The extent of the unraveling fraud at India&#39;s state-run Punjab National Bank could rise beyond the nearly $2 billion mark so far outlined by the lender, according to a source involved in the probe and court documents.

The source, who asked not to be named, said investigators had not yet recovered all the papers and loan guarantees allegedly issued by rogue employees of the bank, and consequently believed the bank&#39;s exposure could be greater than revealed so far.

In what has been dubbed as the biggest fraud in India&#39;s banking history, Punjab National Bank (PNB) and police have accused two jewelry groups - one controlled by diamond tycoon Nirav Modi and the other by his uncle Mehul Choksi - of colluding with bank employees to get credit from overseas banks using fraudulent guarantees.

Both Choksi and Modi have denied the allegations and lawyers for the two key accused PNB employees in the case have also said they are innocent.

According to court filings, the exposure to three companies controlled by Modi has been estimated at 64.98 billion rupees ($999 million), while firms controlled by Choksi have been accused of defrauding the bank of 61.38 billion rupees.

The Central Bureau of Investigation (CBI) has told a Mumbai court that the amount involving Modi&#39;s companies was likely to go up, according to the source and court filings, copies of which have been reviewed.

The CBI told the court that its investigation had found that the fraudulent issuance of letters of undertaking (LoUs), or guarantees, through a Mumbai branch of the bank had been going on since 2010.

In papers filed on Monday, the CBI also said PNB did not have all the documents related to the LoUs, since those were returned to the borrower.

&quot;Most of these documents are not yet recovered. The size of the fraud has now gone (up)...and the same is likely to go even higher,&quot; the CBI said in the court filing.

PNB did not respond to requests on Tuesday seeking comment on the risk of its exposure rising further.

The bank initially reported to authorities on January 29 that the jewelry groups had defrauded it of 2.8 billion rupees, or about $44 million. On February 14 it said the fraud sum had reached $1.77 billion after a detailed investigation.

It raised the amount further to nearly $2 billion last week, saying it had discovered some $200 million more in fraudulent letters of credit, another form of credit guarantee, issued to Choksi&#39;s Gitanjali group. 
&nbsp;

"Most of these documents are not yet recovered. The size of the fraud has now gone (up)...and the same is likely to go even higher," the CBI said in the court filing

The extent of the unraveling fraud at India's state-run Punjab National Bank could rise beyond the nearly $2 billion mark so far outlined by the lender, according to a source involved in the probe and court documents. The source, who asked not to be named, said investigators had not yet recovered all the papers and loan guarantees allegedly issued by rogue employees of the bank, and consequently believed the bank's exposure could be greater than revealed so far. In what has been dubbed as the biggest fraud in India's banking history, Punjab National Bank (PNB) and police have accused two jewelry groups - one controlled by diamond tycoon Nirav Modi and the other by his uncle Mehul Choksi - of colluding with bank employees to get credit from overseas banks using fraudulent guarantees. Both Choksi and Modi have denied the allegations and lawyers for the two key accused PNB employees in the case have also said they are innocent. According to court filings, the exposure to three companies controlled by Modi has been estimated at 64.98 billion rupees ($999 million), while firms controlled by Choksi have been accused of defrauding the bank of 61.38 billion rupees. The Central Bureau of Investigation (CBI) has told a Mumbai court that the amount involving Modi's companies was likely to go up, according to the source and court filings, copies of which have been reviewed. The CBI told the court that its investigation had found that the fraudulent issuance of letters of undertaking (LoUs), or guarantees, through a Mumbai branch of the bank had been going on since 2010. In papers filed on Monday, the CBI also said PNB did not have all the documents related to the LoUs, since those were returned to the borrower. "Most of these documents are not yet recovered. The size of the fraud has now gone (up)...and the same is likely to go even higher," the CBI said in the court filing. PNB did not respond to requests on Tuesday seeking comment on the risk of its exposure rising further. The bank initially reported to authorities on January 29 that the jewelry groups had defrauded it of 2.8 billion rupees, or about $44 million. On February 14 it said the fraud sum had reached $1.77 billion after a detailed investigation. It raised the amount further to nearly $2 billion last week, saying it had discovered some $200 million more in fraudulent letters of credit, another form of credit guarantee, issued to Choksi's Gitanjali group.

PNB bank fraud likely to swell beyond $2 billion mark

The Special CBI court in Mumbai has sent Vipul Ambani President (Finance) of Nirav Modi&#39;s Fire Star Diamond and 5 other accused Kavita Makikar, Arjun Patil, Rajesh Jindal, Kapil Khandelwal and Nitin Shahi to judicial custody for 14 days.&nbsp;&nbsp;

The six arrested in February by the CBI&nbsp;will remain in Judicial custody till March 19.&nbsp;

The CBI in its interrogation also revealed that the Vipul Ambani had complete knowledge of fraudulent and illegal Letter of Undertakings taken by Nirav Modi.&nbsp;

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<a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>: Vipul Ambani, President (Finance) of Nirav Modi&#39;s Fire Star Diamond and 5 other accused - Kavita Mankikar, Arjun Patil, Rajesh Jindal, Kapil Khandelwal &amp; Niten Shahi sent to Judicial Custody till 19th March by Special CBI Court, Mumbai
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/970604776873488384?ref_src=twsrc%5Etfw">March 5, 2018</a></blockquote>
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Whereas the<a href="http://www.wionews.com/india-news/pnb-scam-cbi-arrests-4-more-officials-of-modi-choksi-companies-34675" target="_blank"> four accused who were arrested Sunday</a> have&nbsp;been sent to judicial custody for 12 days.&nbsp;

Manish Bosamiya, Miten Pandya, Sanjay Rambhia and Aniyath Shiv Raman Nair will remain in judicial custody till March 17.&nbsp;

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<a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>: Four accused- Manish Bosamiya, Miten Pandya, Sanjay Rambhia &amp; Aniyath Shiv Raman Nair, arrested yesterday, sent to police custody till 17 March by Special CBI Court, <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/970625581778792448?ref_src=twsrc%5Etfw">March 5, 2018</a></blockquote>
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The CBI also questioned Punjab National Bank&#39;s General Manager Treasury, SK Chand in connection with the Fraud case.&nbsp;

The agency has yet to track down Modi and Choksi, who left India in January before the fraud came to light. Both have issued statements denying the CBI&rsquo;s charges.

Nirav Modi and Mehul Choksi, owner of Gitanjali gems, are accused of securing unauthorised loans using fraudulent LoUs from the PNB.

They are suspected of colluding with bank officials at PNB to obtain unauthorised loans over a six-year period starting in 2011.&nbsp;

The Special CBI court in Mumbai has sent Vipul Ambani President (Finance) of Nirav Modi's Fire Star Diamond and 5 other accused Kavita Makikar, Arjun Patil, Rajesh Jindal, Kapil Khandelwal and Nitin Shahi to judicial custody for 14 days

The Special CBI court in Mumbai has sent Vipul Ambani President (Finance) of Nirav Modi's Fire Star Diamond and 5 other accused Kavita Makikar, Arjun Patil, Rajesh Jindal, Kapil Khandelwal and Nitin Shahi to judicial custody for 14 days. The six arrested in February by the CBI will remain in Judicial custody till March 19. The CBI in its interrogation also revealed that the Vipul Ambani had complete knowledge of fraudulent and illegal Letter of Undertakings taken by Nirav Modi. #PNBFraudCase: Vipul Ambani, President (Finance) of Nirav Modi's Fire Star Diamond and 5 other accused - Kavita Mankikar, Arjun Patil, Rajesh Jindal, Kapil Khandelwal & Niten Shahi sent to Judicial Custody till 19th March by Special CBI Court, Mumbai — ANI (@ANI) March 5, 2018 × Whereas the four accused who were arrested Sunday have been sent to judicial custody for 12 days. Manish Bosamiya, Miten Pandya, Sanjay Rambhia and Aniyath Shiv Raman Nair will remain in judicial custody till March 17. #PNBFraudCase: Four accused- Manish Bosamiya, Miten Pandya, Sanjay Rambhia & Aniyath Shiv Raman Nair, arrested yesterday, sent to police custody till 17 March by Special CBI Court, #Mumbai — ANI (@ANI) March 5, 2018 × The CBI also questioned Punjab National Bank's General Manager Treasury, SK Chand in connection with the Fraud case. The agency has yet to track down Modi and Choksi, who left India in January before the fraud came to light. Both have issued statements denying the CBI’s charges. Nirav Modi and Mehul Choksi, owner of Gitanjali gems, are accused of securing unauthorised loans using fraudulent LoUs from the PNB. They are suspected of colluding with bank officials at PNB to obtain unauthorised loans over a six-year period starting in 2011.

PNB Fraud: CBI sends 10 people to judicial custody

The second part of the Budget session resumes today with both houses of Parliament meeting after a month-long break.

The Opposition parties are likely to corner the Prime Minister Narendra Modi-led government on the Rs 12,636 crore Punjab National Bank (PNB) scam involving celebrity jewellery designer Nirav Modi and his uncle and business partner Mehul Choksi.

The government&#39;s priorities are likely to be the passage of the triple talaq bill andd the Fugitive Economic Offenders Bill.

The Prime Minister Narendra Modi-led Union cabinet had approved the proposal to introduce the offenders bill 2018 in the Parliament on March 1.

The purpose of the bill is to confiscate the assets of a fugitive, including Benami assets.

The Parliament will also take up a discussion on the Union budget, which was tabled in the first half of the session, and pass it.

The government has listed a few bills for consideration and passage in both Houses.

In the Lok Sabha, it intends to bring The Payment of Gratuity (Amendment) Bill, 2017, and The Specific Relief (Amendment) Bill, 2017, on March 5, and The Dentists (Amendment) Bill, 2017, on March 6.

In the Rajya Sabha, the government has listed The Motor Vehicles (Amendment) Bill, 2017, and The State Banks (Repeal and Amendment) Bill, 2017, for the first day of the session.

(With inputs from ANI)

 
&nbsp;

The government's priorities are likely to be the passage of the triple talaq bill and the Fugitive Economic Offenders Bill

The second part of the Budget session resumes today with both houses of Parliament meeting after a month-long break. The Opposition parties are likely to corner the Prime Minister Narendra Modi-led government on the Rs 12,636 crore Punjab National Bank (PNB) scam involving celebrity jewellery designer Nirav Modi and his uncle and business partner Mehul Choksi. The government's priorities are likely to be the passage of the triple talaq bill andd the Fugitive Economic Offenders Bill. The Prime Minister Narendra Modi-led Union cabinet had approved the proposal to introduce the offenders bill 2018 in the Parliament on March 1. The purpose of the bill is to confiscate the assets of a fugitive, including Benami assets. The Parliament will also take up a discussion on the Union budget, which was tabled in the first half of the session, and pass it. The government has listed a few bills for consideration and passage in both Houses. In the Lok Sabha, it intends to bring The Payment of Gratuity (Amendment) Bill, 2017, and The Specific Relief (Amendment) Bill, 2017, on March 5, and The Dentists (Amendment) Bill, 2017, on March 6. In the Rajya Sabha, the government has listed The Motor Vehicles (Amendment) Bill, 2017, and The State Banks (Repeal and Amendment) Bill, 2017, for the first day of the session. (With inputs from ANI)

Budget Session to resume in Parliament from today

The Central Bureau of Investigations (CBI) on Sunday arrested four more people in the&nbsp;alleged Rs 12,636-crore fraud case at the Punjab National Bank (PNB) by billionaire jeweller Nirav Modi and his uncle and business partner Mehul Choksi.

The CBI said it had arrested two former employees of the Nirav Modi-owned Firestar International -- Manish Bosamiya and Miten Pandya.

The former Firestar employees were arrested on suspicion of fabricating paperwork for the fraud, the CBI said.

Bosamiya, the then AGM (operations) of Firestarter International, and then Finance Manager Miten Anil Pandya allegedly prepared applications for fraudulent Letters of Undertakings submitted to Punjab National Bank, officials said.

An auditor, Sampat Rambhia, was also arrested, as was Aniyath Shiv Raman, a former director of the Mehul Choksi-owned Gili India. The CBI alleges he was the authorised signatory for the applications submitted to PNB for issuance of purported letters of undertaking (LoUs) and foreign letters of credit (FLCs). Also read -&nbsp;<a href="http://www.wionews.com/india-news/pnb-fraud-cbi-says-nirav-modi-gave-gold-bribes-34614">PNB fraud: CBI says Nirav Modi gave gold bribes</a>

More than a dozen people have been arrested by the CBI since the fraud at PNB, the country&#39;s second-biggest lender, came to light in January.

The agency has yet to track down Modi and Choksi, who left India in January before the fraud came to light. Both have issued statements denying the CBI&rsquo;s charges.

Nirav Modi and Mehul Choksi, owner of Gitanjali gems, are accused of securing unauthorised loans using fraudulent LoUs from the PNB.

They are suspected of colluding with bank officials at PNB to obtain unauthorised loans over a six-year period starting in 2011.&nbsp;

The accused officials of the PNB did not enter the instructions for these LoUs and FLCs in their internal software to avoid scrutiny.

They were sent through an international messaging system for banking called SWIFT, which is used to pass instructions among banks globally to transfer funds.

The PNB officials allegedly sent these messages to Indian banks -- Canara Bank, State Bank of India, Bank of India, Axis Bank, Allahabad bank -- located in Antwerp, Hong Kong, Bahrain, Mauritius, Frankfurt without making 
entries in the banking software about the LoUs.

Upon receiving the messages from PNB under SWIFT, the banks abroad transferred these amounts into NOSTRO account of PNB with them.

Nostro account is an account that a bank holds in a foreign currency in another bank to enable foreign trade by its clients.&nbsp;

(With inputs from agencies)

More than a dozen people have been arrested by the CBI since the fraud at PNB, the country's second-biggest lender, came to light in January

The Central Bureau of Investigations (CBI) on Sunday arrested four more people in the alleged Rs 12,636-crore fraud case at the Punjab National Bank (PNB) by billionaire jeweller Nirav Modi and his uncle and business partner Mehul Choksi. The CBI said it had arrested two former employees of the Nirav Modi-owned Firestar International -- Manish Bosamiya and Miten Pandya. The former Firestar employees were arrested on suspicion of fabricating paperwork for the fraud, the CBI said. Bosamiya, the then AGM (operations) of Firestarter International, and then Finance Manager Miten Anil Pandya allegedly prepared applications for fraudulent Letters of Undertakings submitted to Punjab National Bank, officials said. An auditor, Sampat Rambhia, was also arrested, as was Aniyath Shiv Raman, a former director of the Mehul Choksi-owned Gili India. The CBI alleges he was the authorised signatory for the applications submitted to PNB for issuance of purported letters of undertaking (LoUs) and foreign letters of credit (FLCs). Also read - PNB fraud: CBI says Nirav Modi gave gold bribes More than a dozen people have been arrested by the CBI since the fraud at PNB, the country's second-biggest lender, came to light in January. The agency has yet to track down Modi and Choksi, who left India in January before the fraud came to light. Both have issued statements denying the CBI’s charges. Nirav Modi and Mehul Choksi, owner of Gitanjali gems, are accused of securing unauthorised loans using fraudulent LoUs from the PNB. They are suspected of colluding with bank officials at PNB to obtain unauthorised loans over a six-year period starting in 2011. The accused officials of the PNB did not enter the instructions for these LoUs and FLCs in their internal software to avoid scrutiny. They were sent through an international messaging system for banking called SWIFT, which is used to pass instructions among banks globally to transfer funds. The PNB officials allegedly sent these messages to Indian banks -- Canara Bank, State Bank of India, Bank of India, Axis Bank, Allahabad bank -- located in Antwerp, Hong Kong, Bahrain, Mauritius, Frankfurt without making entries in the banking software about the LoUs. Upon receiving the messages from PNB under SWIFT, the banks abroad transferred these amounts into NOSTRO account of PNB with them. Nostro account is an account that a bank holds in a foreign currency in another bank to enable foreign trade by its clients. (With inputs from agencies)

PNB scam: CBI arrests 4 more officials of Modi, Choksi companies

<a href="http://www.wionews.com/india-news/chidambaram-helpedmehul-choksiin2014-ravi-shankar-prasad-34759">Chidambaram helped Mehul Choksi in 2014: Ravi Shankar Prasad</a>

Union Minister Ravi Shankar Prasad hit out at the Congress saying that the entire banking system was out of control under the leadership of Economist Prime Minister Manmohan Singh.

