CBI Finds No Evidence of Corruption Against PNB Officials in ₹321.88 Cr Nirav Modi Case; Case Transferred to Magistrate.

Special CBI court allows transfer after agency says Prevention of Corruption Act not made out; charge-sheet to be filed only against private individuals.

Mumbai, June 12, 2026: A special CBI court in Mumbai on Thursday transferred an alleged fraud case involving absconding diamantaire Nirav Modi to a magistrate’s court after the Central Bureau of Investigation said corruption charges against Punjab National Bank officials could not be proved. 

What CBI Told the Court

The case was registered by the CBI following a complaint from PNB’s Mumbai zonal office that the bank was cheated of ₹321.88 crore as credit facilities given to Modi’s firms were misused. The accused were initially booked under IPC Sections 120-B and 420, along with Section 13(2) of the Prevention of Corruption Act, 1988. 

However, the CBI told the court that a thorough investigation yielded no incriminating material under the Prevention of Corruption Act against either PNB officials or private individuals. Public Prosecutor Vikram Singh submitted that a charge-sheet will be filed only against private individuals, hence the case falls outside the jurisdiction of the special CBI court and must be tried by a magistrate. 

Judge Allows Transfer.

Special judge J P Darekar allowed the probe agency’s plea and directed the registrar to transfer the case to a special CBI magistrate court. 2fdc099a

 Case Background.

During an internal inquiry, the bank found circular transactions between Nirav Modi-promoted partnership firms — Solar Exports, Stellar Diamonds and Diamond R US — and Modi-promoted Firestar International Ltd and Firestar Diamonds International Pvt Ltd. Absconding diamantaire Nirav Modi and his uncle Mehul Choksi are prime accused in the larger multi-crore PNB scam being probed by both the CBI and Enforcement Directorate. 

The CBI clarified it is not prosecuting any unknown public servants under the PC Act.