According to sources it is now clear that Nirav Modi has changed his status in the Indian documents from resident Indian to Non Resident Indian (NRI). Meanwhile this happened sometime last year. It is not known whether Indian banks, especially the Punjab National Bank, were aware of their borrower's status shifting to a NRI. All along, Modi was classified as Indian promoter of his borrowing companies that were issued the letter of undertakings (LoU).
Further many other banks also had a fund and non-fund based exposure to his other companies and there are already reports of Modi taking up the citizenship or permanent resident status of some other country. Presently, Modi has companies in US, UK, Russia, UAE, Belgium, Armenia, etc and there is a suspicion that he must have siphoned off bank funds to a country where he plans to hole up.
Moreover the documents
where Modi clearly states that he is a NRI have been filed with the Registrar
of Companies. Furthermore a certified copy of the resolution by the
shareholders of ANM Enterprises Ltd, a company owned by Modi, clearly
mentions him as NRI with an address in Dubai, UAE.