<a href="http://www.wionews.com/india-news/china-hikes-defence-budget-to-175-billion-three-times-that-of-indias-34743">China increases </a><a href="http://www.wionews.com/india-news/china-hikes-defence-budget-to-175-billion-three-times-that-of-indias-34743">defence</a><a href="http://www.wionews.com/india-news/china-hikes-defence-budget-to-175-billion-three-times-that-of-indias-34743"> budget to $175 billion, three times higher than India&#39;s</a>

China today announced a 8.1 per cent hike in its defence expenditure for this year to a whopping $175 billion, which is over three times higher than India&#39;s defence budget as it seeks to further advance an ambitious modernisation drive for its military.

<a href="http://www.wionews.com/south-asia/sri-lanka-imposes-curfew-after-anti-muslim-riots-34765">Sri Lanka imposes curfew after anti-Muslim riots</a>

Sri Lanka imposed a curfew Monday in a central hill station town popular with tourists after days of communal unrest that saw a man killed and Muslim businesses set alight.

<a href="http://www.wionews.com/world/italy-faces-political-gridlock-after-5-star-surges-34756">Italy faces political gridlock after 5-Star surges</a>

Italy faces a prolonged period of political instability after voters delivered a hung parliament on Sunday, spurning traditional parties and flocking to anti-establishment and far-right groups in record numbers.

<a href="http://www.wionews.com/south-asia/imran-khan-to-contest-2018-general-elections-from-karachi-34763">Imran Khan to contest 2018 general elections from Karachi</a>

Pakistan Tehreek-i-Insaf (PTI) Chief Imran Khan on Monday announced he would contest the upcoming general election from Karachi.

Chidambaram helped Mehul Choksi in 2014: Ravi Shankar Prasad Union Minister Ravi Shankar Prasad hit out at the Congress saying that the entire banking system was out of control under the leadership of Economist Prime Minister Manmohan Singh. China increases defence budget to $175 billion, three times higher than India's China today announced a 8.1 per cent hike in its defence expenditure for this year to a whopping $175 billion, which is over three times higher than India's defence budget as it seeks to further advance an ambitious modernisation drive for its military. Sri Lanka imposes curfew after anti-Muslim riots Sri Lanka imposed a curfew Monday in a central hill station town popular with tourists after days of communal unrest that saw a man killed and Muslim businesses set alight. Italy faces political gridlock after 5-Star surges Italy faces a prolonged period of political instability after voters delivered a hung parliament on Sunday, spurning traditional parties and flocking to anti-establishment and far-right groups in record numbers. Imran Khan to contest 2018 general elections from Karachi Pakistan Tehreek-i-Insaf (PTI) Chief Imran Khan on Monday announced he would contest the upcoming general election from Karachi.

WION Evening News brief, March 8, 2018

An official of Punjab National Bank received gold and diamond jewellery from billionaire jeweller <a href="http://www.wionews.com/india-news/pnb-scam-my-fate-was-pre-determined-says-nirav-modi-34566">Nirav Modi</a> accused of being involved in a $2 billion bank fraud, the Central Bureau of Investigation (CBI)told a court on Saturday.

The state lender in January uncovered the alleged fraud in which several bank officials were suspected of colluding with jeweller Nirav Modi and his uncle Mehul Choksi to issue fraudulent letters of undertakings (LoUs), for their companies to raise loans from overseas branches of mostly Indian banks.

The CBI, which has arrested 14 people in the case, on Saturday for the first time said bribes were paid to at least one Punjab National Bank (PNB) official by Modi.

The agency told the court that Yashwant Joshi, who worked as a manager in the forex department of the Mumbai branch that is at the centre of the fraud, admitted to having received two gold coins weighing 60 grams and a pair of gold and diamond earrings from Modi.

The articles have been recovered from Joshi&#39;s house in the presence of independent witnesses, the CBI said.

&quot;This indicates that he was in collusion with the beneficiary accused persons to cheat the bank,&quot; CBI Inspector D. Damodaran said in a court filing. &quot;He also obtained illegal gratification from the beneficiary party for continuing issuance of fraudulent LoUs.&quot;

Joshi, who was committed to judicial custody by the Mumbai court along with four other PNB officials and an associate of Modi, could not be contacted for comment.

Modi and Choksi, who owns Gitanjali Gems Ltd, left India before the fraud came to light, but have said in letters and statements they were innocent.

PNB, the country&#39;s second-biggest state lender, has mainly accused two low-level employees of the Brady House branch of issuing the LoUs without making corresponding entries in the bank&#39;s main software, helping the fraud to go undetected for years.

The CBI, however, has expanded its investigation and arrested two internal auditors of the branch, among others.

Separately, TV channels reported that another Mumbai court on Saturday issued non-bailable warrants against Modi and Choksi following an appeal by the Enforcement Directorate (ED), an agency focused on foreign exchange and money laundering offences.

&quot;Modi appears to be the prima donna in the whole saga of the fraud perpetrated on the PNB,&quot; the directorate said in a filing to the court seen by Reuters.

&quot;The case involves a circuitous web of routes created by the said Modi and in such circumstances, the fraudulent transactions appear to be in the personal knowledge and exclusive domain of Nirav Modi&quot;.

Modi has yet to be tracked by the authorities, but the ED said &quot;reportedly, Modi is presently in Hong Kong&quot;. The agency has already seized various properties of Modi and Choksi, as banks assess the hit to them from the fraud.

State Bank of India and two other state-run banks, Union Bank of India and Allahabad Bank, are lenders who had extended credit based on the LoUs issued by PNB that were later found to be fraudulent. Allahabad Bank said on Saturday it had a $366.87 million exposure to the case.

An official of Punjab National Bank received gold and diamond jewellery from billionaire jeweller Nirav Modi accused of being involved in a $2 billion bank fraud, the CBI told a court on Saturday

An official of Punjab National Bank received gold and diamond jewellery from billionaire jeweller Nirav Modi accused of being involved in a $2 billion bank fraud, the Central Bureau of Investigation (CBI)told a court on Saturday. The state lender in January uncovered the alleged fraud in which several bank officials were suspected of colluding with jeweller Nirav Modi and his uncle Mehul Choksi to issue fraudulent letters of undertakings (LoUs), for their companies to raise loans from overseas branches of mostly Indian banks. The CBI, which has arrested 14 people in the case, on Saturday for the first time said bribes were paid to at least one Punjab National Bank (PNB) official by Modi. The agency told the court that Yashwant Joshi, who worked as a manager in the forex department of the Mumbai branch that is at the centre of the fraud, admitted to having received two gold coins weighing 60 grams and a pair of gold and diamond earrings from Modi. The articles have been recovered from Joshi's house in the presence of independent witnesses, the CBI said. "This indicates that he was in collusion with the beneficiary accused persons to cheat the bank," CBI Inspector D. Damodaran said in a court filing. "He also obtained illegal gratification from the beneficiary party for continuing issuance of fraudulent LoUs." Joshi, who was committed to judicial custody by the Mumbai court along with four other PNB officials and an associate of Modi, could not be contacted for comment. Modi and Choksi, who owns Gitanjali Gems Ltd, left India before the fraud came to light, but have said in letters and statements they were innocent. PNB, the country's second-biggest state lender, has mainly accused two low-level employees of the Brady House branch of issuing the LoUs without making corresponding entries in the bank's main software, helping the fraud to go undetected for years. The CBI, however, has expanded its investigation and arrested two internal auditors of the branch, among others. Separately, TV channels reported that another Mumbai court on Saturday issued non-bailable warrants against Modi and Choksi following an appeal by the Enforcement Directorate (ED), an agency focused on foreign exchange and money laundering offences. "Modi appears to be the prima donna in the whole saga of the fraud perpetrated on the PNB," the directorate said in a filing to the court seen by Reuters. "The case involves a circuitous web of routes created by the said Modi and in such circumstances, the fraudulent transactions appear to be in the personal knowledge and exclusive domain of Nirav Modi". Modi has yet to be tracked by the authorities, but the ED said "reportedly, Modi is presently in Hong Kong". The agency has already seized various properties of Modi and Choksi, as banks assess the hit to them from the fraud. State Bank of India and two other state-run banks, Union Bank of India and Allahabad Bank, are lenders who had extended credit based on the LoUs issued by PNB that were later found to be fraudulent. Allahabad Bank said on Saturday it had a $366.87 million exposure to the case.

PNB fraud: CBI says Nirav Modi gave gold bribes 

Amid the investigation by various probe agencies in Punjab National Bank scam case, accused Nirav Modi sent an email to Enforcement Directorate to ask about the reasons for suspending his passport.

&quot;Passport authority suspended my passport. Meanwhile, you asked me to join probe . Wrote to Passport authority requesting it to provide me reasons of suspension &amp; proposed revocation. Surprisingly, within minutes of my reply ,authority revoked my passport&quot;.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/pnb-scam-cannot-confirm-nirav-modi-is-here-says-us-34468">Cannot confirm Nirav Modi is here, says&nbsp;</a><a href="http://www.wionews.com/india-news/pnb-scam-cannot-confirm-nirav-modi-is-here-says-us-34468">US</a>

He accused system for&nbsp;disregarding the law and said that his&nbsp;&#39;&#39;fate was already decided&quot;.

&#39;&#39;The lightning speed in which the authority has acted clearly shows that the action itself was pre-determined. My fate was already decided&#39;&#39;.

Nirav Modi also stated reasons for not cooperating with the probe in India; he said that he is still &#39;&#39;working abroad and engaged in trying to deal with businesses.&#39;&#39;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/pnb-fraud-internal-chief-auditor-of-punjab-national-bank-arrested-34-more-bank-accounts-of-gitanjali-group-attached-34366">PNB&#39;s Internal Chief Auditor arrested, 34 more bank accounts of Gitanjali Group attached</a>

&#39;&#39;Still working abroad as I continue to be very engaged in trying to deal with businesses that I am involved with outside of India. Trying to ensure that so far as possible the position of these business creditors(including banks)&amp; employees are properly considered&#39;&#39;.

Nirav Modi and and Mehul Choksir are being investigated by probe agencies after Punjab National Bank filed a complaint of fraudulent transactions of&nbsp;Rs 12,000 crores occurred&nbsp;through acquiring fake letters of undertaking.&nbsp;&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/we-have-businesses-abroad-so-i-cant-join-investigations-nirav-modi-replies-to-cbis-mail-34348">We have businesses abroad so I can&#39;t join investigations says Nirav Modi to CBI&#39;s mail</a>

They allegedly acquired fraudulent letters of undertaking (LoUs) were taken&nbsp;from its the banks Brady House branch in Mumbai&nbsp;for overseas credit from other lenders.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.

A special Prevention of <a href="http://www.wionews.com/india-news/pnb-scam-special-pmla-court-issues-non-bailable-warrant-against-nirav-modi-and-mehul-choksi-34551">Money Laundering (PMLA) Court in Mumbai has also issued a non-bailable warrant </a>against Nirav Modi and Mehul Choksi on Saturday.

Amid the investigation by various probe agencies in Punjab National Bank scam case, accused Nirav Modi sent an email to Enforcement Directorate to ask about the reasons for suspending his passport

Amid the investigation by various probe agencies in Punjab National Bank scam case, accused Nirav Modi sent an email to Enforcement Directorate to ask about the reasons for suspending his passport. "Passport authority suspended my passport. Meanwhile, you asked me to join probe . Wrote to Passport authority requesting it to provide me reasons of suspension & proposed revocation. Surprisingly, within minutes of my reply ,authority revoked my passport". Also read: Cannot confirm Nirav Modi is here, says US He accused system for disregarding the law and said that his ''fate was already decided". ''The lightning speed in which the authority has acted clearly shows that the action itself was pre-determined. My fate was already decided''. Nirav Modi also stated reasons for not cooperating with the probe in India; he said that he is still ''working abroad and engaged in trying to deal with businesses.'' Also read: PNB's Internal Chief Auditor arrested, 34 more bank accounts of Gitanjali Group attached ''Still working abroad as I continue to be very engaged in trying to deal with businesses that I am involved with outside of India. Trying to ensure that so far as possible the position of these business creditors(including banks)& employees are properly considered''. Nirav Modi and and Mehul Choksir are being investigated by probe agencies after Punjab National Bank filed a complaint of fraudulent transactions of Rs 12,000 crores occurred through acquiring fake letters of undertaking. Also read: We have businesses abroad so I can't join investigations says Nirav Modi to CBI's mail They allegedly acquired fraudulent letters of undertaking (LoUs) were taken from its the banks Brady House branch in Mumbai for overseas credit from other lenders. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case. A special Prevention of Money Laundering (PMLA) Court in Mumbai has also issued a non-bailable warrant against Nirav Modi and Mehul Choksi on Saturday.

PNB scam: 'My fate was pre-determined' says Nirav Modi

The United States government is aware of media reports that diamond jeweller Nirav Modi is in the country but is unable to confirm them, a State Department official said today.

&quot;We are aware of recent media reports that Nirav Modi is in the United States but cannot confirm them,&quot; the spokesperson told PTI when asked about reports that the Indian businessman is in New York.

Asked if the department is providing any assistance to the Indian government in tracing Modi, the spokesperson said, &quot;We refer you to the Department of Justice for questions on legal assistance to the Indian authorities in relation to their investigation of Mr. Modi&quot;.

The Department of Justice declined to comment on Modi.

Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies following a complaint by the Punjab National Bank (PNB) that they allegedly cheated the nationalised bank to the tune of over Rs 12,000 crore, with the purported involvement of a few employees of the bank.

They allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.

Modi, his family, and Choksi, the promoter of Gitanjali Gems, left the country in early January, much before the CBI received a complaint from the PNB.

On being asked by the CBI to join its investigation into the alleged fraud, Modi refused, saying he has &quot;business abroad&quot;.

The CBI then directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged.

A Look Out Circular (LoC), also known as a blue corner notice, has already been issued against Modi and Choksi to keep a tab on their entry at all land, air and sea ports in India.&nbsp;

'We are aware of recent media reports that Nirav Modi is in the United States but cannot confirm them,' a State Department spokesperson said

The United States government is aware of media reports that diamond jeweller Nirav Modi is in the country but is unable to confirm them, a State Department official said today. "We are aware of recent media reports that Nirav Modi is in the United States but cannot confirm them," the spokesperson told PTI when asked about reports that the Indian businessman is in New York. Asked if the department is providing any assistance to the Indian government in tracing Modi, the spokesperson said, "We refer you to the Department of Justice for questions on legal assistance to the Indian authorities in relation to their investigation of Mr. Modi". The Department of Justice declined to comment on Modi. Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies following a complaint by the Punjab National Bank (PNB) that they allegedly cheated the nationalised bank to the tune of over Rs 12,000 crore, with the purported involvement of a few employees of the bank. They allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case. Modi, his family, and Choksi, the promoter of Gitanjali Gems, left the country in early January, much before the CBI received a complaint from the PNB. On being asked by the CBI to join its investigation into the alleged fraud, Modi refused, saying he has "business abroad". The CBI then directed him to contact the embassy of India in a country where he is staying so that his travel to India can be arranged. A Look Out Circular (LoC), also known as a blue corner notice, has already been issued against Modi and Choksi to keep a tab on their entry at all land, air and sea ports in India.

PNB scam: Cannot confirm Nirav Modi is here, says US

The Enforcement Directorate on Thursday attached 41 properties of Mehul Choksi of the Gitanjali Group, worth Rs 1,217 crore, in connection with an ongoing probe into the Rs 11,400 crore Punjab National Bank fraud case.

The central probe agency issued a provisional order for attachment under the Prevention of Money Laundering Act (PMLA).&nbsp;

The attached assets include 15 flats and 17 office premises in Mumbai, a mall in Kolkata, a four-acre farmhouse in Alibaug and 231 acres of land at locations like Nasik, Nagpur, Panvel and Villupuram in Tamil Nadu.&nbsp;

A 170-acre park in Hyderabad&#39;s Ranga Reddy district valued at over Rs 500 crore has also been attached, it said.&nbsp;

Four flats in Borivali (east) area of the Maharashtra capital and nine others in Khemu Towers in Santacruz (east) have been attached as part of the action.&nbsp;

&quot;The total value of the 41 seized assets controlled by Choksi has estimated at Rs 1,217.2 crore,&quot; the ED said.&nbsp;

Mr. Choksi and designer diamond jewellery businessman Nirav Modi and others are being investigated by the ED and other probe agencies after the bank fraud recently came to light, following a complaint by the PNB that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.

