Startups, Flat6Labs and angel investors
Number of employees: 12
COMPANY PROFILE
Name: DarDoc
Based: Abu Dhabi
Founders: Samer Masri, Keswin Suresh
Sector: HealthTech
Total funding: $800,000
Investors: Flat6Labs, angel investors + Incubated by Hub71, Abu Dhabi's Department of Health
Number of employees: 10
Scoreline
Al Wasl 1 (Caio Canedo 90+1')
Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')
Red cards: Ismail Ahmed (Al Ain) 77'
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Killing of Qassem Suleimani
Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now
Our Time Has Come
Alyssa Ayres, Oxford University Press
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures and results:
Monday, UAE won by three wickets
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
MATCH INFO
Uefa Champions League, Group C
Liverpool v Red Star Belgrade
Anfield, Liverpool
Wednesday, 11pm (UAE)
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government