Nirav Modi Case: CBI Arrests Three More PNB Officials

Nirav Modi Case: CBI Arrests Three More PNB Officials

As the Punjab National Bank-Nirav Modi scam seems to be compounding, banking employees associations have questioned the Reserve Bank of India (RBI) and the four successive governors.

Yet another scamster, Nirav Modi has fled with the bank deposits of this country's ordinary citizens.

Separately, Modi has accused Punjab National Bank of having "jeopardised" his ability to pay the bank back the dues - by making this case public, according to a report in business daily Economic Times which cited news agency PTI.

Shares of Choksi's Gitanjali Gems fell 9.9 percent after its chief financial officer and company secretary resigned on Monday. Attempts are being made to dilute the magnitude of the fraud as one-bank-one-branch-two-employees fraud.

The Supreme Court today agreed to hear on Friday a plea seeking an SIT probe and other reliefs in the over Rs 11,000 crore PNB fraud. As of now the case has been registered against the LoUs taken in 2017, numbering around 151, of which the last one was issued on May 2 past year.

On the valuables that CBI/ED searches yielded Rs 5,649 crore, he said "these, and other assets of the group and the three firms could have settled all the amounts due to banks".

While the CBI is scrutinising the details of LoUs and Letters of Credit submitted by the Punjab National Bank in the past few days, PNB's head office too has scrutinised its LoUs and submitted a report to the CBI. ED has seized diamonds, gold, precious stones/metals and jewellery worth Rs 22 crore on the fifth day of its raids, Singh said.

Police have said that two previously arrested bank employees colluded with billionaire jeweller Nirav Modi and his uncle to issue fraudulent letters of guarantee, which the businessmen used to raise loans from overseas Indian banks over a seven year period. "However, now that stage appears to have passed".

In a letter written to the PNB management, Modi claimed that his companies owed the bank under Rs 50 billion.

. However, Nirav Modi reiterated that his wife is not connected with any business operations at all and she has been wrongly named. The bank officials issued the letters to the concerned persons who approached them.

If you visit the PNB website, it says the bank has received vigilance award in 2014-15 and captioned it as "improved handling of complaints, the institution of whistleblowing system, quick disposal of vigilance cases, reduction in outstanding vigilance cases, pruning down of vigilance cases of more than one year etc".

One could argue that, if all the above is true, his hasty flight from the country, too, was unwarranted.



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