According to ED, the valuation of seized diamond, jewellery and gold is said to be Rs 5,100 crore whereas other assets are valued at Rs 1,300 core.
Union minister Ravi Shankar Prasad also clarified that Nirav Modi was not part of the delegation to Davos led by Prime Minister Narendra Modi and had reached there on his own.
PNB has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders.
According to the PNB, the fraud was detected on January 25 and was reported to the investigative agencies, including the Central Bureau of Investigation (CBI) on January 29.
Rahul Gandhi's tweet came after Congress MP Gaurav Gogoi posted a picture of Prime Minister Modi with Indian CEOs at the World Economic Forum in Davos in January.
BJP leader Nirmala Sitharaman said the BJP government had been exposing out UPA scams one by one.
The Nirav Modi brand’s ad campaigns have been much talked about, especially a one with Priyanka Chopra and Sidharth Malhotra.
The PNB virtually accused other banks' foreign branches of not sharing with it information or documents made available to them by these Indian companies at the time of availing buyers' credit from them.
Randeep Surjewala said whistleblower Hari Prasad had written to the Prime Minister's Office as early as July 2016, alerting the government about the "biggest bank loot scam in 70 years" in independent India.
Billionaire jewellery designer Nirav Modi had left the country on January 1 much before the CBI received a complaint from Punjab National Bank on January 29 about a Rs 280-crore fraud.
Around 2 pm, the scrips of the bank declined by 7.17 per cent to trade at Rs 135.35 per share, less by Rs 10.45 from the previous close at Rs 145.80.
We cannot blame anybody until the investigation process is complete; those found guilty will not be spared, the Punjab National Bank chief said.
How did two bank employees manage to help three business firms swindle such a large amount? Read on to understand what is PNB-Nirav Modi scam and how India’s biggest banking fraud worth Rs 11,400 crore unravelled.
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