Nirav Modi's 58-feet effigy to be burnt on Holika Dahan in Mumbai

Nirav Modi and his uncle Mehul Choksi are being investigated by the ED and other probe agencies over a PNB fraud.

New Delhi: The residents of Mumbai's BDD Chawl in Worli will burn the effigy of absconding diamantaire Nirav Modi as a part of the Holika Dahan ritual. Holika Dahan' signifies victory of good over evil.

In the effigy, Modi is seen sitting on a large diamond. He has been dressed in a brown suit. The board below his seat says: PNB scam, diamond king.

Nirav Modi and his uncle Mehul Choksi, promoter of Gitanjali Gems are being investigated by the ED and other probe agencies after a Punjab National Bank (PNB) fraud that recently came to light.

PNB has alleged that both Modi and Choksi, have cheated the nationalised bank to the tune of Rs 12,400 crore, with the purported involvement of a few employees of the bank.

Earlier this week, PNB had said the amount of unauthorised transactions could go up by more than Rs 1,300 crore from earlier estimate of Rs 11,400 crore.

The CBI and the ED have registered two FIRs each to probe the case. Both Choksi and Modi are said to have left the country before criminal cases were lodged against them. They have, however, denied any wrongdoing.

The ED, a central probe agency under the union finance ministry, is investigating if the allegedly defrauded bank funds were laundered and proceeds of crime were subsequently used by the accused to create illegal assets and black money.