The CBI and the ED have registered two FIRs each to probe the case. Both Mr Choksi and Mr Modi are said to have left the country before criminal cases were lodged against them. They have, however, denied any wrongdoing.

The ED, a central probe agency under the union finance ministry, is investigating if the allegedly defrauded bank funds were laundered and proceeds of crime were subsequently used by the accused to create illegal assets and black money.

(With inputs from PTI)

The CBI, which is also part of the investigation, had registered an FIR against Choksi for allegedly defrauding Punjab National Bank of over Rs 6,100 crore

The Enforcement Directorate on Thursday attached 41 properties of Mehul Choksi of the Gitanjali Group, worth Rs 1,217 crore, in connection with an ongoing probe into the Rs 11,400 crore Punjab National Bank fraud case. The central probe agency issued a provisional order for attachment under the Prevention of Money Laundering Act (PMLA). The attached assets include 15 flats and 17 office premises in Mumbai, a mall in Kolkata, a four-acre farmhouse in Alibaug and 231 acres of land at locations like Nasik, Nagpur, Panvel and Villupuram in Tamil Nadu. A 170-acre park in Hyderabad's Ranga Reddy district valued at over Rs 500 crore has also been attached, it said. Four flats in Borivali (east) area of the Maharashtra capital and nine others in Khemu Towers in Santacruz (east) have been attached as part of the action. "The total value of the 41 seized assets controlled by Choksi has estimated at Rs 1,217.2 crore," the ED said. Mr. Choksi and designer diamond jewellery businessman Nirav Modi and others are being investigated by the ED and other probe agencies after the bank fraud recently came to light, following a complaint by the PNB that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank. The CBI and the ED have registered two FIRs each to probe the case. Both Mr Choksi and Mr Modi are said to have left the country before criminal cases were lodged against them. They have, however, denied any wrongdoing. The ED, a central probe agency under the union finance ministry, is investigating if the allegedly defrauded bank funds were laundered and proceeds of crime were subsequently used by the accused to create illegal assets and black money. (With inputs from PTI)

PNB scam: ED attaches 41 properties worth Rs 1217.20 crore of Mehul Choksi

The CBI today arrested another senior executive of the Punjab National Bank and claimed to have recovered documents related to Letter of Undertaking from &#39;chawl&#39; as it continued its searches in connection with the USD 2 billion fraud.

Internal Chief Auditor (retd) Bishnubrata Mishra, who was responsible for concurrent audit for the period 2011-2015 at PNB Brady House branch, was arrested today, the agency said.

Mishra was responsible for auditing the procedures and practices followed in the PNB branch and report them.

Officials said 13 more people were questioned today in addition to the questioning of those who are in CBI custody.

They said the more searches were carried out after information surfaced during questioning of some arrested accused and others persons.

The documents were hidden in a small room of a &#39;chawl&#39; in Wadala, a central Mumbai suburb.

The premises is believed to be that of Nirav Modi (not in name of the company).

The billionaire jeweller has refused to join the probe citing his business engagements.

The CBI made the first arrest of an auditor of the bank when its internal chief auditor M K Sharma-- a chief manager-ranked official-- was picked up by the agency.

Sharma, a scale-IV officer, was responsible for auditing the systems and practices of the bank&#39;s Brady House branch--from Letters of Undertakings (LoUs) were issued-- and report the deficiencies with zonal audit office, they said.

Unfazed by Nirav Modi&#39;s reluctance to join the probe, the CBI, in a terse letter, &quot;directed&quot; him to approach the Indian mission in the country where he is residing so that immediate arrangement can be made for his travel to India, officials said.

The agency has told him that it is mandatory for an accused to join the investigation whenever they are asked to, they said.

The agency had earlier asked Modi on his official email id to join the investigation related to Rs 12,636 crore scam pertaining to the fraudulent issuance of the LoUs and Letters of Credit (LCs) from Brady House branch of PNB in Mumbai in favour of his and his uncle Mehul Choksi&#39;s companies, they said.

The quantum of the alleged fraud perpetrated in the bank by billionaire jewellers Modi and Choksi stands close to USD 2 billion after the teams of the CBI and PNB found fresh LoUs and LCs worth Rs 1,251 crore related to Choksi&#39;s Gitanjali group of companies.

The PNB had earlier put the defrauded amount at Rs 11,394.02 crore (USD 1.77 billion).

The LoU is a guarantee which is given by an issuing bank to Indian banks having branches abroad to grant a short-term credit to the applicant. In case of default, the bank issuing the LoU has to pay the liability to credit giving bank along with accruing interest.

It is alleged that LoUs and LCs worth close to USD 2 billion were issued to the companies of uncle-nephew duo of Choksi and Modi from the Brady Road branch of the bank through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages.

These messages were allegedly not entered in the banking software of the PNB to bypass surveillance.

Internal Chief Auditor, Bishnubrata Mishra, who was responsible for concurrent audit for the period 2011-2015 at PNB Brady House branch, was arrested today

The CBI today arrested another senior executive of the Punjab National Bank and claimed to have recovered documents related to Letter of Undertaking from 'chawl' as it continued its searches in connection with the USD 2 billion fraud. Internal Chief Auditor (retd) Bishnubrata Mishra, who was responsible for concurrent audit for the period 2011-2015 at PNB Brady House branch, was arrested today, the agency said. Mishra was responsible for auditing the procedures and practices followed in the PNB branch and report them. Officials said 13 more people were questioned today in addition to the questioning of those who are in CBI custody. They said the more searches were carried out after information surfaced during questioning of some arrested accused and others persons. The documents were hidden in a small room of a 'chawl' in Wadala, a central Mumbai suburb. The premises is believed to be that of Nirav Modi (not in name of the company). The billionaire jeweller has refused to join the probe citing his business engagements. The CBI made the first arrest of an auditor of the bank when its internal chief auditor M K Sharma-- a chief manager-ranked official-- was picked up by the agency. Sharma, a scale-IV officer, was responsible for auditing the systems and practices of the bank's Brady House branch--from Letters of Undertakings (LoUs) were issued-- and report the deficiencies with zonal audit office, they said. Unfazed by Nirav Modi's reluctance to join the probe, the CBI, in a terse letter, "directed" him to approach the Indian mission in the country where he is residing so that immediate arrangement can be made for his travel to India, officials said. The agency has told him that it is mandatory for an accused to join the investigation whenever they are asked to, they said. The agency had earlier asked Modi on his official email id to join the investigation related to Rs 12,636 crore scam pertaining to the fraudulent issuance of the LoUs and Letters of Credit (LCs) from Brady House branch of PNB in Mumbai in favour of his and his uncle Mehul Choksi's companies, they said. The quantum of the alleged fraud perpetrated in the bank by billionaire jewellers Modi and Choksi stands close to USD 2 billion after the teams of the CBI and PNB found fresh LoUs and LCs worth Rs 1,251 crore related to Choksi's Gitanjali group of companies. The PNB had earlier put the defrauded amount at Rs 11,394.02 crore (USD 1.77 billion). The LoU is a guarantee which is given by an issuing bank to Indian banks having branches abroad to grant a short-term credit to the applicant. In case of default, the bank issuing the LoU has to pay the liability to credit giving bank along with accruing interest. It is alleged that LoUs and LCs worth close to USD 2 billion were issued to the companies of uncle-nephew duo of Choksi and Modi from the Brady Road branch of the bank through SWIFT (Society for Worldwide Interbank Financial Telecommunication) messages. These messages were allegedly not entered in the banking software of the PNB to bypass surveillance.

PNB fraud: CBI recovers documents related to LoU from 'chawl'; arrests another executive

The Income Tax Department today attached diamantaire Nirav Modi&#39;s four immovable assets, including a farmhouse and a solar power plant, worth Rs 70 crore in connection with a tax evasion probe against him and his companies, officials said.

The department said it has also got issued a Look Out Circular (LoC), also known as a blue corner notice, against Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems, to keep a tab on their entry at all land, air and sea ports in the country.

According to the officials, Modi&#39;s farmhouse in Alibaug, near Mumbai, valued at Rs 13 crore, the 5.24 MW solar power plant spread in 135 acres land in Karjat in Maharashtra&#39;s Ahmednagar district, along with two other properties, have been provisionally attached by the department.

&quot;The total value of these attached assets is Rs 70 crore,&quot; a senior official said.

The department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.

Modi, Choksi and others are being investigated by multiple probe agencies after the Punjab National Bank (PNB) disclosed a fraud, valued at close to UDS 2 billion, wherein they allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders.

Earlier this week, PNB had said the number of unauthorised transactions could go up by more than Rs 1,300 crore from the earlier estimate of Rs 11,400 crore.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.&nbsp;

The IT department said it has also got issued a Look Out Circular (LoC), also known as a blue corner notice, against Modi

The Income Tax Department today attached diamantaire Nirav Modi's four immovable assets, including a farmhouse and a solar power plant, worth Rs 70 crore in connection with a tax evasion probe against him and his companies, officials said. The department said it has also got issued a Look Out Circular (LoC), also known as a blue corner notice, against Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems, to keep a tab on their entry at all land, air and sea ports in the country. According to the officials, Modi's farmhouse in Alibaug, near Mumbai, valued at Rs 13 crore, the 5.24 MW solar power plant spread in 135 acres land in Karjat in Maharashtra's Ahmednagar district, along with two other properties, have been provisionally attached by the department. "The total value of these attached assets is Rs 70 crore," a senior official said. The department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group. Modi, Choksi and others are being investigated by multiple probe agencies after the Punjab National Bank (PNB) disclosed a fraud, valued at close to UDS 2 billion, wherein they allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders. Earlier this week, PNB had said the number of unauthorised transactions could go up by more than Rs 1,300 crore from the earlier estimate of Rs 11,400 crore. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.

I-T dept attaches 4 assets of Nirav Modi; look out circular issued

Diamantaire Nirav Modi, who figures at the centre of the Rs 11,400 crore mega PNB scam, has finally replied to the CBI&#39;s mail saying that he is unable to join the investigations owing to business abroad. He also denied any wrongdoing.&nbsp;

The CBI had written to Nirav Modi on his official email address asking him to join the investigations.

According to reports, the CBI wrote to Nirav Modi again asking him to contact the High Commission of the concerned country. The CBI also stated that it will arrange for his travel back to India.&nbsp;

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CBI on <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a>: CBI wrote a mail to Nirav Modi on his official email address asking him to join the investigation. He replied, we have a businesses abroad so I can&#39;t join investigation. <a href="https://t.co/Ei9N67Vfg6">pic.twitter.com/Ei9N67Vfg6</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/968817128039157760?ref_src=twsrc%5Etfw">February 28, 2018</a></blockquote>
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The CBI has called out to Nirav Modi directing him to join the investigations next week.

Meanwhile, the Investigation bureau added that it did not know Modi&#39;s whereabouts. The agency earlier said he left India in January before the $2 billion fraud, which also involves a firm controlled by his uncle Mehul Choksi, came to light.

(With inputs from agencies)

CBI had written to Nirav Modi on his official email address asking him to join the investigation

Diamantaire Nirav Modi, who figures at the centre of the Rs 11,400 crore mega PNB scam, has finally replied to the CBI's mail saying that he is unable to join the investigations owing to business abroad. He also denied any wrongdoing. The CBI had written to Nirav Modi on his official email address asking him to join the investigations. According to reports, the CBI wrote to Nirav Modi again asking him to contact the High Commission of the concerned country. The CBI also stated that it will arrange for his travel back to India. CBI on #NiravModi: CBI wrote a mail to Nirav Modi on his official email address asking him to join the investigation. He replied, we have a businesses abroad so I can't join investigation. pic.twitter.com/Ei9N67Vfg6 — ANI (@ANI) February 28, 2018 × The CBI has called out to Nirav Modi directing him to join the investigations next week. Meanwhile, the Investigation bureau added that it did not know Modi's whereabouts. The agency earlier said he left India in January before the $2 billion fraud, which also involves a firm controlled by his uncle Mehul Choksi, came to light. (With inputs from agencies)

We have businesses abroad so I can't join investigations: Nirav Modi replies to CBI's mail

The Central Bureau of Investigation today arrested an Internal Chief Auditor of Punjab National Bank in connection to the Rs 11,400 crore PNB scam. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch.&nbsp;

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CBI today arrested an Internal Chief Auditor of Punjab National Bank in the ongoing investigation of the cases related to Nirav Modi group&amp;Gitanjali group. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch <a href="https://t.co/tEv5oIQxWr">pic.twitter.com/tEv5oIQxWr</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/968846109337583617?ref_src=twsrc%5Etfw">February 28, 2018</a></blockquote>
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Meanwhile, 34 more bank accounts of the Gitanjali Group -- with the balance of Rs 1.45 crore -- have been attached by the Income Tax department.&nbsp;

Four more properties of Nirav Modi&#39;s group have also been attached including his Alibaug farm worth Rs 13 crore &amp; 5.24 MW solar power plant with 135 acres of land at Karjat, Ahmednagar worth Rs. 70 crore.

A lookout notice or Blue Corner notice has also been issued against Nirav Modi and Mehul Choksi by the Bureau of Immigration on the IT department&#39;s request.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/we-have-businesses-abroad-so-i-cant-join-investigations-nirav-modi-replies-to-cbis-mail-34348">We have businesses abroad so I can&#39;t join investigations: Nirav Modi replies to CBI&#39;s mail</a>

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34 more bank accounts/FDs of the <a href="https://twitter.com/hashtag/Gitanjali?src=hash&amp;ref_src=twsrc%5Etfw">#Gitanjali</a> group with the balance of Rs 1.45 Crore have been attached: IT Sources
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/968857778121990144?ref_src=twsrc%5Etfw">February 28, 2018</a></blockquote>
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The CBI also registered a case of <a href="http://www.wionews.com/india-news/cbi-registers-rs-51515-crore-bank-loan-fraud-case-against-rp-infosystem-directors-34323">bank loan fraud against RP Infosystem</a> and its directors earlier today. The fraud is estimated to worth nearly Rs 515.15 crore.

Punjab National Bank had earlier this month reported fraudulent transactions worth Rs 11,400 crore from a single Mumbai branch. The bank has since said the total amount scammed might be Rs 1,300 crore more.&nbsp;

Diamantaire Nirav Modi figures at the centre of the Rs 11,400 crore mega PNB scam and is accused of defrauding the bank of Rs 280 crore.&nbsp;

(With inputs from ANI)

Four more properties of Nirav Modi's group have also been attached including his Alibaug farm worth Rs 13 crore

The Central Bureau of Investigation today arrested an Internal Chief Auditor of Punjab National Bank in connection to the Rs 11,400 crore PNB scam. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch. CBI today arrested an Internal Chief Auditor of Punjab National Bank in the ongoing investigation of the cases related to Nirav Modi group&Gitanjali group. The arrested Auditor MK Sharma was allegedly responsible for auditing the systems and practices of PNB, Brady House Branch pic.twitter.com/tEv5oIQxWr — ANI (@ANI) February 28, 2018 × Meanwhile, 34 more bank accounts of the Gitanjali Group -- with the balance of Rs 1.45 crore -- have been attached by the Income Tax department. Four more properties of Nirav Modi's group have also been attached including his Alibaug farm worth Rs 13 crore & 5.24 MW solar power plant with 135 acres of land at Karjat, Ahmednagar worth Rs. 70 crore. A lookout notice or Blue Corner notice has also been issued against Nirav Modi and Mehul Choksi by the Bureau of Immigration on the IT department's request. Also read: We have businesses abroad so I can't join investigations: Nirav Modi replies to CBI's mail 34 more bank accounts/FDs of the #Gitanjali group with the balance of Rs 1.45 Crore have been attached: IT Sources — ANI (@ANI) February 28, 2018 × The CBI also registered a case of bank loan fraud against RP Infosystem and its directors earlier today. The fraud is estimated to worth nearly Rs 515.15 crore. Punjab National Bank had earlier this month reported fraudulent transactions worth Rs 11,400 crore from a single Mumbai branch. The bank has since said the total amount scammed might be Rs 1,300 crore more. Diamantaire Nirav Modi figures at the centre of the Rs 11,400 crore mega PNB scam and is accused of defrauding the bank of Rs 280 crore. (With inputs from ANI)

PNB's Internal Chief Auditor arrested, 34 more bank accounts of Gitanjali Group attached

Shares of Punjab National Bank (PNB) plummeted by over 12 per cent today after it said that the alleged fraud committed by jewellers Nirav Modi and Mehul Choksi may be around $2 billion, over $204 million more than previously estimated.

