Modi Govt's alertness brought PNB-Nirav Modi fraud into light: Javadekar
Politics | February 16, 2018 20:19 ISTAddressing the media here, Union Minister Prakash Javadekar said that the government's alertness brought the fraud into light.
Addressing the media here, Union Minister Prakash Javadekar said that the government's alertness brought the fraud into light.
Nirav, who was alleged to have carried out fraudulent transactions worth over Rs 11,400 crore in Punjab National Bank, had left the country on January 1, while his uncle and business partner Mehul Choksi, left on January 4.
Shares of Punjab National Bank continued to reel under selling pressure for the third consecutive day after the detection of a massive Rs 11,400-crore fraud. It ended lower by 2.10 per cent.
The PNB had filed the complaint on February 13 in the Rs 11,515 crore ($1.8 billion) fraudulent transactions.
Modi and Choksi, who are believed to have fled the country in the first week of January, have been summoned under the Prevention of Money Laundering Act (PMLA) and asked to appear before the agency within a week's time.
By paying the other banks, reports said, only the balance sheet of PNB will suffer and thus others will not have to make provisions. As many as 30 banks discounted the bills based on PNB’s LoUs.
Nirav, who is alleged to have carried out fraudulent transactions worth over Rs 11,400 crore in Punjab National Bank, had left the country on January 1, while his uncle and business partner Mehul Choksi, left on January 4.
Meanwhile, the Enforcement Directorate (ED) today issued summons for personal appearance to billionaire diamond merchant Nirav Modi and his business partner Mehul Choksi in connection with PNB fraud case.
The searches by the agency span across six cities in five states, in connection with the fraud involving Nirav Modi, Mehul Choksi and other family members.
The count of suspended Punjab National Bank employees has risen to 18 with the suspension of 8 more employees.
Nirav Modi, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country on same day. However, whether they travelled together has to be probed, they said.
Since morning, many reports suggested that Quantico star Priyanka Chopra, who was earlier the global brand ambassador of Nirav Modi’s brand, was suing the jeweller and the label
The Parliamentary Standing Committee on Finance today asked the ministry officials including Secretary Financial Services Rajiv Kumar that how can the tax payers' money be used for recapitalising the bank which is not well managed.
Nirav Modi, a regular on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and business partner Choksi on January 31, for allegedly cheating the state-run Punjab National Bank to the tune of Rs 280 crore
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