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The CBI today filed its chargesheet against billionaire jeweller Mehul Choksi and 17 other entities, including companies owned by him and other individuals, in connection with the over $2 billion Punjab National Bank (PNB) scam, officials said. 
The chargesheet was filed before a special CBI court in Mumbai.

In the chargesheet, pertaining to an FIR against Choksi, the Gitanjali group of companies and 16 other entities (including companies and individuals), the agency has slapped charges of criminal conspiracy, cheating and under the provisions of the Prevention of Corruption Act, the officials said.

They added that this was a separate chargesheet from the one filed on May 14 against Choksi's nephew Nirav Modi and stressed that the present chargesheet pertained to the FIR against Choksi.

Supplementary chargesheets against Modi will also be filed soon, they said.

The FIR was lodged on the basis of a complaint from the PNB, dated February 13.

According to it, the alleged loss to the bank was over Rs 4,886 crore, arising out of 143 Letters of Undertaking (LoUs) and 224 Foreign Letters of Credit issued to the companies of Choksi, the officials said, adding that the total loss, allegedly perpetrated by the jeweller and his nephew Modi -- both absconding -- was over $2 billion.

It is alleged that the accused PNB officials, in a conspiracy with private persons, had sent the unauthorised LoUs and Foreign Letters of Credit to overseas branches of Indian banks for release of funds to the accused companies' suppliers or to clear the liabilities of the accused companies.

The accused PNB officials allegedly did not enter the instructions for these LoUs in their internal software to avoid scrutiny. They were sent through an international messaging system for banking called SWIFT, used to pass instructions among banks globally to transfer funds.

An LoU is a guarantee given by an issuing bank to Indian banks that have branches abroad to grant short-term credit to an applicant.

In case of default, the bank issuing the LoU has to pay the liability to the credit-giving bank.&nbsp

The FIR was lodged on the basis 0f a complaint from the PNB, dated February 13.

The CBI today filed its chargesheet against billionaire jeweller Mehul Choksi and 17 other entities, including companies owned by him and other individuals, in connection with the over $2 billion Punjab National Bank (PNB) scam, officials said. The chargesheet was filed before a special CBI court in Mumbai. In the chargesheet, pertaining to an FIR against Choksi, the Gitanjali group of companies and 16 other entities (including companies and individuals), the agency has slapped charges of criminal conspiracy, cheating and under the provisions of the Prevention of Corruption Act, the officials said. They added that this was a separate chargesheet from the one filed on May 14 against Choksi's nephew Nirav Modi and stressed that the present chargesheet pertained to the FIR against Choksi. Supplementary chargesheets against Modi will also be filed soon, they said. The FIR was lodged on the basis of a complaint from the PNB, dated February 13. According to it, the alleged loss to the bank was over Rs 4,886 crore, arising out of 143 Letters of Undertaking (LoUs) and 224 Foreign Letters of Credit issued to the companies of Choksi, the officials said, adding that the total loss, allegedly perpetrated by the jeweller and his nephew Modi -- both absconding -- was over $2 billion. It is alleged that the accused PNB officials, in a conspiracy with private persons, had sent the unauthorised LoUs and Foreign Letters of Credit to overseas branches of Indian banks for release of funds to the accused companies' suppliers or to clear the liabilities of the accused companies. The accused PNB officials allegedly did not enter the instructions for these LoUs in their internal software to avoid scrutiny. They were sent through an international messaging system for banking called SWIFT, used to pass instructions among banks globally to transfer funds. An LoU is a guarantee given by an issuing bank to Indian banks that have branches abroad to grant short-term credit to an applicant. In case of default, the bank issuing the LoU has to pay the liability to the credit-giving bank.

PNB scam: CBI files chargesheet against Choksi, 17 others

Amid the multi-agency probe into the PNB scam, the state-run bank on Monday said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on into the Rs 11,400 crore scam, which is already one of the biggest in the Indian banking sector.

On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders.

In a filing to the BSE late tonight, the bank said the amount of unauthorised transactions could go up by more than Rs 1,300 crore.

&quot;...We have to inform that quantum of reported unauthorised transactions can increase by $ 204.25 million (approximately),&quot; the filing said.

At the current exchange rate, the amount comes to around Rs 1,323 crore.

The bank also referred to its filing made on February 14 when it first disclosed the fraud and at that time, the &quot;fraudulent and unauthorised transactions&quot; was estimated at $ 1.77 billion (about Rs 11,400 crore).

