Nirav Modi row: Punjab National Bank suspends 8 officers over scam
Nirav Modi
PNB is conducting an internal investigation and has now suspended 18 employees.
Punjab National Bank(PNB) has suspended eight employees including General Manager level officers as the Nirav Modi induced scam continues to batter the state-run bank.
PNB is conducting an internal investigation and has now suspended 18 employees.
Meanwhile, the Enforcement Directorate(ED) has issued summons to the billionaire jeweller with the Interpol issuing a "diffusion notice" against him.
The notice has also been issued against Nirav Modi's wife Ami Modi, his brother Nishal Modi and business partner Mehul Choksi.
As investigations into the scam continue, state-owned Union Bank of India has said it has an exposure of $300 million which is around Rs 1,915 crore as a result of the PNB fraud.
On Thursday, PNB had said it will honour its “bonafide commitments” even as the ED raided a number of locations of Nirav Modi's showrooms across the country in Mumbai, Delhi, Surat, Surat & Hyderabad.
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The ED has also frozen bank balance worth Rs 3.9 crore in various accounts and fixed deposits.
In what could be the biggest banking fraud in India, state-owned Punjab National Bank has said it has detected a US $1.77 billion scam and billionaire jeweller Nirav Modi is at the centre of it. (WION Web Team)