PNB fraud LIVE UPDATES: Interpol issues diffusion notice against Nirav Modi, Mehul Choksi

The federal investigation agencies, banks, and now Interpol (International Criminal Police Organisation) - all agencies and institutions have tightened the noose around billionaire diamantaire Nirav Modi, who's at the heart of the Rs 11,400-crore 'fraud' detected at Punjab National Bank's (PNB) Mumbai branch. The first complaint against Nirav Modi's company was filed on January 29, but he and his family had already fled the country on January 1. Now that the 'fraud' is out in the open, the PNB has fired its 18 employees, and the government has promised not to "spare anyone". The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have raided several properties of Nirav Modi and his alleged accomplices, including his family members and business partner Mehul Choksi, the owner of diamond jewellery brand Gitanjali Gems, and have sealed diamond, gold, jewellery, and precious stones worth over Rs 5,100 crore. Though Nirav Modi has reportedly assured the PNB authorities to repay the entire money, he has been asked to come up with a concrete plan.   

2.35pm: The ministry of external affairs has suspended the validity of Nirav Modi and Mehul Choksi's passports for four weeks.

• How big is this fraud, really? How many other banks have experienced this kind of fraud? We will not know until 30 other banks investigate.

•  Why are PNB's core banking system and SWIFT system not integrated? Most banks have integrated them.
•  This isn't the first fraud against LOUs and buyers' credit. Why has government failed to stop the malpractices against this?
•  Timing is crucial. January 23, the day Nirav Modi appeared for photo-op with PM Narendra Modi in Davos, didn't the PNB, the RBI and investigating agencies know about this fraud? After all, the PNB approached the CBI with fraud investigation just give days later on January 29?
•  How many LOUs had been issued to Nirav Modi since 2010? How did it get undetected for seven years? What did Nirav Modi do with the money?
•  What is Mehul Choksi's role in this? Was Nirav Modi round-tripping the money? Paying one buyers' credit from money raised against another?
•  How did Gokulnath Shetty stay in the same job for seven years against the PSU banks' rule of transferring desk and branch every three years?
•  Every such transaction requires three levels of checks: maker, checker, and verifier. Who is the third person involved? Who are other supervisors involved?
•  Where is Nirav Modi?
•  Where are Gokulnath Shetty and Manoj Kharat? Who else is involved?