PNB scam: 'No one shall be spared,' says govt
Ravi Shankar Prasad
Law Minister Ravi Shankar Prasad promised 'swift action soon'
The government Thursday promised "swift action soon" in the PNB scam.
Law Minister Ravi Shankar Prasad added that "no one shall be spared".
Prasad was speaking to the media in New Delhi.
"I wish to make it very clear and this I can also convey on the behalf of the govt that no shall be spared in the banking system who has sought to derail ordinary banking system to help NiravModi."
"This is regardless of stature and status of concerned official," Prasad added.
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Punjab National Bank MD Sunil Mehta said Thursday that the scam had begun in 2011 but that his bank discovered it only in the third week of January, 2018.
The PNB scam totals up to a massive 11,400 crore. At the centre of the scam is billionaire jeweller Nirav Modi —his designs have been worn by, amongs others, Kate Winslet and Priyanka Chopra.
Priyanka Chopra however, who is also Nirav Modi's brand ambassador, sued him on Thursday for non-payment of dues.
Nirav Modi had allegedly got junior PNB employees to sign bank guarantees on the basis of which he had got huge loans from foreign banks.
The scam was discovered this year when Modi tried to get new bank guarantees. The junior employees had left PNB by then, and the new people Modi was dealing with began to ask questions.
Modi is accused of defrauding PNB of Rs 280 crore.
A number of other large jewellers have also come under the scanner since the scam broke.