PNB Scam: Startling revelations during probe


He further said that PSU banks will continue to under-perform in the near term "on concerns of possibility of alleged scam which may extend to some other banks".

Arrested bank officials revealed that Modi's staff were logging into the SWIFT system using passwords of PNB officials. The odd thing is Modiji (Nirav Modi) takes away Rs. 22,000 crore.

While authorities said they did not know their whereabouts, broadcaster NDTV had tracked Modi to a hotel in NY. "Last August, the company gave notice to quit tenancy and vacated Kamla Mills premises in December 2017.None of us have anything to do even remotely with Gitanjali company, Firestar or any other business of Nirav Modi", he said.

Mr Modi has not yet commented on the case, and no charges have been filed. Also, his wife Ami Modi was seen during the day going in and out of the building several times, the report added.

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

"People on top (positions) in the central government are involved", he said while referring to the Punjab National Bank that was defrauded of $1.8 billion by designer jeweller Nirav Modi.

"Gitanjali Gems was suspended for 6 months from doing business on NSE in 2013". He said he was forced to resign later for raising the issue.

That these monies belonged to the national exchequer which he blatantly plundered, has now been exposed by this scam, and lays hollow Prime Minister Modi's famed slogan - "Na Khaunga, Na Khane Dunga", the edit noted.

The move is a part of investigation to unearth the trail of the $754.92 million (Rs 4,886.72 crore) funds raised by the Gitanjali group through foreign branches of Indian banks against Foreign Letter of Credits (FLCs) or Letters of Undertaking (LoU) given by PNB. Gandhi said that the prime minister had destroyed the financial system of India through his actions.

Kejriwal said people were now anxious about their money deposited in public sector banks. "And now his friends and cronies are stealing it from the banking sector".

The Congress chief also targeted Union Finance Minister Arun Jaitley over the issue, saying he "is in hiding". BJP should be ashamed of calling 2G a scam. "But he can't tell the nation that Rs. 22,000 crore, the people's money which Nirav Modiji snatched away, who is responsible for this", he told PTI.

Singhvi said, in a statement, that Nirav Modi's company was a tenant of a Kamla Mills property owned by Adwait Holdings in which his wife and sons are directors.

The fraud was revealed in mid-January when Nirav Modi's companies sought a fresh loan in early January.

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