The stock dropped 12.11 per cent to end at Rs 98.35 on BSE. During the day, it tumbled 14.11 per cent to Rs 96.10 -- its 52-week low.

On NSE, the stock plunged 12.18 per cent to close at Rs 98.35.

In terms of equity volume, 149.07 lakh shares of the company were traded on BSE and over 20 crore shares changed hands on NSE.

The stock has been falling for four straight sessions, down 16 per cent. In these four days, Rs 4,547.35 crore in the bank&#39;s market value has been eroded.

&quot;PNB issue continued to impact the PSU banks and its effect was seen in the broad market as well,&quot; said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

In a late night filing to stock exchanges, the state-owned lender said that &quot;the quantum of reported unauthorised transactions can increase by USD 204.25 million.&quot;

The bank had earlier put the defrauded amount at Rs 11,394.02 crore (USD 1.77 billion). Adding another Rs 1,323 crore would take this to Rs 12,717 crore.&nbsp;

&nbsp;

The stock dropped 12.11 per cent to end at Rs 98.35 on BSE

Shares of Punjab National Bank (PNB) plummeted by over 12 per cent today after it said that the alleged fraud committed by jewellers Nirav Modi and Mehul Choksi may be around $2 billion, over $204 million more than previously estimated. The stock dropped 12.11 per cent to end at Rs 98.35 on BSE. During the day, it tumbled 14.11 per cent to Rs 96.10 -- its 52-week low. On NSE, the stock plunged 12.18 per cent to close at Rs 98.35. In terms of equity volume, 149.07 lakh shares of the company were traded on BSE and over 20 crore shares changed hands on NSE. The stock has been falling for four straight sessions, down 16 per cent. In these four days, Rs 4,547.35 crore in the bank's market value has been eroded. "PNB issue continued to impact the PSU banks and its effect was seen in the broad market as well," said Vinod Nair, Head of Research, Geojit Financial Services Ltd. In a late night filing to stock exchanges, the state-owned lender said that "the quantum of reported unauthorised transactions can increase by USD 204.25 million." The bank had earlier put the defrauded amount at Rs 11,394.02 crore (USD 1.77 billion). Adding another Rs 1,323 crore would take this to Rs 12,717 crore.

PNB stock tanks 12% as fraud amount raised to nearly $2 billion

Gitanjali Gems, embroiled in the Rs 11,400 crore PNB loan scam, today said Independent Director Anil Umesh Haldipur has resigned from its board citing personal reasons.

He is the second independent director to quit the company&#39;s board after the alleged fraud surfaced this month. lready, two top-level executives -- compliance officer Pankhuri Warange and Chief Financial Officer (CFO) Chandrakant Karkare -- have resigned.

In a regulatory filing, Gitanjali Gems submitted Haldipur&#39;s resignation letter dated February 14, 2018.

In the letter, Haldipur said: &quot;Last month, my wife has undergone a major spine operation at Pune. The post-operation recovery is not up to the expected level. This has resulted in restrictions on my movement. Hence travelling for board meetings at Mumbai will be very difficult for me in future.

&quot;Taking this factor into consideration I would like to step down as an independent director with immediate effect from the board and other companies,&quot; he said.

During his tenure as an independent director, Haldipur said he received some legal notices from lawyers as well as a senior civil judge in connection with the dues from the company.

&nbsp;&quot;You are aware as an independent director, I don&#39;t have a role to play in the internal working of the company and the company will take proper steps to resolve these matter,&quot; he added.

On February 14, Punjab National Bank (PNB) disclosed that it detected some fraudulent transactions with the financial implication of about Rs 11,400 crore and the matter has been referred to law enforcement agencies for recovery.

While billionaire jewellery designer Nirav Modi, the alleged perpetrator of this fraud, is not directly linked to any listed company, his relative and business associate Mehul Choksi&#39;s Gitanjali Gems is a listed firm.

In a regulatory filing, Gitanjali Gems submitted Haldipur's resignation letter dated February 14, 2018.

Gitanjali Gems, embroiled in the Rs 11,400 crore PNB loan scam, today said Independent Director Anil Umesh Haldipur has resigned from its board citing personal reasons. He is the second independent director to quit the company's board after the alleged fraud surfaced this month. lready, two top-level executives -- compliance officer Pankhuri Warange and Chief Financial Officer (CFO) Chandrakant Karkare -- have resigned. In a regulatory filing, Gitanjali Gems submitted Haldipur's resignation letter dated February 14, 2018. In the letter, Haldipur said: "Last month, my wife has undergone a major spine operation at Pune. The post-operation recovery is not up to the expected level. This has resulted in restrictions on my movement. Hence travelling for board meetings at Mumbai will be very difficult for me in future. "Taking this factor into consideration I would like to step down as an independent director with immediate effect from the board and other companies," he said. During his tenure as an independent director, Haldipur said he received some legal notices from lawyers as well as a senior civil judge in connection with the dues from the company. "You are aware as an independent director, I don't have a role to play in the internal working of the company and the company will take proper steps to resolve these matter," he added. On February 14, Punjab National Bank (PNB) disclosed that it detected some fraudulent transactions with the financial implication of about Rs 11,400 crore and the matter has been referred to law enforcement agencies for recovery. While billionaire jewellery designer Nirav Modi, the alleged perpetrator of this fraud, is not directly linked to any listed company, his relative and business associate Mehul Choksi's Gitanjali Gems is a listed firm.

PNB scam: Top independent director Anil Umesh Haldipur resigns from Gitanjali Gems board

The income tax department has attached 66 more bank accounts of the Mehul Choksi-owned Gitanjali Group having a total credit balance of Rs 80.07 crores, I-T sources said on Monday.&nbsp;

A search and survey action was initiated at four locations of Mehul Choksi&#39;s uncle and business partner Nirav Modi in Mumbai on February 22, I-T sources said.

At one location, 173 paintings and artworks by eminent artists were found and are currently undergoing valuation by professionals.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/top-independent-director-anil-umesh-haldipur-resigns-from-gitanjali-gems-board-34144">Top independent director Anil Umesh Haldipur resigns from Gitanjali Gems board</a>

Mehul Choksi and Nirav Modi are accused of cheating the Punjab National Bank (PNB) of Rs 11,400 crore, with the purported involvement of a few employees of the bank.

They are currently being investigated by the Enforcement Directorate and other probe agencies following a complaint by the nationalised bank. 
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Mehul Choksi and Nirav Modi are accused of cheating the Punjab National Bank (PNB) of Rs 11,400 crore, with the purported involvement of a few employees of the bank

The income tax department has attached 66 more bank accounts of the Mehul Choksi-owned Gitanjali Group having a total credit balance of Rs 80.07 crores, I-T sources said on Monday. A search and survey action was initiated at four locations of Mehul Choksi's uncle and business partner Nirav Modi in Mumbai on February 22, I-T sources said. At one location, 173 paintings and artworks by eminent artists were found and are currently undergoing valuation by professionals. Also read: Top independent director Anil Umesh Haldipur resigns from Gitanjali Gems board Mehul Choksi and Nirav Modi are accused of cheating the Punjab National Bank (PNB) of Rs 11,400 crore, with the purported involvement of a few employees of the bank. They are currently being investigated by the Enforcement Directorate and other probe agencies following a complaint by the nationalised bank.

66 more bank accounts of Gitanjali Group frozen: Sources

A Mumbai court has allowed Enforcement Directorate&#39;s(ED) plea to issue Letters Rogatory (LRs) to six countries in connection with the Nirav Modi case.

Meanwhile, a &quot;Look out&quot; circular has been issued to more than 10 executives of firms Nirav Modi and Mehul Choksi.

On Saturday, passports of both Mehul Choksi and Nirav Modi were revoked by the ministry of external affairs (MEA) for failing to respond after cause notice was sent out.&nbsp;

PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were questioned&nbsp;by authorities.

Earlier, Choksi, in a letter to his employees had stated that he would be unable to clear their dues in lieu of the ongoing probe in the Rs 11,300 crore scam.

PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were questioned by authorities

A Mumbai court has allowed Enforcement Directorate's(ED) plea to issue Letters Rogatory (LRs) to six countries in connection with the Nirav Modi case. Meanwhile, a "Look out" circular has been issued to more than 10 executives of firms Nirav Modi and Mehul Choksi. On Saturday, passports of both Mehul Choksi and Nirav Modi were revoked by the ministry of external affairs (MEA) for failing to respond after cause notice was sent out. PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were questioned by authorities. Earlier, Choksi, in a letter to his employees had stated that he would be unable to clear their dues in lieu of the ongoing probe in the Rs 11,300 crore scam.

Nirav Modi case: Mumbai court allows ED to issue letters to six countries

Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller,&nbsp;<a href="http://www.wionews.com/india-news/pnb-scam-ed-attaches-nirav-modis-property-of-over-rs-500-crores-33929">Nirav Modi</a> had deposited cash worth Rs 90 crore at one of the branches of the scam-hit Punjab National Bank (PNB)&nbsp;hours before the announcement of demonetisation.

Memon also took to Twitter to convey the same, and hinted on suspicion of connivance between the accused and the BJP-led government at the Centre, by adding, &quot;What does it suggest?&quot;&nbsp;

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A report reveals that Nirav Modi deposited huge cash amount in one PNB branch on 8 th Nov. 2017, hours before PM announced demonitization. What does it suggest ?
&mdash; Majeed Memon MP (@advmajeedmemon) <a href="https://twitter.com/advmajeedmemon/status/967295252364255233?ref_src=twsrc%5Etfw">February 24, 2018</a></blockquote>
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Calling for an investigation into the alleged incident, Memon said that this was reported during the time absconding billionaire jeweller&nbsp;Nirav Modi&nbsp;left India.

&quot;When Nirav Modi left India, at that time it was reported that some hours prior to Prime Minister&#39;s announcement of demonetisation in 2016, Nirav Modi deposited 90 crore rupees of cash in one branch of PNB, and he probably exchanged it for bullion or something,&quot; Memon told ANI, adding, &quot;I think that there should be proper investigation to see if there is any element of truth to it.&quot;

The allegations by Memon come a day after the government on Saturday<a href="http://www.wionews.com/india-news/passports-of-nirav-modi-mehul-choksi-suspended-mea-gives-one-week-to-respond-33087"> revoked the passports </a>of Nirav Modi and Mehul Choksi who are at the forefront of the alleged multi-million <a href="http://www.wionews.com/india-news/you-were-getting-lous-issued-illegally-says-pnb-in-letter-to-nirav-modi-33705">Punjab National Bank (PNB) fraud</a>.

The Congress on Saturday accused the Centre of being aware of all details, hours after Finance Minister Arun Jaitley slammed regulators for failing to detect the fraud.&nbsp;

Senior Congress leader Kapil Sibal had said, &ldquo;Why blame only regulator? What about the political system and the fact that Finance Ministry must&#39;ve known about it.&rdquo;

Nirav Modi, who holds an Indian passport, had left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country&nbsp;the same day. Modi&#39;s wife Ami, a US citizen, left on January 6 and his maternal uncle and business associate Mehul Choksi left on January 4. 
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Calling for an investigation into the alleged incident, Majeed Memon said that this was reported during the time absconding billionaire jeweller Nirav Modi left India

Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller, Nirav Modi had deposited cash worth Rs 90 crore at one of the branches of the scam-hit Punjab National Bank (PNB) hours before the announcement of demonetisation. Memon also took to Twitter to convey the same, and hinted on suspicion of connivance between the accused and the BJP-led government at the Centre, by adding, "What does it suggest?" A report reveals that Nirav Modi deposited huge cash amount in one PNB branch on 8 th Nov. 2017, hours before PM announced demonitization. What does it suggest ? — Majeed Memon MP (@advmajeedmemon) February 24, 2018 × Calling for an investigation into the alleged incident, Memon said that this was reported during the time absconding billionaire jeweller Nirav Modi left India. "When Nirav Modi left India, at that time it was reported that some hours prior to Prime Minister's announcement of demonetisation in 2016, Nirav Modi deposited 90 crore rupees of cash in one branch of PNB, and he probably exchanged it for bullion or something," Memon told ANI, adding, "I think that there should be proper investigation to see if there is any element of truth to it." The allegations by Memon come a day after the government on Saturday revoked the passports of Nirav Modi and Mehul Choksi who are at the forefront of the alleged multi-million Punjab National Bank (PNB) fraud. The Congress on Saturday accused the Centre of being aware of all details, hours after Finance Minister Arun Jaitley slammed regulators for failing to detect the fraud. Senior Congress leader Kapil Sibal had said, “Why blame only regulator? What about the political system and the fact that Finance Ministry must've known about it.” Nirav Modi, who holds an Indian passport, had left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country the same day. Modi's wife Ami, a US citizen, left on January 6 and his maternal uncle and business associate Mehul Choksi left on January 4.

Nirav Modi exchanged notes worth Rs 90 crore in PNB hours before demonetisation, alleges NCP lawmaker

Owner of Gitanjali Gems, Mehul Choksi, has written to his employees saying a situation of &ldquo;fear and injustice&rdquo; has been created against him and the company.&nbsp;

Choksi, in a communication to over 3,500 employees, said it would be &quot;very tough&quot; to clear dues of his employees or pay future salaries, as investigative agencies had seized his bank accounts and other properties, adding that the manner of investigation was starting to create havoc, and was hell-bent on stopping the operations.

Highlighting the &quot;situation of fear and injustice&quot; created against him and the company, Choksi, in his letter issued by his advocate, Sanjay Abbott, suggested to employees that in view of the uncertainty looming overpayment of dues, termination of office operations, and &quot;unfair investigation&quot;, they begin scouting for alternate career options.

&quot;I will face my destiny and I know I have done nothing wrong and ultimately the truth shall prevail,&quot; Choksi said in the letter.

Here is the full text of the letter dated 23 February 2018 written by Mehul Choksi to his India employees:

I am constrained to write the present email to you all concerned, as a situation of fear and injustice has been created against me and our organization.

We all together have seen all the highs, while working honestly and with integrity, to achieve our motto of giving true essence of Indian Hospitality to our customers. But, now, with the recent false allegations levelled against me of defrauding the PNB &nbsp;Bank and media frenzy, &nbsp;the situation has gone grave, which is turning graver by the day.

Though I am aware that a lot of hard work has been put by you all to bring our organization to where it is today, but as of now, I am facing a lot of problems due to the manner in which the multiple investigating agencies/ government agencies have started to create a havoc, hell-bent upon stopping &nbsp;the operations.

However, the fact remains that as of today, the justice that I deserve is far off, as it shall take time to prove my innocence, and the future seems uncertain presently.

Even the operations in India have come to a standstill and restarting the same may take time. ln such a situation, it shall be wrong on my part to force you all to sit ideal waiting for the work to restart, when the future for you all is bright.

I will face my destiny and I know that I have done nothing wrong, and ultimately, the truth shall prevail. But, I do not want anybody to get even a shadow of adversity or injustice onto the people just because of their association with me. At this moment, the investigating agencies seem to be interested not in a fair investigation but in creating a fear psychosis within my employees. The kind of unfair treatment, unfair investigation, media frenzy and political statements are making me highly insecure about the safety of myself and my family members.&nbsp;

It is very tough for me, as of now, to be clearing your dues or to pay the future salaries, in view of the seizing of the various bank accounts and other properties by the Government Agencies/ investigating Agencies.

Thus, in &nbsp;view of firstly, no certainty about the payment of the salaries, secondly, no certainty about the payment of electricity and maintenance charges of the office to run the office, thirdly, the unfair investigation conducted by the investigating agencies, I do not want anyone to suffer due to their &nbsp;connection/ association with me, so I request you all to look for other career opportunities elsewhere.

