Modi, an worldwide jeweller, is accused of persuading an employee of Punjab National Bank to send SWIFT messages and letters of credit to enable him to take loans that run into around $1.77 billion, for which PNB is now on the hook for.
The Central Bureau of Investigation (CBI) asked Interpol to help locate billionaire diamond trader Nirav Modi, his wife Ami Modi, brother Nishal Modi and uncle Mehul Choksi, reported the PTI on Friday. "They will be produced in a special court some time later today", a CBI spokesman told AFP, on condition of anonymity. Neither my wife, sons, nor me have anything whatsoever to do with Gitanjali or Nirav Modi's companies", Singhvi said in a statement.
The raids that began on February 15 are expected to continue tomorrow, ED officials said.
As per the FIR lodged with the CBI, Shetty and Kharat had transmitted SWIFT instructions to the above-mentioned banks for raising buyers credit and for funding the Nostro accounts of PNB, without due procedure.
The Congress on Saturday held a press conference during which it claimed the reliability of the entire banking system was at a "crisis", and questioned the continued silence of the prime minister and finance minister.
Investigators are looking into allegations that Nirav Modi and his business partner, Mehul Choksi, were involved in defrauding the country's second-largest state-run lender, Punjab National Bank (PNB), of 2.8 billion rupees (RM170 million).
Meanwhile, opposition political parties have been seeking to link Mr Modi to Prime Minister Narendra Modi after a photo emerged of the pair together at the World Economic Forum in January - along with dozens of others.
As law enforcement agencies have intensified their hunt for billionaire diamantaire Nirav Modi and his associate Mehul Choksi, the Reserve Bank of India (RBI) denied media reports that it has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks.
The scam that took place in Punjab National Bank (PNB) during the year 2017 -18 was exposed by CBI. That amount is nearly a third of the bank's market value, and many times its quarterly profits. He with his family, however, had left the country in the first week of January.