Nirav Modi Case: CBI Arrests Three More PNB Officials

Share
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.

Share

Advertisement

Related Posts

Bayern Munich vs Besiktas 20 February 2018: Champions League Preview and Predictions
Jupp Heynckes took charge of the team in October and the team managed to bounce back with a 3-goal victory against Celtic. Besiktas boss Senol Gunes has lost only two of his 18 games as manager in the Champions League (W6 D10).

JD Martinez, Red Sox agree to $110-million, five-year deal
With the talent that Martinez possesses, though, it looks unlikely Boston will regret this deal like the others mentioned above. After an offseason of apparent frustration with teams' negotiating tactics and the offers he was being presented with , J.D.

Volkswagen unveils steering wheel-less, voice-controlled, self-driving concept vehicle
The company affirms to introduce 20 electric auto models by 2025 and will start putting its I.D. models into production by 2020. VIZZION clearly demonstrates the great potential of the all-electric architecture from Volkswagen .

A Plane Crash in Iran Kills All the 65 Passengers On Board
The French-Italian manufacturer ATR also has a deal with Iran's flag carrier, Iran Air, for the delivery of 20 ATR 72-600 planes. Lifting sanctions on aviation purchases was a key clause in the nuclear deal that Iran signed with world powers in 2015.

MLB Announces Mound Visit Limits, But No Pitch Clock For 2018
Heck, if Major League Baseball wants to be sure that only the signal is discussed, it can send an umpire out with the pitcher. Teams are charged with a mound visit when the manager, a coach, or another player goes to the mound for any length of time.

Spain's de Guindos says he will defend independence of European Central Bank
He said that Lane was being withdrawn from the running so as not to be a "source of disagreement" among member states of the EU. He went on to congratulate Spanish Finance Minister, Luis de Guindos , on taking up the job.

Walmart sets full-year profit guidance below expectations
Mayo Advisers Limited Liability Company has invested 0.19% in Walmart Inc. 4,036 were reported by Hollencrest Secs. (NYSE:WMT). Baird set a $90.00 price target on Wal-Mart Stores and gave the stock a buy rating in a research note on Tuesday, October 3rd.

This Stat Shows How Close The Michigan-Ohio State Rivalry Is
In addition to his riling up the home fans, Wagner finished the game with 12 points, seven rebounds, two steals and a block. In that game, Carr scored a game-high 30 points while grabbing 5 rebounds and handing out 3 assists in the 79-56 win.

Kendall Jenner opens up about anxiety
It's not the first time Jenner has chronicled her worries about her health on " Keeping Up with the Kardashians ". Kendall has previously spoken about her struggles with anxiety in an interview with Harper's Bazaar .

Rising crude prices hit sentiment: Sensex sinks 287 points; down 30points
Among secondary indices, the S&P BSE Mid-Cap index dropped 0.19 per cent and the S&P BSE Small-Cap index declined 0.75 per cent. MSCI's index of stock markets across the globe gained 4.3 per cent last week, the best weekly performance since December 2011.

© 2015 ExpressNewsline. All Rights reserved.