Reality of PNB Scam and Nirav Modi by Dhruv Rathee

18 February, 2018, 22:19 | Author: Regina Silva
  • Eyes Wide Shut - The USD1.8 Billion PNB Fraud That Went Unnoticed

Nirav Modi and his uncle, Mehul Choksi, are accused of cheating state-owned Punjab National Bank of Rs 11,400 crore. Salgaonkar is the husband of Mukesh Ambani's sister Dipti. Shetty and Kharat will be produced in a CBI special court in Mumbai.

The PNB told the CBI that the Reserve Bank of India (RBI) prescribes that outstanding buyer's credit for import of semi-precious and precious stones, including pearls, should not be extended for more than 90 days.

The bank, responding to questions about the roles of its chartered accountants, statutory auditors and empaneled valuers said, "As per in-house investigation report, no role of professionals is mentioned".

On Friday CBI also reportedly conducted searches at 20 properties belonging to the Gitanjali Group and other directors of the accused companies in six cities, ANI reported. They were all interrogated about the modalities for issuing LoUs to Modi group and his associates and the reasons for which LoUs were not entered into the CBS system of PNB and whether this was done within the financial powers of Shetty and the role of other senior officers of PNB. She said "The Congress is wrongly blaming us", as it was they who let out a building to Nirav Modi's Firestar Diamond International, acquired from Advait Holdings, which had Anita Singhvi - wife of Abhishek Manu Singhvi (Cong) - as one of the directors.

"The full truth must come out", she said.

New Delhi would now move a request to the United States to help track Modi who is wanted in the PNB scam.

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"Neither My wife, sons nor me have anything whatsoever to do with Gitanjali or Nirav Modi companies".

However, the tax department has estimated that the banks could take a hit of more than Dollars 3 billion (Around Rs 20,000 Crore) by the PNB bank scam.

In all, Indian banks could take a hit of more than $3 billion from loans and corporate guarantees provided to diamond companies allegedly involved in the fraud at PNB, Reuters reported on Saturday, citing the tax department.

Scrutiny of banks' technical systems will intensify even further after India's City Union Bank Ltd (CTBK.NS) on Saturday said it had suffered three "fraudulent remittances" of almost $2 million that had been pushed through the SWIFT financial platform.

The Central Vigilance Commission (CVC) has summoned the PNB management and Finance Ministry officials to appear before it on February 17. The scam has given the Congress much needed ammunition to go on the offensive against the Modi government which has till now claimed to have kept a clean sheet as far as corruption is concerned.

Capital markets watchdog Sebi is looking into the trade details and various suspected violations by Modi-linked entities, including another jewellery major Gitanjali Gems of Mehul Choksi.


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