21 more PNB fraud-related raids, property worth Rs 5674 cr seized

19 February, 2018, 07:32 | Author: Darnell Patrick
  • Shooting with India's biggest bank fraudster A personal account

"All the looted money has been taken out from the people's pocket and now PM Modi's friends and close companions are robbing the money from the banking sector", Rahul said.

The ED team members then searched the outlet and seized diamond studded jewellery worth around Rs 1 crore from the locker, the officials said.

In response, the ruling Bharatiya Janata Party said Nirav Modi was not part of the Indian delegation in Davos and he was part of was part of the Confederation of Indian Industry (The Hindu).

India's second largest PSU bank, PNB on February 14 said it had detected a Rs 11,400 crore scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders. ED had registered a PMLA case against them and others based on a CBI FIR based on PNB's complaint.

When the banking sector is busy counting its losses in one of the most enormous banking frauds, the law enforcement agencies, CBI and ED, have raided properties linked to diamantaire Nirav Modi and Mehul Choksi's Gitanjali Jewels. He argued before the court that instead of money going to foreign exporters, was transferred to Allahabad and Axis Bank at Hong Kong.

While the theories on how India's biggest banking scam was executed are abound, the CBI has reportedly indicated that Nirav Modi's associates had access to PNB's computers.

21 more PNB fraud-related raids, property worth Rs 5674 cr seized

In a statement, he said: "Nirmala Sitharaman and her colleagues are liable to civil and criminal defamation for making ill considered, ignorant and patently false allegations".

The Enforcement Directorate (ED) on Sunday conducted raids at 45 locations across 15 cities in connection with the Punjab National Bank (PNB) fraud case involving businessman Nirav Modi. He further said that Adwait Holding owned a commercial property at Parel, which was rented by Firestone (Firestone Diamond) many years ago.

ED started raiding Nirav Modi's home, offices in Mumbai, Delhi and Surat on Thursday. Three companies of Mehul Choksi were named in this FIR, including Gitanjali Gems, Gili India and Nakshatra Brand Ltd. Mehul Choksi has also been mentioned as an accused.

The Central Bureau of Investigation (CBI) detained two employees of Punjab National Bank and an employee Nirav Modi's company.

PNB officials were also summoned, the report said, citing an official aware of the development. CVC is an apex governmental body to address governmental corruption.

"We asked the PNB management when the money went out of the core banking system of the bank, why was there no alarm", the banker said.


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