The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.&nbsp;

The Rs 11,400 crore scam is already one of the biggest in the Indian banking sector

Amid the multi-agency probe into the PNB scam, the state-run bank on Monday said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore. The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on into the Rs 11,400 crore scam, which is already one of the biggest in the Indian banking sector. On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders. In a filing to the BSE late tonight, the bank said the amount of unauthorised transactions could go up by more than Rs 1,300 crore. "...We have to inform that quantum of reported unauthorised transactions can increase by $ 204.25 million (approximately)," the filing said. At the current exchange rate, the amount comes to around Rs 1,323 crore. The bank also referred to its filing made on February 14 when it first disclosed the fraud and at that time, the "fraudulent and unauthorised transactions" was estimated at $ 1.77 billion (about Rs 11,400 crore). The scam was perpetrated by way of fraudulent Letters of Undertaking (LoUs) generated in the name of Punjab National Bank.

PNB fraud: Bank says scam amount could be Rs 1,300 crore higher

Global star Priyanka Chopra terminated her contract with celebrity jeweller <a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970" target="_blank">Nirav Modi</a> and stepped down as a brand ambassador, as reported by news agency ANI Friday.&nbsp;

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<blockquote class="twitter-tweet" data-lang="en">
In light of recent allegations, Priyanka Chopra has chosen to terminate her contract with the <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> brand: Priyanka Chopra&#39;s spokesperson (File Pic) <a href="https://t.co/NnXYBeYc0Q">pic.twitter.com/NnXYBeYc0Q</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/966964100776579072?ref_src=twsrc%5Etfw">February 23, 2018</a></blockquote>
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This comes in the wake of Nirav Modi committing a fraud worth Rs. 11,300 crore with Punjab National Bank (PNB).&nbsp;

The bank is now trying to recover dues from the jeweller who is out of the country with family. PNB told Nirav Modi on Thursday to come up with a concrete plan to return the loan amount borrowed by his companies without following proper procedures.&nbsp;

Earlier on February 20, Nirav Modi wrote a&nbsp;letter to PNB accusing the bank of discrediting his legacy and name in the industry and &quot;destroying his brand&quot;. Read the full letter <a href="http://www.wionews.com/india-news/full-text-of-nirav-modis-letter-to-pnb-33448" target="_blank">here</a>.&nbsp;

In response, PNB wrote back accusing him of &quot;illegally using bank LoUs and declared he was guilty of FEMA violation and money laundering&quot;. Read the detailed letter <a href="http://www.wionews.com/india-news/you-were-getting-lous-issued-illegally-says-pnb-in-letter-to-nirav-modi-33705" target="_blank">here</a>.&nbsp;

It has been reported that&nbsp;Nirav Modi, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country on the same day. Modi&#39;s wife Ami, a US citizen, left on January 6 and his uncle and business partner&nbsp;<a href="http://www.wionews.com/india-news/after-ed-raids-on-nirav-modis-showrooms-cbi-targets-mehul-choksis-gitanjali-group-33063" target="_blank">Mehul Choksi, the promoter of Gitanjali jewellery chain</a>, left on January 4.

Nirav Modi is currently under investigation over alleged bank fraud of Rs. 11,300 crore

Global star Priyanka Chopra terminated her contract with celebrity jeweller Nirav Modi and stepped down as a brand ambassador, as reported by news agency ANI Friday. In light of recent allegations, Priyanka Chopra has chosen to terminate her contract with the #NiravModi brand: Priyanka Chopra's spokesperson (File Pic) pic.twitter.com/NnXYBeYc0Q — ANI (@ANI) February 23, 2018 × This comes in the wake of Nirav Modi committing a fraud worth Rs. 11,300 crore with Punjab National Bank (PNB). The bank is now trying to recover dues from the jeweller who is out of the country with family. PNB told Nirav Modi on Thursday to come up with a concrete plan to return the loan amount borrowed by his companies without following proper procedures. Earlier on February 20, Nirav Modi wrote a letter to PNB accusing the bank of discrediting his legacy and name in the industry and "destroying his brand". Read the full letter here. In response, PNB wrote back accusing him of "illegally using bank LoUs and declared he was guilty of FEMA violation and money laundering". Read the detailed letter here. It has been reported that Nirav Modi, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country on the same day. Modi's wife Ami, a US citizen, left on January 6 and his uncle and business partner Mehul Choksi, the promoter of Gitanjali jewellery chain, left on January 4.

Priyanka Chopra quits as Nirav Modi brand ambassador

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PNB scam: CBI files chargesheet against Choksi, 17 others

PNB fraud: Bank says scam amount could be Rs 1,300 crore higher

Priyanka Chopra quits as Nirav Modi brand ambassador