Further, the laptops/ mobile phones, if any, issued from the Office may be retained by you till clearance of your past dues, if any.

Further, tile HR is being instructed to issue relieving letters and experience certificates, should you desire to have it.

I reiterate that I am committed to clear your past dues, if any, once things return to normalcy.

0ur future association may, till the clearance of all allegations against me, be deferred and I would be happy to be re&shy;associated with you all in happy times.

Regards, 
Mehul Choksi

Mehul Choksi claimed that the agencies in India are 'hell bent' on stopping the operations of the company

Owner of Gitanjali Gems, Mehul Choksi, has written to his employees saying a situation of “fear and injustice” has been created against him and the company. Choksi, in a communication to over 3,500 employees, said it would be "very tough" to clear dues of his employees or pay future salaries, as investigative agencies had seized his bank accounts and other properties, adding that the manner of investigation was starting to create havoc, and was hell-bent on stopping the operations. Highlighting the "situation of fear and injustice" created against him and the company, Choksi, in his letter issued by his advocate, Sanjay Abbott, suggested to employees that in view of the uncertainty looming overpayment of dues, termination of office operations, and "unfair investigation", they begin scouting for alternate career options. "I will face my destiny and I know I have done nothing wrong and ultimately the truth shall prevail," Choksi said in the letter. Here is the full text of the letter dated 23 February 2018 written by Mehul Choksi to his India employees: I am constrained to write the present email to you all concerned, as a situation of fear and injustice has been created against me and our organization. We all together have seen all the highs, while working honestly and with integrity, to achieve our motto of giving true essence of Indian Hospitality to our customers. But, now, with the recent false allegations levelled against me of defrauding the PNB Bank and media frenzy, the situation has gone grave, which is turning graver by the day. Though I am aware that a lot of hard work has been put by you all to bring our organization to where it is today, but as of now, I am facing a lot of problems due to the manner in which the multiple investigating agencies/ government agencies have started to create a havoc, hell-bent upon stopping the operations. However, the fact remains that as of today, the justice that I deserve is far off, as it shall take time to prove my innocence, and the future seems uncertain presently. Even the operations in India have come to a standstill and restarting the same may take time. ln such a situation, it shall be wrong on my part to force you all to sit ideal waiting for the work to restart, when the future for you all is bright. I will face my destiny and I know that I have done nothing wrong, and ultimately, the truth shall prevail. But, I do not want anybody to get even a shadow of adversity or injustice onto the people just because of their association with me. At this moment, the investigating agencies seem to be interested not in a fair investigation but in creating a fear psychosis within my employees. The kind of unfair treatment, unfair investigation, media frenzy and political statements are making me highly insecure about the safety of myself and my family members. It is very tough for me, as of now, to be clearing your dues or to pay the future salaries, in view of the seizing of the various bank accounts and other properties by the Government Agencies/ investigating Agencies. Thus, in view of firstly, no certainty about the payment of the salaries, secondly, no certainty about the payment of electricity and maintenance charges of the office to run the office, thirdly, the unfair investigation conducted by the investigating agencies, I do not want anyone to suffer due to their connection/ association with me, so I request you all to look for other career opportunities elsewhere. Further, the laptops/ mobile phones, if any, issued from the Office may be retained by you till clearance of your past dues, if any. Further, tile HR is being instructed to issue relieving letters and experience certificates, should you desire to have it. I reiterate that I am committed to clear your past dues, if any, once things return to normalcy. 0ur future association may, till the clearance of all allegations against me, be deferred and I would be happy to be reassociated with you all in happy times. Regards, Mehul Choksi

Can't pay salaries anymore, look for other jobs: Mehul Choksi writes to his employees

On Saturday, passports of both -&nbsp;owner of Gitanjali Gems, Mehul Choksi and billionaire jeweller&nbsp;<a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970">Nirav Modi</a>&nbsp;- have been revoked by the MEA upon failing to respond after cause notice was given.&nbsp;

PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were also questioned by the CBI on Saturday.&nbsp;

Earlier, after&nbsp;Mehul Choksi, wrote a letter to his employees, his lawyer Sanjay Abbott informed that the letter sent by the owner to the employees was for them to gain clarity on the situation.

&quot;Letter was written because everything has been sealed. My client is not in a position to operate any account to pay the employees. So it was written to tell them that they are free, and dues will be paid when the situation returns to normalcy,&quot; he said.

He further said that the amount was taken towards official purposes, and added that the matter will be examined extensively once the charge-sheet is filed.

Moreover, Abbott informed that he is unaware of his client&#39;s location even though they are in touch.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/full-text-of-nirav-modis-letter-to-pnb-33448">&#39;You destroyed my brand&#39;: Read full text of Nirav Modi&#39;s letter to PNB</a>

Choksi, in a letter to his employees, stated that he would be unable to clear their dues in lieu of the ongoing probe in the 1.77 billion dollar scam.

In a communication to over 3,500 employees, said it would be &quot;very tough&quot; to clear dues of his employees or pay future salaries, as investigative agencies had seized his bank accounts and other properties, adding that the manner of investigation was starting to create havoc, and was hell-bent on stopping the operations.

<a href="http://www.wionews.com/india-news/cant-pay-salaries-anymore-look-for-other-jobs-mehul-choksi-writes-to-his-employees-33903">Read the full letter dated 23 February 2018 written by Mehul Choksi to his India employees.</a>&nbsp;

PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were also questioned by the CBI on Saturday

On Saturday, passports of both - owner of Gitanjali Gems, Mehul Choksi and billionaire jeweller Nirav Modi - have been revoked by the MEA upon failing to respond after cause notice was given. PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were also questioned by the CBI on Saturday. Earlier, after Mehul Choksi, wrote a letter to his employees, his lawyer Sanjay Abbott informed that the letter sent by the owner to the employees was for them to gain clarity on the situation. "Letter was written because everything has been sealed. My client is not in a position to operate any account to pay the employees. So it was written to tell them that they are free, and dues will be paid when the situation returns to normalcy," he said. He further said that the amount was taken towards official purposes, and added that the matter will be examined extensively once the charge-sheet is filed. Moreover, Abbott informed that he is unaware of his client's location even though they are in touch. Also read: 'You destroyed my brand': Read full text of Nirav Modi's letter to PNB Choksi, in a letter to his employees, stated that he would be unable to clear their dues in lieu of the ongoing probe in the 1.77 billion dollar scam. In a communication to over 3,500 employees, said it would be "very tough" to clear dues of his employees or pay future salaries, as investigative agencies had seized his bank accounts and other properties, adding that the manner of investigation was starting to create havoc, and was hell-bent on stopping the operations. Read the full letter dated 23 February 2018 written by Mehul Choksi to his India employees.

MEA revokes Mehul Choksi, Nirav Modi's passports

<a href="http://www.wionews.com/india-news/ncert-syllabus-to-be-half-from-2019-session-announces-hrd-minister-javadekar-33927">NCERT syllabus to be half from 2019 session, announces HRD Minister Javadekar</a>

Union Human Resource Development (HRD) Minister Prakash Javadekar on Saturday announced to reduce the NCERT syllabus by almost half from the 2019 academic session. The decision was taken in a bid to provide relief to school students, who complained of existing vast syllabus.

<a href="http://www.wionews.com/india-news/daman-diu-pm-modi-launches-rs-1000-crore-projects-flags-off-air-service-between-diu-to-ahmedabad-33921">PM Modi launches Rs 1,000 crore projects in Daman and Diu</a>

Prime Minister Narendra Modi Saturday arrived in Daman to launch several development projects worth Rs 1,000 crore in the Union Territory of Daman and Diu. Prime Minister Narendra Modi Saturday arrived in Daman to launch several development projects worth Rs 1,000 crore in the Union Territory of Daman and Diu.

<a href="http://www.wionews.com/india-news/letter-written-to-gain-clarity-on-the-situation-mehul-choksis-lawyer-33922">MEA revokes Mehul Choksi, Nirav Modi&#39;s passports</a>

On Saturday, passports of both Mehul Choksi and Nirav Modi have been revoked by the MEA upon failing to respond after cause notice was given. PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao have also been called for questioning by the CBI on Saturday.

<a href="http://www.wionews.com/india-news/delhi-diamond-exporter-booked-for-rs-389-crore-obc-loan-fraud-33878">After Nirav Modi, Delhi-based diamond exporter booked for Rs 389-cr OBC loan fraud</a>

After Nirav Modi and Mehul Choksi, the CBI has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of Rs 389.85 crore towards Oriental Bank of Commerce. The CBI has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud.

<a href="http://www.wionews.com/india-news/meghalayas-most-wanted-terrorist-shot-dead-in-police-encounter-33917">Meghalaya&#39;s most wanted terrorist shot dead in police encounter</a>

Meghalaya Police&rsquo;s most wanted Garo National Liberation Army (GNLA) Commander-in-Chief Sohan D Shira has been killed in an encounter in a joint operation by the state police team and Meghalaya&#39;s Special Force-10 commandos Saturday morning in Dobu Agalgre village in the East Garo Hills. 
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NCERT syllabus to be half from 2019 session, announces HRD Minister Javadekar Union Human Resource Development (HRD) Minister Prakash Javadekar on Saturday announced to reduce the NCERT syllabus by almost half from the 2019 academic session. The decision was taken in a bid to provide relief to school students, who complained of existing vast syllabus. PM Modi launches Rs 1,000 crore projects in Daman and Diu Prime Minister Narendra Modi Saturday arrived in Daman to launch several development projects worth Rs 1,000 crore in the Union Territory of Daman and Diu. Prime Minister Narendra Modi Saturday arrived in Daman to launch several development projects worth Rs 1,000 crore in the Union Territory of Daman and Diu. MEA revokes Mehul Choksi, Nirav Modi's passports On Saturday, passports of both Mehul Choksi and Nirav Modi have been revoked by the MEA upon failing to respond after cause notice was given. PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao have also been called for questioning by the CBI on Saturday. After Nirav Modi, Delhi-based diamond exporter booked for Rs 389-cr OBC loan fraud After Nirav Modi and Mehul Choksi, the CBI has registered a case against a Delhi-based diamond jewellery exporter for an alleged bank loan fraud to the tune of Rs 389.85 crore towards Oriental Bank of Commerce. The CBI has booked Dwarka Das Seth International Pvt Ltd for the alleged fraud. Meghalaya's most wanted terrorist shot dead in police encounter Meghalaya Police’s most wanted Garo National Liberation Army (GNLA) Commander-in-Chief Sohan D Shira has been killed in an encounter in a joint operation by the state police team and Meghalaya's Special Force-10 commandos Saturday morning in Dobu Agalgre village in the East Garo Hills.

WION Evening News brief, February 24, 2018

The Enforcement Directorate (ED) on Saturday provisionally attached 21 immovable properties of noted jewellery designer Nirav Modi and companies controlled by him, in connection with the 1.77 billion dollar (Rs 11,400 crores) Punjab National Bank (PNB) fraud.

As per an official release, the properties, attached as per the provisions of the Prevention of Money Laundering Act, 2002, possess a total market value of Rs 523.72 crore.

The said properties include a farm house in Alibaug, a solar power plant, 135 acres of land in Ahmednagar, along with residential and office properties in Mumbai and Pune.

The PNB detected a 1.77 billion dollar (Rs 11,400) scam earlier this month, in which noted jewellery designer Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

Also read: <a href="http://www.wionews.com/india-news/letter-written-to-gain-clarity-on-the-situation-mehul-choksis-lawyer-33922">MEA revokes Mehul Choksi, Nirav Modi&#39;s passports</a>

Choksi, Modi&#39;s uncle, is also being probed for his involvement in the fraud.

PNB thereafter lodged two financial fraud complaints of Rs 11400 crore and Rs 280 crore against Nirav Modi, his family members and the owner of Gitanjali Gems.

After the case was registered, the ED and the Central Bureau of Investigation (CBI) have swung into action.

On Thursday, the Income Tax (IT) Department attached the special economic zone (SEZ) property of Mehul Choksi&#39;s Gitanjali Group in Hyderabad, sources at the department said.

As per the assessee&#39;s own valuation, the property is worth about Rs 1200 crore.Meanwhile, the ED on Friday froze assets of Nirav Modi worth Rs. 43.86 crore.&nbsp;

 
&nbsp;

 
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The properties include a farm house in Alibaug, a solar power plant, 135 acres of land in Ahmednagar, along with residential and office properties in Mumbai and Pune

The Enforcement Directorate (ED) on Saturday provisionally attached 21 immovable properties of noted jewellery designer Nirav Modi and companies controlled by him, in connection with the 1.77 billion dollar (Rs 11,400 crores) Punjab National Bank (PNB) fraud. As per an official release, the properties, attached as per the provisions of the Prevention of Money Laundering Act, 2002, possess a total market value of Rs 523.72 crore. The said properties include a farm house in Alibaug, a solar power plant, 135 acres of land in Ahmednagar, along with residential and office properties in Mumbai and Pune. The PNB detected a 1.77 billion dollar (Rs 11,400) scam earlier this month, in which noted jewellery designer Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. Also read: MEA revokes Mehul Choksi, Nirav Modi's passports Choksi, Modi's uncle, is also being probed for his involvement in the fraud. PNB thereafter lodged two financial fraud complaints of Rs 11400 crore and Rs 280 crore against Nirav Modi, his family members and the owner of Gitanjali Gems. After the case was registered, the ED and the Central Bureau of Investigation (CBI) have swung into action. On Thursday, the Income Tax (IT) Department attached the special economic zone (SEZ) property of Mehul Choksi's Gitanjali Group in Hyderabad, sources at the department said. As per the assessee's own valuation, the property is worth about Rs 1200 crore.Meanwhile, the ED on Friday froze assets of Nirav Modi worth Rs. 43.86 crore.

PNB scam: ED attaches Nirav Modi's property of over Rs 500 crores

When the dust settles a bit on the Punjab National Bank scam surrounding luxury jeweller Nirav Modi and his uncle Mehul Choksi&#39;s Gitanjali Jewels, whose shares tanked through the week, we are likely to find that the disgraced companies being investigated by authorities for bank frauds and/or loan defaults may be sitting on hidden assets. I speak of intellectual property such as brands and designs, relationships with exquisite artisans who craft jewellery, and valuable staff who might have done no wrong while their masters made pots of money through dubious means.

Among the welter of jokes, memes, innuendos, explanations and scandalised messages that I received on the elusive Nirav Modi last week, one from a woman friend stood out: &quot;Nirav Modi designs are too good. I love to copy them.&quot;

I have my doubts if this Wharton business school dropout himself did his designs, though his official website claims: &quot;Nirav Modi is the only living Indian diamond jeweller lauded at international auctions at Sotheby&#39;s &amp; Christie&#39;s. Our diamond jewellery designs have earned the distinction of being recognised as among the best in the world.&quot;

A bow-tie-clad Modi has been photographed with sultry models sipping champagne, and his name is plastered alongside movie star Priyanka Chopra&#39;s image in the hotspots of Delhi and Mumbai. However, apart from his family origins in the diamond business, what one sees is carefully crafted glitter that is more about the showy man than the jewels he sells. His name may now be a liability but his own letter to the Punjab National Bank, in which he has the audacity to accuse the fraud-hit bank of spoiling his business, reveals he has 2,200 employees, hundreds of who must probably be talented in design, craft or marketing.

Take a look at Gitanjali Jewels. Its website says the company &quot;offers a dazzling bouquet of world&#39;s leading jewellery brands that include Nakshatra, Gili, D&#39;damas, Asmi, Diya, Maya Gold, Parineeta, Collection G, Gold Expressions,..&quot; et al. A deeper probe reveals that Gitanjali&#39;s promoter Mehul Choksi might have sold elegant choker necklaces but also specialised in choking whistleblowers in his group including franchisees and a former managing director who says the company sold fake or substandard diamonds to unsuspecting customers. Two of his key employees quit this week, including the company secretary who said her conscience would not permit staying on amid disclosure problems.

Nirav Modi has written to the PNB that authorities raiding his Firestar group firms seized assets estimated at Rs 5,649 crore that would have covered the money he owed to the bank. There are those who say that these assets, especially uncrafted diamonds, could have been multiplied by value through his skills. But look harder, and you will find the true expertise belong to designers and artisans. In the case of Gitanjali, even a good amount of the capital for investment came from franchisees.

