The government on Thursday announced it has revoked the passport of Nirav Modi, the billionaire jeweller and diamond merchant accused of defrauding Punjab National Bank (PNB) of Rs 11, 400 crore. Law minister Ravi Shankar Prasad told a press conference assets worth Rs 1300 crore have been seized and a look-out-notice against Modi has been issued, ANI reported. PNB , the second-biggest state-run lender, stunned the country’s financial sector when it announced this week it had discovered fraudulent transactions worth Rs 11, 400 crore at a single branch in Mumbai.

The government on Thursday announced it has revoked the passport of Nirav Modi, the billionaire jeweller and diamond merchant accused of defrauding Punjab National Bank (PNB) of Rs 11, 400 crore. Law minister Ravi Shankar Prasad told a press conference assets worth Rs 1300 crore have been seized and a look-out-notice against Modi has been issued, ANI reported. PNB , the second-biggest state-run lender, stunned the country’s financial sector when it announced this week it had discovered fraudulent transactions worth Rs 11, 400 crore at a single branch in Mumbai.