In all likelihood, the Firestar and Gitanjali companies are headed for the cleaners and promoters may have to make way for the banks and the government to fix the future of the assets they leave behind.&nbsp;

While brand experts debate the future of the jewellery brands, it might make sense for us to look back at the erstwhile Satyam Computer Services Ltd, which was rescued in a government-led effort and folded into the listed Tech Mahindra after being hit by India&#39;s biggest accounting fraud. The sad part is that many employees at the core of the software company left in a maze of uncertainty - in a business in which people are assets.

I think designer jewellery also has a huge amount of unsung human capital, just like software. The PNB fraud may be a good opportunity to look beyond the crony-capitalist promoters and reward the real people who make it happen. My big idea: why not create the jewellery equivalent of Amul (for milk products) or Khadi (for village industries) and fold all the brands and remaining assets of the disgraced jewellery firms into an entity that may be truly world-class while helping artisans and designers?

The place of Tech Mahindra in the Satyam rescue act may theoretically be taken up by a rival like Titan Ltd (which owns Tanishq) or P.C. Jeweller Ltd. However, a third, more enchanting option, would be to create a cooperative of artisans and designers and put it in league with private equity companies and existing staff of Nirav Modi&#39;s Firestar group companies and Gitanjali group entities to form a new age company that rewards old-world talent.

Gujarat, where the origins of Modi and Choksi lie, is also home to Amul. Indian jewellery could do with a Verghese Kurien who can bring together artisans and reward them properly. From all indications, Choksi and Nirav Modi reaped dubious and disproportionate profits standing on the back of the sweat, inspiration and talent of thousands of artisans and designers, besides franchisees who sunk money into stores only to feel cheated. We need to reward the real hard work that went under their facades.

There are dozens of modern jewellery designers in India to match the traditional craft of artisans in and around towns such as Gujarat&#39;s Palanpur whose business families, including those of the Modis and Choksis, have made waves in the Belgian town of Antwerp, the global diamond hub. It is time to craft a new global company whose design matches the best of jewels and one that could shine in an ethical yet trendy manner, the way Amul has done at the top of a milkmen&#39;s cooperative movement.

It is a romantic idea for a corporate rescue but one that I think deserves attention. After all, Prime Minister Narendra Modi wants a big boost to &quot;Make In India.&quot; Let us not confuse that with &quot;Fraud in India.&quot;&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Let’s learn from Amul. It is a romantic idea for a corporate rescue but one that may deserve attention.

When the dust settles a bit on the Punjab National Bank scam surrounding luxury jeweller Nirav Modi and his uncle Mehul Choksi's Gitanjali Jewels, whose shares tanked through the week, we are likely to find that the disgraced companies being investigated by authorities for bank frauds and/or loan defaults may be sitting on hidden assets. I speak of intellectual property such as brands and designs, relationships with exquisite artisans who craft jewellery, and valuable staff who might have done no wrong while their masters made pots of money through dubious means. Among the welter of jokes, memes, innuendos, explanations and scandalised messages that I received on the elusive Nirav Modi last week, one from a woman friend stood out: "Nirav Modi designs are too good. I love to copy them." I have my doubts if this Wharton business school dropout himself did his designs, though his official website claims: "Nirav Modi is the only living Indian diamond jeweller lauded at international auctions at Sotheby's & Christie's. Our diamond jewellery designs have earned the distinction of being recognised as among the best in the world." A bow-tie-clad Modi has been photographed with sultry models sipping champagne, and his name is plastered alongside movie star Priyanka Chopra's image in the hotspots of Delhi and Mumbai. However, apart from his family origins in the diamond business, what one sees is carefully crafted glitter that is more about the showy man than the jewels he sells. His name may now be a liability but his own letter to the Punjab National Bank, in which he has the audacity to accuse the fraud-hit bank of spoiling his business, reveals he has 2,200 employees, hundreds of who must probably be talented in design, craft or marketing. Take a look at Gitanjali Jewels. Its website says the company "offers a dazzling bouquet of world's leading jewellery brands that include Nakshatra, Gili, D'damas, Asmi, Diya, Maya Gold, Parineeta, Collection G, Gold Expressions,.." et al. A deeper probe reveals that Gitanjali's promoter Mehul Choksi might have sold elegant choker necklaces but also specialised in choking whistleblowers in his group including franchisees and a former managing director who says the company sold fake or substandard diamonds to unsuspecting customers. Two of his key employees quit this week, including the company secretary who said her conscience would not permit staying on amid disclosure problems. Nirav Modi has written to the PNB that authorities raiding his Firestar group firms seized assets estimated at Rs 5,649 crore that would have covered the money he owed to the bank. There are those who say that these assets, especially uncrafted diamonds, could have been multiplied by value through his skills. But look harder, and you will find the true expertise belong to designers and artisans. In the case of Gitanjali, even a good amount of the capital for investment came from franchisees. In all likelihood, the Firestar and Gitanjali companies are headed for the cleaners and promoters may have to make way for the banks and the government to fix the future of the assets they leave behind. While brand experts debate the future of the jewellery brands, it might make sense for us to look back at the erstwhile Satyam Computer Services Ltd, which was rescued in a government-led effort and folded into the listed Tech Mahindra after being hit by India's biggest accounting fraud. The sad part is that many employees at the core of the software company left in a maze of uncertainty - in a business in which people are assets. I think designer jewellery also has a huge amount of unsung human capital, just like software. The PNB fraud may be a good opportunity to look beyond the crony-capitalist promoters and reward the real people who make it happen. My big idea: why not create the jewellery equivalent of Amul (for milk products) or Khadi (for village industries) and fold all the brands and remaining assets of the disgraced jewellery firms into an entity that may be truly world-class while helping artisans and designers? The place of Tech Mahindra in the Satyam rescue act may theoretically be taken up by a rival like Titan Ltd (which owns Tanishq) or P.C. Jeweller Ltd. However, a third, more enchanting option, would be to create a cooperative of artisans and designers and put it in league with private equity companies and existing staff of Nirav Modi's Firestar group companies and Gitanjali group entities to form a new age company that rewards old-world talent. Gujarat, where the origins of Modi and Choksi lie, is also home to Amul. Indian jewellery could do with a Verghese Kurien who can bring together artisans and reward them properly. From all indications, Choksi and Nirav Modi reaped dubious and disproportionate profits standing on the back of the sweat, inspiration and talent of thousands of artisans and designers, besides franchisees who sunk money into stores only to feel cheated. We need to reward the real hard work that went under their facades. There are dozens of modern jewellery designers in India to match the traditional craft of artisans in and around towns such as Gujarat's Palanpur whose business families, including those of the Modis and Choksis, have made waves in the Belgian town of Antwerp, the global diamond hub. It is time to craft a new global company whose design matches the best of jewels and one that could shine in an ethical yet trendy manner, the way Amul has done at the top of a milkmen's cooperative movement. It is a romantic idea for a corporate rescue but one that I think deserves attention. After all, Prime Minister Narendra Modi wants a big boost to "Make In India." Let us not confuse that with "Fraud in India." (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Let us give Nirav Modi and Mehul Choksi companies to their employees, make them cooperatives

Punjab National Bank denied media reports that claimed that the bank has transferred close to <a href="http://www.wionews.com/india-news/post-scam-pnb-transfers-nearly-18000-employees-after-cvc-rap-33622" target="_blank">18,000 employees </a>due to the ongoing probe in the Rs 11,400 crore Nirav Modi scam.

In a message on its Twitter handle, PNB clarified that it had transferred a total of 1,415 employees since February 19.

&ldquo;There have been reports appearing in the media that the Bank has transferred close to 18,000 employees, the same is factually incorrect,&rdquo; the bank said in a press statement.&nbsp;

&ldquo;The bank has transferred 257 Sub Staff, 437 Clerks and 721 Officers (Total 1415 employees) since 19th February 2018, as per prevailing Rotational Transfer Policy of the Bank,&quot; the bank said.

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In a message on its Twitter handle, PNB clarified that it had transferred a total of 1,415 employees since February 19. (Others)
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&quot;The working in the branches is going on smoothly and the above transfers are in no way affecting the customer service in the Bank,&quot; it added.

Statement also claimed that these transfers have not impacted the smooth functioning of the branches

Punjab National Bank denied media reports that claimed that the bank has transferred close to 18,000 employees due to the ongoing probe in the Rs 11,400 crore Nirav Modi scam. In a message on its Twitter handle, PNB clarified that it had transferred a total of 1,415 employees since February 19. “There have been reports appearing in the media that the Bank has transferred close to 18,000 employees, the same is factually incorrect,” the bank said in a press statement. “The bank has transferred 257 Sub Staff, 437 Clerks and 721 Officers (Total 1415 employees) since 19th February 2018, as per prevailing Rotational Transfer Policy of the Bank," the bank said. In a message on its Twitter handle, PNB clarified that it had transferred a total of 1,415 employees since February 19. (Others) × "The working in the branches is going on smoothly and the above transfers are in no way affecting the customer service in the Bank," it added.

Punjab National Bank denies reports of transferring 18,000 employees

The government is expected to propose a change to the Swift system -- the&nbsp;global payments network that PNB officials gamed to issue Letters of Understanding (LoUs) to Nirav Modi. Modi had got his bank loans on the basis of the LoUs.&nbsp;

The government is expected to decree that a report of the day&#39;s Swift messages is to be generated at the end of every day, and that one officer other than the two officials who check&nbsp;and authorise the messages are to verify them and place them before the branch head.

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ED seized 9 cars belonging to <a href="https://twitter.com/hashtag/NiravMod?src=hash&amp;ref_src=twsrc%5Etfw">#NiravMod</a> and his companies. These cars include one Rolls Royce Ghost, two Mercedes Benz GL 350 CDIs, one Porsche Panamera, 3 Honda cars, one Toyota Fortuner and one Toyota Innova. <a href="https://t.co/Kfx0rkPrIW">pic.twitter.com/Kfx0rkPrIW</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/966540055337676800?ref_src=twsrc%5Etfw">February 22, 2018</a></blockquote>
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The Enforcement Directorate meanwhile continued its crackdown on tainted diamond czar Nirav Modi. In addition to freezing shares and mutual funds&nbsp;worth Rs 94 crore belonging to Nirav Modi and Mehul Choksi, it also seized a number of luxury cars belonging to the duo. &nbsp;&nbsp;

In total, ED froze mutual funds and shares worth Rs 7.80 crore belonging to Nirav Modi and MF and shares worth Rs 86.72 crore owned by Mehul Choksi.&nbsp;

The investigative agency also seized nine cars belonging to Nirav Modi and his companies. The seized cars include one Rolls Royce Ghost, two Mercedes Benz models GL 350 CDI, one Porsche Panameras, 3 Honda cars, one Toyota Fortuners and one Toyota Innova.

Some precious paintings belonging to Modi including the works of Francis Souza, Amrita Sher-Gil, VS Gaitonde, Akbar Padamsee, Bharti Kher and MF Husain have also been seized. &nbsp;ED is evaluating the authenticity of these paintings.&nbsp;

Meanwhile, Modi and Choksi have asked their employees to look for new jobs. Choksi&#39;s Gitanjali Gems has handed over pink slips to five thousand employees, reported Zee Business.

Nirav Modi too has reportedly written to his employees to look for another job. He is said to have told his employees that the future is unsure and thus they should explore other avenues.

The ED and the Income Tax department have zeroed in on about 200 dummy or shell companies in India and abroad that were being used to route or receive funds as part of the alleged fraud.

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ED also froze mutual funds and shares worth Rs 7.80 Crore of <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> and worth Rs 86.72 crore of those belonging to <a href="https://twitter.com/hashtag/MehulChoksi?src=hash&amp;ref_src=twsrc%5Etfw">#MehulChoksi</a> Group.
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/966529433849999360?ref_src=twsrc%5Etfw">February 22, 2018</a></blockquote>
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Modi, Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by the PNB, that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank. The CBI and the ED have registered two FIRs each to probe the case.

 
Vipul Ambani laundered money?

Meanwhile, it&#39;s reliably learned that Vipul Ambani was not just Chief Financial Officer (CFO), he was also the director of eight companies. &nbsp;

&nbsp;Agency sources inform that during the interrogation, Vipul Ambani disclosed details of the companies where he is director/managing director along with his wife Preeti Ambani and others.&nbsp;

 
The details of the companies are:&nbsp; 
&nbsp; 
1.Pratibhuti Holdings Private Limited 
2.Tower Capital And Securities Private Limited&nbsp; 
3. Contango Trading &amp; Commodity Private Limited 
4. Tower Corporate Financial Services Private Limited 
5. Tower Capital Advisors Private Limited 
6. Tower Commodities And Derivatives Private Limited 
7. Tower Capital And Financial Services Private Limited 
8. Unitis Tower Wealth Advisors Private Limited 
&nbsp; 
Agencies suspect that Ambani knew all inside trade of Nirav Modi and company as a CFO and diverted the earned income into companies owned by him. Agencies investigating if these companies were used as a mean for money laundering. If found to be true, there could be more trouble for him in future with other agencies swinging into action against him soon.

Gili director&#39;s residence sealed&nbsp;

The ED on Wednesday sealed the residence of Gili India Limited director Aniyath Shivraman at Kalyan in Maharashtra`s Thane district.&nbsp;

The ED also seized several important documents related to the Punjab National Bank.

The Swift system is the global payments network that PNB officials gamed to issue Letters of Understanding (LoUs) to Nirav Modi. Modi had got his bank loans on the basis of the LoUs

The government is expected to propose a change to the Swift system -- the global payments network that PNB officials gamed to issue Letters of Understanding (LoUs) to Nirav Modi. Modi had got his bank loans on the basis of the LoUs. The government is expected to decree that a report of the day's Swift messages is to be generated at the end of every day, and that one officer other than the two officials who check and authorise the messages are to verify them and place them before the branch head. ED seized 9 cars belonging to #NiravMod and his companies. These cars include one Rolls Royce Ghost, two Mercedes Benz GL 350 CDIs, one Porsche Panamera, 3 Honda cars, one Toyota Fortuner and one Toyota Innova. pic.twitter.com/Kfx0rkPrIW — ANI (@ANI) February 22, 2018 × The Enforcement Directorate meanwhile continued its crackdown on tainted diamond czar Nirav Modi. In addition to freezing shares and mutual funds worth Rs 94 crore belonging to Nirav Modi and Mehul Choksi, it also seized a number of luxury cars belonging to the duo. In total, ED froze mutual funds and shares worth Rs 7.80 crore belonging to Nirav Modi and MF and shares worth Rs 86.72 crore owned by Mehul Choksi. The investigative agency also seized nine cars belonging to Nirav Modi and his companies. The seized cars include one Rolls Royce Ghost, two Mercedes Benz models GL 350 CDI, one Porsche Panameras, 3 Honda cars, one Toyota Fortuners and one Toyota Innova. Some precious paintings belonging to Modi including the works of Francis Souza, Amrita Sher-Gil, VS Gaitonde, Akbar Padamsee, Bharti Kher and MF Husain have also been seized. ED is evaluating the authenticity of these paintings. Meanwhile, Modi and Choksi have asked their employees to look for new jobs. Choksi's Gitanjali Gems has handed over pink slips to five thousand employees, reported Zee Business. Nirav Modi too has reportedly written to his employees to look for another job. He is said to have told his employees that the future is unsure and thus they should explore other avenues. The ED and the Income Tax department have zeroed in on about 200 dummy or shell companies in India and abroad that were being used to route or receive funds as part of the alleged fraud. ED also froze mutual funds and shares worth Rs 7.80 Crore of #NiravModi and worth Rs 86.72 crore of those belonging to #MehulChoksi Group. — ANI (@ANI) February 22, 2018 × Modi, Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by the PNB, that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank. The CBI and the ED have registered two FIRs each to probe the case. Vipul Ambani laundered money? Meanwhile, it's reliably learned that Vipul Ambani was not just Chief Financial Officer (CFO), he was also the director of eight companies. Agency sources inform that during the interrogation, Vipul Ambani disclosed details of the companies where he is director/managing director along with his wife Preeti Ambani and others. The details of the companies are: 1.Pratibhuti Holdings Private Limited 2.Tower Capital And Securities Private Limited 3. Contango Trading & Commodity Private Limited 4. Tower Corporate Financial Services Private Limited 5. Tower Capital Advisors Private Limited 6. Tower Commodities And Derivatives Private Limited 7. Tower Capital And Financial Services Private Limited 8. Unitis Tower Wealth Advisors Private Limited Agencies suspect that Ambani knew all inside trade of Nirav Modi and company as a CFO and diverted the earned income into companies owned by him. Agencies investigating if these companies were used as a mean for money laundering. If found to be true, there could be more trouble for him in future with other agencies swinging into action against him soon. Gili director's residence sealed The ED on Wednesday sealed the residence of Gili India Limited director Aniyath Shivraman at Kalyan in Maharashtra`s Thane district. The ED also seized several important documents related to the Punjab National Bank.

PNB scam: Government to propose change to Swift system; ED seizes Nirav Modi, Mehul Choksi stocks worth Rs 94 crore

More than 18 thousand employees of Punjab National Bank have been transferred in under one week as per Central Vigilance Commission&#39;s directive.

CVC&#39;s order comes in the wake of the ongoing investigations in the Rs 11,400 crore PNB scam involving Nirav Modi, Mehul Choksi among others.

CVC&#39;s order is to be complied with by all public sector banks and calls for all banking officials, employed for at least three years, to be transferred.&nbsp;

The Commission on Monday issued an advisory to all the public sector banks ordering them to transfer the officers who have completed three years as on December 31, 2017.&nbsp;

All clerical staff who have completed five years as on December 31, 2017 &quot;should be transferred immediately&quot;.&nbsp;

&quot;As per Central Vigilance Commission guidelines, all officers should be rotated every 3 years. Further, as per Bank&#39;s Transfer Policy for Officers, no officer should be retained in the same post for a period in excess of 3 years and in the same station (municipal limits) for a period in excess of 5 years,&quot; said a BOI office memorandum.&nbsp;

Meanwhile, the CBI has already arrested five Punjab National Bank officials including Gokulnath Shetty, a former Deputy Manager and Manoj Kharat, Single Window Operator.

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<h5>Shetty is known to have issued LoUs at a frantic pace for at least 6 years before he retired in May 2017 after his long tenure at PNB&#39;S Mumbai Brady House branch.&nbsp;</h5>
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Three officers at PNB&#39;s MCB Brady House branch in Mumbai, who were arrested on Monday, were yesterday sent to police custody until March 3. They are Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export.

It must be noted that Shetty, the retired deputy manager of Punjab National Bank (PNB) arrested on Saturday, figures at the centre of the scam for defrauding the public sector bank.&nbsp;

Shetty is alleged to have helped Nirav Modi and Mehul Choksi by issuing scores of letters of undertaking (LoUs).&nbsp;

PNB previously shared that close 143 LoUs were issued in 63 days, starting March 1, 2017. Around 150 LoUs were issued since 2011.&nbsp;

Shetty is known to have issued LoUs at a frantic pace for at least 6 years before he retired in May 2017 after his long tenure at PNB&#39;S Mumbai Brady House branch.&nbsp;

<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/uuFU3JdlFMk" width="560"></iframe>

Finance Minister Arun Jaitley yesterday called out to the auditors, senior banking officials, chartered accountants and supervisory agencies &quot;to introspect&quot; and identify the loopholes and shortcomings in the Indian banking sector that led to such a massive fraud.&nbsp;

The Finance Minister decried a &quot;lack of ethics&quot; among sections of Indian business on Tuesday and criticised inadequate oversight by auditors and regulators after the financial sector was rocked by the $1.8 billion fraud.

&quot;When authority is given to the management then you are expected to utilize authority effectively and in the right manner. Therefore, the question for management here is if they were found lacking, on the face of it seems they were,&quot; Jaitley noted.&nbsp;

&quot;Also what were the auditors doing? If both internal and external auditors have looked other way and failed to detect then I think CA professionals must introspect. Supervisory agencies also must introspect what are the additional mechanisms they have to put in place,&quot; he added further.&nbsp;

CVC's order comes in the wake of the ongoing investigations in the Rs 11,400 crore PNB scam

More than 18 thousand employees of Punjab National Bank have been transferred in under one week as per Central Vigilance Commission's directive. CVC's order comes in the wake of the ongoing investigations in the Rs 11,400 crore PNB scam involving Nirav Modi, Mehul Choksi among others. CVC's order is to be complied with by all public sector banks and calls for all banking officials, employed for at least three years, to be transferred. The Commission on Monday issued an advisory to all the public sector banks ordering them to transfer the officers who have completed three years as on December 31, 2017. All clerical staff who have completed five years as on December 31, 2017 "should be transferred immediately". "As per Central Vigilance Commission guidelines, all officers should be rotated every 3 years. Further, as per Bank's Transfer Policy for Officers, no officer should be retained in the same post for a period in excess of 3 years and in the same station (municipal limits) for a period in excess of 5 years," said a BOI office memorandum. Meanwhile, the CBI has already arrested five Punjab National Bank officials including Gokulnath Shetty, a former Deputy Manager and Manoj Kharat, Single Window Operator. Shetty is known to have issued LoUs at a frantic pace for at least 6 years before he retired in May 2017 after his long tenure at PNB'S Mumbai Brady House branch. × Three officers at PNB's MCB Brady House branch in Mumbai, who were arrested on Monday, were yesterday sent to police custody until March 3. They are Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export. It must be noted that Shetty, the retired deputy manager of Punjab National Bank (PNB) arrested on Saturday, figures at the centre of the scam for defrauding the public sector bank. Shetty is alleged to have helped Nirav Modi and Mehul Choksi by issuing scores of letters of undertaking (LoUs). PNB previously shared that close 143 LoUs were issued in 63 days, starting March 1, 2017. Around 150 LoUs were issued since 2011. Shetty is known to have issued LoUs at a frantic pace for at least 6 years before he retired in May 2017 after his long tenure at PNB'S Mumbai Brady House branch. Finance Minister Arun Jaitley yesterday called out to the auditors, senior banking officials, chartered accountants and supervisory agencies "to introspect" and identify the loopholes and shortcomings in the Indian banking sector that led to such a massive fraud. The Finance Minister decried a "lack of ethics" among sections of Indian business on Tuesday and criticised inadequate oversight by auditors and regulators after the financial sector was rocked by the $1.8 billion fraud. "When authority is given to the management then you are expected to utilize authority effectively and in the right manner. Therefore, the question for management here is if they were found lacking, on the face of it seems they were," Jaitley noted. "Also what were the auditors doing? If both internal and external auditors have looked other way and failed to detect then I think CA professionals must introspect. Supervisory agencies also must introspect what are the additional mechanisms they have to put in place," he added further.

Post-scam, PNB transfers nearly 18,000 employees after CVC rap

Breaking his silence over the Rs 11,400 crore fraud at India&#39;s second-biggest bank, PNB, Finance Minister Arun Jaitley today said the state will chase down cheaters to the end even as he took the management of the lender to task for its failure to check the delinquents.

Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank&#39;s internal and external auditors could not detect the fraud which had been going on for 7 long years.

&quot;It is incumbent on us as a state, till the last legitimate capacity of the state, to chase these people (fraudsters) to the last possible conclusion to make sure the country is not cheated,&quot; he said addressing the annual meeting of Association of Development Financial Institutions in Asia &amp; Pacific (ADFIAP) here.

Also read: <a href="http://www.wionews.com/india-news/cbi-arrests-former-head-of-pnbs-brady-house-mumbai-branch-33561" target="_blank">CBI arrests former head of PNB&#39;s Brady House branch</a>

Modi, whose diamond creations have draped Hollywood stars such as Kate Winslet and Dakota Johnson, and firms linked to him are alleged to have acquired fraudulent letters of undertaking (LoUs) from one PNB branch in Mumbai between 2011 and 2017 to obtain loans from Indian banks overseas. Investigative agencies have raided Modi&#39;s properties and arrested bank employees.

Jaitley said the government had been step by step addressing issues like high-level of bad debts and need for more capital, but the effort has been put to challenge with the unravelling of the fraud.

He reminded the public sector banks that Prime Minister Narendra Modi gave managements the autonomy they needed with none from the government calling.

&quot;When authority is given to the managements you are expected to utilise that authority effectively and in a right manner. Therefore the question for the management itself is were they found lacking? And on the face of it the answer seems yes they were,&quot; he said.

The lenders, he said, were &quot;unable to check who amongst them were delinquent&quot;. He went on to ask what the auditors were doing.

&quot;Both internal and external auditors really have looked the other way or failed to detect,&quot; he said.

Chartered accountants and those who control the discipline, should start introspection and &quot;say what legitimate actions are to be taken&quot;, he said.

&quot;And also there is an important challenge where the supervisory agencies are now to introspect as what are the additional mechanisms they have to put in place to ensure that stray cases don&#39;t become a pattern again,&quot; he said. &quot;And stray cases are nipped in the bud and an example be made out of people that these bad examples itself are never to be repeated.&quot;

Jaitley said frauds have a cost to the country as well as to the tax payer.

&quot;It&#39;s a direct cost and it has an indirect cost that it impinges on development, which impinges on the lending capacity of banks as an institution and therefore impinges upon developmental finance,&quot; he said.

On the banking sector, the Finance Minister said financing for trade and businesses increases when banks have the ability to lend.

This ability over the past few years has faced challenges in increased bad debt or NPAs. &quot;One of the direct consequences of this was that the ability of the state to spend and lend even for developmental activities itself will get curtailed,&quot; he said.

After struggling to find solution, the government &quot;finally hit upon the right point through the insolvency and bankruptcy code&quot; that provides for recovery of due amounts through sale of assets of defaulters.

Jaitley said initial response to the Code has been encouraging.

Also, he said, government is infusing an unprecedented Rs 2.11 lakh crore capital in the banks.

&quot;That decision itself as some of my friends in Parliament described also had moral issues because at the end of the day when NPAs become unacceptably high, you expect the taxpayer really to fund what unprincipled sections of the industry have been able to take out,&quot; he said.

Stating that though there is a moral hazard in that kind of solution, he said there was no other option and government had to take that difficult course itself.

&quot;As it seems, situation appeared to be coming on track (but) you have now again emerging challenges,&quot; he said. &quot;Therefore these emerging challenges eventually all strike at one of the big purposes, which is development and growth and the need for developmental banks itself. And the need for the increasing the capacity of the developmental finance itself. Any such system of banking really functions on trust.&quot;

That trust is inherent in the lender-creditor relationship. &quot;I think that relationship in India blurred itself out when a section, not so ethical a section perhaps thought that it was not its responsibility to pay back. And therefore we had to come back with hard solutions,&quot; he added.&nbsp;

'It is incumbent on us as a state, till the last legitimate capacity of the state, to chase these people (fraudsters) to the last possible conclusion to make sure the country is not cheated,' Jaitley said

Breaking his silence over the Rs 11,400 crore fraud at India's second-biggest bank, PNB, Finance Minister Arun Jaitley today said the state will chase down cheaters to the end even as he took the management of the lender to task for its failure to check the delinquents. Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank's internal and external auditors could not detect the fraud which had been going on for 7 long years. "It is incumbent on us as a state, till the last legitimate capacity of the state, to chase these people (fraudsters) to the last possible conclusion to make sure the country is not cheated," he said addressing the annual meeting of Association of Development Financial Institutions in Asia & Pacific (ADFIAP) here. Also read: CBI arrests former head of PNB's Brady House branch Modi, whose diamond creations have draped Hollywood stars such as Kate Winslet and Dakota Johnson, and firms linked to him are alleged to have acquired fraudulent letters of undertaking (LoUs) from one PNB branch in Mumbai between 2011 and 2017 to obtain loans from Indian banks overseas. Investigative agencies have raided Modi's properties and arrested bank employees. Jaitley said the government had been step by step addressing issues like high-level of bad debts and need for more capital, but the effort has been put to challenge with the unravelling of the fraud. He reminded the public sector banks that Prime Minister Narendra Modi gave managements the autonomy they needed with none from the government calling. "When authority is given to the managements you are expected to utilise that authority effectively and in a right manner. Therefore the question for the management itself is were they found lacking? And on the face of it the answer seems yes they were," he said. The lenders, he said, were "unable to check who amongst them were delinquent". He went on to ask what the auditors were doing. "Both internal and external auditors really have looked the other way or failed to detect," he said. Chartered accountants and those who control the discipline, should start introspection and "say what legitimate actions are to be taken", he said. "And also there is an important challenge where the supervisory agencies are now to introspect as what are the additional mechanisms they have to put in place to ensure that stray cases don't become a pattern again," he said. "And stray cases are nipped in the bud and an example be made out of people that these bad examples itself are never to be repeated." Jaitley said frauds have a cost to the country as well as to the tax payer. "It's a direct cost and it has an indirect cost that it impinges on development, which impinges on the lending capacity of banks as an institution and therefore impinges upon developmental finance," he said. On the banking sector, the Finance Minister said financing for trade and businesses increases when banks have the ability to lend. This ability over the past few years has faced challenges in increased bad debt or NPAs. "One of the direct consequences of this was that the ability of the state to spend and lend even for developmental activities itself will get curtailed," he said. After struggling to find solution, the government "finally hit upon the right point through the insolvency and bankruptcy code" that provides for recovery of due amounts through sale of assets of defaulters. Jaitley said initial response to the Code has been encouraging. Also, he said, government is infusing an unprecedented Rs 2.11 lakh crore capital in the banks. "That decision itself as some of my friends in Parliament described also had moral issues because at the end of the day when NPAs become unacceptably high, you expect the taxpayer really to fund what unprincipled sections of the industry have been able to take out," he said. Stating that though there is a moral hazard in that kind of solution, he said there was no other option and government had to take that difficult course itself. "As it seems, situation appeared to be coming on track (but) you have now again emerging challenges," he said. "Therefore these emerging challenges eventually all strike at one of the big purposes, which is development and growth and the need for developmental banks itself. And the need for the increasing the capacity of the developmental finance itself. Any such system of banking really functions on trust." That trust is inherent in the lender-creditor relationship. "I think that relationship in India blurred itself out when a section, not so ethical a section perhaps thought that it was not its responsibility to pay back. And therefore we had to come back with hard solutions," he added.

Will chase PNB fraudster to the end, says Jaitley. Blames bank management for scam

The Central Bureau of Investigation has arrested a General Manager rank officer of Punjab National Bank in the alleged Rs 11,400 crore scam, officials said.

Rajesh Jindal, posted at the bank&#39;s head office New Delhi, has been arrested in connection with the fraud involving billionaire jewellers Nirav Modi and his uncle Mehul Choksi, officials said.

Rajesh Jindal, who was the head of the Brady House, Mumbai branch of the bank during 2009-11, was taken into custody last night (February 20), officials said.

It is alleged that the issuance of Letters of Undertaking (LOUs) to Nirav Modi group firms without sanctioned limits started during his tenure.

Rajesh Jindal is presently posted as GM, Credit, PNB Head Office in the national capital.

On Tuesday, the CBI made a<a href="http://www.wionews.com/india-news/pnb-scam-cbi-tightens-noose-on-gitanjali-group-and-others-arrests-officials-33533"> slew of arrests </a>of officials from the Gitanjali Group and Firestar International Group.

Vipul Ambani, President of Finance, Firestar International group; Arjun Patil, Senior Executive, Firestar group; Kapil Khandelwal, CFO, Nakshatra group and Gitanjali group; Niten Shahi, Manager, Gitanjali group and Kavita Mankikar, Authorised Signatory of three accused firms -- Diamond R US, Stellar Diamond, Solar Exports -- were were arrested yesterday.&nbsp;

Besides this, three officers at PNB&#39;s MCB Brady House branch in Mumbai, who were arrested on Monday, were yesterday<a href="http://www.wionews.com/india-news/pnb-fraud-cbi-sends-3-accused-pnb-officials-to-police-custody-33516"> sent to police custody </a>until March 3. They are Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export.

The CBI has already arrested five Punjab National Bank officials including Gokulnath Shetty, a a former Deputy Manager &nbsp;and Manoj Kharat, Single Window Operator.

The CBI has registered two cases in the scam involving billionaire Nirav Modi and Mehul Choksi. These relate to fraudulent issuance of 150 Letters of Undertaking (LoU) (a kind of bank guarantee) worth Rs 6,498 crore and 143 LoUs worth Rs 4,886 crore. The Enforcement Directorate has also registered two separate cases to probe money laundering allegations against Choksi and Modi.

The scam started in 2011 and was detected in the third week of January this year.&nbsp; 
 
(With inputs from PTI)

Rajesh Jindal, posted at the bank's head office New Delhi, has been arrested in connection with the fraud involving billionaire jewellers Nirav Modi and his uncle Mehul Choksi, officials said

The Central Bureau of Investigation has arrested a General Manager rank officer of Punjab National Bank in the alleged Rs 11,400 crore scam, officials said. Rajesh Jindal, posted at the bank's head office New Delhi, has been arrested in connection with the fraud involving billionaire jewellers Nirav Modi and his uncle Mehul Choksi, officials said. Rajesh Jindal, who was the head of the Brady House, Mumbai branch of the bank during 2009-11, was taken into custody last night (February 20), officials said. It is alleged that the issuance of Letters of Undertaking (LOUs) to Nirav Modi group firms without sanctioned limits started during his tenure. Rajesh Jindal is presently posted as GM, Credit, PNB Head Office in the national capital. On Tuesday, the CBI made a slew of arrests of officials from the Gitanjali Group and Firestar International Group. Vipul Ambani, President of Finance, Firestar International group; Arjun Patil, Senior Executive, Firestar group; Kapil Khandelwal, CFO, Nakshatra group and Gitanjali group; Niten Shahi, Manager, Gitanjali group and Kavita Mankikar, Authorised Signatory of three accused firms -- Diamond R US, Stellar Diamond, Solar Exports -- were were arrested yesterday. Besides this, three officers at PNB's MCB Brady House branch in Mumbai, who were arrested on Monday, were yesterday sent to police custody until March 3. They are Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export. The CBI has already arrested five Punjab National Bank officials including Gokulnath Shetty, a a former Deputy Manager and Manoj Kharat, Single Window Operator. The CBI has registered two cases in the scam involving billionaire Nirav Modi and Mehul Choksi. These relate to fraudulent issuance of 150 Letters of Undertaking (LoU) (a kind of bank guarantee) worth Rs 6,498 crore and 143 LoUs worth Rs 4,886 crore. The Enforcement Directorate has also registered two separate cases to probe money laundering allegations against Choksi and Modi. The scam started in 2011 and was detected in the third week of January this year. (With inputs from PTI)

PNB scam: CBI arrests former head of bank's Brady House branch

Indian agencies, the Zee Group has learnt, are scrutinising at least three companies and their directors in Hong Kong, to try and verify if the companies are genuine overseas importers or part of the network of shell companies that Nirav Modi used to carry out his scam.&nbsp;

Sources told the Zee Group that Nirav Modi&#39;s firms Solar Exports and Diamonds 4 US imported diamonds from a few Hong Kong-based companies. The firms received hundreds of crores of rupees on the basis of Letters of Understanding (LoU) issued by Punjab National Bank. The Hong Kong branches of Allahabad Bank and Axis Bank made the payments to &nbsp;the firms.&nbsp;

The three firms. the sources said, are Aura Gems, Sino Traders, and Sunshine Gems. All three of them are based out of Hong Kong.&nbsp;

Also read: <a href="http://www.wionews.com/india-news/pnbs-overzealousness-shut-the-doors-on-ability-to-clear-the-dues-nirav-modi-33415" target="_blank">PNB&#39;s &#39;overzealousness&#39; shut door on ability to clear dues, Nirav Modi said in letter to bank</a>

Also read: <a href="http://www.wionews.com/india-news/full-text-of-nirav-modis-letter-to-pnb-33448" target="_blank">Full text of Nirav Modi&#39;s letter to PNB</a>

Over the last one year, Nirav Modi had allegedly started transferring his money through multiple layers, while making transactions at inflated prices. Some of those transactions are thought to have been with fictitious companies which are now being scrutinised by the agencies.&nbsp; 
&nbsp; 
The agencies are closely monitoring transactions between India and five countries &mdash;&nbsp;the US, UK, Singapore, Malaysia, and China. 
&nbsp; 
The agencies suspect funds were routed to different cities worldwide.&nbsp;The&nbsp;funds were first transferred from India to Macau, Hong Kong, Beijing, Singapore, and Kuala Lumpur. They were then transferred to London. &nbsp;And from London, the funds were moved to Hawaii, Las Vegas, and New York before being moving to Modi&#39;s Swiss accounts. 
&nbsp; 
Sometime in December 2017, somebody from PNB &mdash; other than the two&nbsp;main accused &mdash; tipped Nirav Modi off about the meeting held by top PNB officials and that a complaint was to be filed with the CBI.

Indian agencies are trying to verify if the companies are genuine overseas exporters or part of the network of shell companies Nirav Modi used to carry out his scam

Indian agencies, the Zee Group has learnt, are scrutinising at least three companies and their directors in Hong Kong, to try and verify if the companies are genuine overseas importers or part of the network of shell companies that Nirav Modi used to carry out his scam. Sources told the Zee Group that Nirav Modi's firms Solar Exports and Diamonds 4 US imported diamonds from a few Hong Kong-based companies. The firms received hundreds of crores of rupees on the basis of Letters of Understanding (LoU) issued by Punjab National Bank. The Hong Kong branches of Allahabad Bank and Axis Bank made the payments to the firms. The three firms. the sources said, are Aura Gems, Sino Traders, and Sunshine Gems. All three of them are based out of Hong Kong. Also read: PNB's 'overzealousness' shut door on ability to clear dues, Nirav Modi said in letter to bank Also read: Full text of Nirav Modi's letter to PNB Over the last one year, Nirav Modi had allegedly started transferring his money through multiple layers, while making transactions at inflated prices. Some of those transactions are thought to have been with fictitious companies which are now being scrutinised by the agencies. The agencies are closely monitoring transactions between India and five countries — the US, UK, Singapore, Malaysia, and China. The agencies suspect funds were routed to different cities worldwide. The funds were first transferred from India to Macau, Hong Kong, Beijing, Singapore, and Kuala Lumpur. They were then transferred to London. And from London, the funds were moved to Hawaii, Las Vegas, and New York before being moving to Modi's Swiss accounts. Sometime in December 2017, somebody from PNB — other than the two main accused — tipped Nirav Modi off about the meeting held by top PNB officials and that a complaint was to be filed with the CBI.

PNB scam: 3 Hong Kong companies under scanner, say sources

Seven more properties of Mehul Choksi&#39;s Gitanjali Group have been attached by the Income Tax department. While four properties are registered under Gitanjali Gems, one falls under Gili India and the other two belong to Mehul Choksi.

<div class="ui-state-default" contenteditable="false">
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IT department attaches 7 more properties of <a href="https://twitter.com/hashtag/GitanjaliGroup?src=hash&amp;ref_src=twsrc%5Etfw">#GitanjaliGroup</a>, out of which 4 properties are registered in the name of <a href="https://twitter.com/hashtag/GitanjaliGems?src=hash&amp;ref_src=twsrc%5Etfw">#GitanjaliGems</a>, 2 properties belongs to <a href="https://twitter.com/hashtag/MehulChoksi?src=hash&amp;ref_src=twsrc%5Etfw">#MehulChoksi</a>, 1 property registered in <a href="https://twitter.com/hashtag/Gili?src=hash&amp;ref_src=twsrc%5Etfw">#Gili</a> India&#39;s name. All the attached properties are in Mumbai: IT Sources
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965581830115282944?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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Nine other accounts of Gitanjali Group were attached by the IT department on February 17.&nbsp;

The Central Bureau of Investigation lodged an FIR on February 16 naming three companies led by Mehul Choksi. Gitanjali Gems, Gili India and Nakshatra Brand Ltd. were named in the case that alleges an estimated Rs. 4886.72 crores loss to the Punjab National Bank.&nbsp;

Meanwhile, three officers at PNB&#39;s MCB Brady House branch in Mumbai were arrested earlier today.&nbsp;

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Three officers of Punjab National Bank&#39;s MCB Brady House branch in Mumbai - Bechhu Tiwari, Chief Manager in charge of Forex dept, Yashwant Joshi, Scale II, Manager Forex dept &amp; Praful Sawant, Scale I Officer Export arrested. <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965615057907404800?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export were among the ones arrested. Residential premises of the arrested officers along with Nirav Modi&#39;s office at Peninsula Business Park, Lower Parel are being searched.&nbsp;

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Search begins at the residences of the three arrested officers of PNB&#39;s MCB Brady House branch, in Navi Mumbai, Andheri and Dombivili. Search underway at office of <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> in Peninsula Business Park, Lower Parel. <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965616058802597894?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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Punjab National Bank &quot;in view of fraudulent activities&quot; has asked Gitanjali Group companies to pay &quot;outstanding&quot; dues amounting to Rs 1,045.88 crore, the jewellery firm said in a regulatory filing.

&quot;In view of fraudulent activities by the group companies Gitanjali Gems, Nakshatra Brands and Gili India, it has been decided by the bank to recall facilities being enjoyed by the company with our bank with immediate effect,&quot; PNB noted in a statement.&nbsp;

The bank has demanded Rs 645.12 crore from Gitanjali Gems, Rs 187.52 from Gili India, Rs 110 from Nakshatra Brands, and Rs 103.24 crore from Asmi Jewellery.

Investigating agencies, including Enforcement Directorate, Central Bureau of Investigation and Income Tax Department, has launched a nationwide probe into the alleged fraud.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/pnb-scam-top-gitanjali-gems-officials-quit-33382">PNB scam: Amid nationwide raids, top Gitanjali Gems officials quit</a>&nbsp;&nbsp;

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CBI team seized 10 computers, files and documents in the raid at Punjab National Banks&#39;s MCB Brady House branch in Mumbai. <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965611367783952385?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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The scam started in 2011 and was detected in the third week of January this year.&nbsp;

PNB filed a second complaint with the CBI on February 13. The CBI received the complaint and registered a case on January 31.&nbsp;

(With inputs from PTI)

 
&nbsp;

Nine accounts of Gitanjali Group were attached by the IT department February 17

Seven more properties of Mehul Choksi's Gitanjali Group have been attached by the Income Tax department. While four properties are registered under Gitanjali Gems, one falls under Gili India and the other two belong to Mehul Choksi. IT department attaches 7 more properties of #GitanjaliGroup, out of which 4 properties are registered in the name of #GitanjaliGems, 2 properties belongs to #MehulChoksi, 1 property registered in #Gili India's name. All the attached properties are in Mumbai: IT Sources — ANI (@ANI) February 19, 2018 × Nine other accounts of Gitanjali Group were attached by the IT department on February 17. The Central Bureau of Investigation lodged an FIR on February 16 naming three companies led by Mehul Choksi. Gitanjali Gems, Gili India and Nakshatra Brand Ltd. were named in the case that alleges an estimated Rs. 4886.72 crores loss to the Punjab National Bank. Meanwhile, three officers at PNB's MCB Brady House branch in Mumbai were arrested earlier today. Three officers of Punjab National Bank's MCB Brady House branch in Mumbai - Bechhu Tiwari, Chief Manager in charge of Forex dept, Yashwant Joshi, Scale II, Manager Forex dept & Praful Sawant, Scale I Officer Export arrested. #PNBFraudCase — ANI (@ANI) February 19, 2018 × Bechhu Tiwari, Chief Manager in charge of Forex department; Yashwant Joshi, Scale II, Manager Forex department; and Praful Sawant, Scale I Officer Export were among the ones arrested. Residential premises of the arrested officers along with Nirav Modi's office at Peninsula Business Park, Lower Parel are being searched. Search begins at the residences of the three arrested officers of PNB's MCB Brady House branch, in Navi Mumbai, Andheri and Dombivili. Search underway at office of #NiravModi in Peninsula Business Park, Lower Parel. #PNBFraudCase — ANI (@ANI) February 19, 2018 × Punjab National Bank "in view of fraudulent activities" has asked Gitanjali Group companies to pay "outstanding" dues amounting to Rs 1,045.88 crore, the jewellery firm said in a regulatory filing. "In view of fraudulent activities by the group companies Gitanjali Gems, Nakshatra Brands and Gili India, it has been decided by the bank to recall facilities being enjoyed by the company with our bank with immediate effect," PNB noted in a statement. The bank has demanded Rs 645.12 crore from Gitanjali Gems, Rs 187.52 from Gili India, Rs 110 from Nakshatra Brands, and Rs 103.24 crore from Asmi Jewellery. Investigating agencies, including Enforcement Directorate, Central Bureau of Investigation and Income Tax Department, has launched a nationwide probe into the alleged fraud. Also read: PNB scam: Amid nationwide raids, top Gitanjali Gems officials quit CBI team seized 10 computers, files and documents in the raid at Punjab National Banks's MCB Brady House branch in Mumbai. #PNBFraudCase — ANI (@ANI) February 19, 2018 × The scam started in 2011 and was detected in the third week of January this year. PNB filed a second complaint with the CBI on February 13. The CBI received the complaint and registered a case on January 31. (With inputs from PTI)

PNB Scam: 7 more properties of Gitanjali Group attached, 3 PNB officials arrested 

At least 200 shell firms and &quot;benami&quot; assets have come under the scanner of the investigative agencies that are probing the Rs 11,400-crore alleged fraud at the Punjab National Bank (PNB), involving diamond czar Nirav Modi, his relative and business partner Mehul Choksi and others.

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&nbsp;

The Enforcement Directorate (ED), which continued its searches against Modi, Choksi and their companies for the fourth day today, is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act (PMLA).

The ED today raided at least 45 premises, including jewellery showrooms and workshops, across the country.

&quot;As many as 29 properties -- of Modi, his family members and companies -- that have been provisionally attached by the Income Tax department, are being assessed by the ED under the PMLA. A few more assets will be attached soon under the anti-money laundering law,&quot; a senior ED official said.

He added that the ED and the I-T department had zeroed in on about 200 dummy or shell companies in the country and abroad that were being used to route or receive funds as part of the alleged fraud.

It is suspected that the shell firms were being used by the accused to launder money and create &quot;benami&quot; assets in the form of land, gold and precious stones, which is now being probed by the tax department.

Both the ED and the IT department had formed special teams to investigate the case, sources said.

The ED has seized diamonds, gold jewellery and other precious stones worth Rs 5,674 crore till now in the case.

The I-T department yesterday attached nine bank accounts of Gitanjali Gems, its promoter Mehul Choksi and others in connection with a tax evasion probe against them.

It had also attached 29 properties and 105 bank accounts of Modi, his family members and firms owned by them.

Modi, Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by the PNB, that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.

The CBI is also looking into the matter.&nbsp;

The ED has seized diamonds, gold jewellery and other precious stones worth Rs 5,674 crore till now in the case.

At least 200 shell firms and "benami" assets have come under the scanner of the investigative agencies that are probing the Rs 11,400-crore alleged fraud at the Punjab National Bank (PNB), involving diamond czar Nirav Modi, his relative and business partner Mehul Choksi and others. × The Enforcement Directorate (ED), which continued its searches against Modi, Choksi and their companies for the fourth day today, is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act (PMLA). The ED today raided at least 45 premises, including jewellery showrooms and workshops, across the country. "As many as 29 properties -- of Modi, his family members and companies -- that have been provisionally attached by the Income Tax department, are being assessed by the ED under the PMLA. A few more assets will be attached soon under the anti-money laundering law," a senior ED official said. He added that the ED and the I-T department had zeroed in on about 200 dummy or shell companies in the country and abroad that were being used to route or receive funds as part of the alleged fraud. It is suspected that the shell firms were being used by the accused to launder money and create "benami" assets in the form of land, gold and precious stones, which is now being probed by the tax department. Both the ED and the IT department had formed special teams to investigate the case, sources said. The ED has seized diamonds, gold jewellery and other precious stones worth Rs 5,674 crore till now in the case. The I-T department yesterday attached nine bank accounts of Gitanjali Gems, its promoter Mehul Choksi and others in connection with a tax evasion probe against them. It had also attached 29 properties and 105 bank accounts of Modi, his family members and firms owned by them. Modi, Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by the PNB, that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank. The CBI is also looking into the matter.

PNB fraud: 200 shell firms, benami assets under ED, I-T dept scanner

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