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

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

<a href="http://www.wionews.com/india-news/pnb-scam-cannot-confirm-nirav-modi-is-here-says-us-34468">PNB scam: Cannot confirm Nirav Modi is here, says </a><a href="http://www.wionews.com/india-news/pnb-scam-cannot-confirm-nirav-modi-is-here-says-us-34468">US</a>

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.

<a href="http://www.wionews.com/india-news/p-chidambaram-tells-son-karti-dont-worry-im-there-34469">P Chidambaram tells son Karti: &#39;Don&#39;t worry, I&#39;m there&#39;</a>

&quot;Don&#39;t worry, I am there,&quot; former Finance Minister P. Chidambaram reportedly told his son Karti who has been sent to 5-day police custody in connection with the INX Media money laundering case.&nbsp;

<a href="http://www.wionews.com/world/putin-before-vote-unveils-invincible-nuclear-weapons-to-counter-west-34466">Putin, before vote, unveils &#39;invincible&#39; nuclear weapons to counter West</a>

President Vladimir Putin announced an array of new nuclear weapons on Thursday, in one of his most bellicose speeches in years, saying they could hit almost any point in the world and evade a U.S.-built missile shield.

<a href="http://www.wionews.com/india-news/khalistan-terrorist-fiasco-follows-trudeau-back-to-canada-34472">Khalistan terrorist &#39;fiasco&#39; follows Trudeau back to Canada</a>

Canada&#39;s Prime Minister Justin Trudeau faced persistent criticism Thursday over a convicted Sikh extremist&#39;s attendance at a Canadian event in Mumbai, nearly a week after the premier&#39;s return from a trip to India.

<a href="http://www.wionews.com/world/for-peace-talks-taliban-must-quit-violence-us-34471">For peace talks, Taliban must quit violence: US</a>

The Taliban needs to support the Afghan constitution and abandon terror and violence if it wants peace talks with the US, said Pentagon&#39;s Chief Spokesperson Dana White. White made the comment in reply to the Taliban&#39;s call for direct talks to find a peaceful solution to the conflict in Afghanistan.

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PNB scam: Cannot confirm Nirav Modi is here, says US 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. P Chidambaram tells son Karti: 'Don't worry, I'm there' "Don't worry, I am there," former Finance Minister P. Chidambaram reportedly told his son Karti who has been sent to 5-day police custody in connection with the INX Media money laundering case. Putin, before vote, unveils 'invincible' nuclear weapons to counter West President Vladimir Putin announced an array of new nuclear weapons on Thursday, in one of his most bellicose speeches in years, saying they could hit almost any point in the world and evade a U.S.-built missile shield. Khalistan terrorist 'fiasco' follows Trudeau back to Canada Canada's Prime Minister Justin Trudeau faced persistent criticism Thursday over a convicted Sikh extremist's attendance at a Canadian event in Mumbai, nearly a week after the premier's return from a trip to India. For peace talks, Taliban must quit violence: US The Taliban needs to support the Afghan constitution and abandon terror and violence if it wants peace talks with the US, said Pentagon's Chief Spokesperson Dana White. White made the comment in reply to the Taliban's call for direct talks to find a peaceful solution to the conflict in Afghanistan.

WION Morning News Brief, March 2, 2018

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 Central Bureau of Investigation(CBI) today registered disproportionate assets case against former CMD of United Bank of India (UBI) Archana Bhargava.

The agency has alleged that during her tenure at various banks in senior positions between 2004 and 2014, Bhargava amassed assets worth Rs 4.89 crore and incurred an additional expenditure of Rs 1.47 crore against the income of Rs 2.73 crore.

 
In its FIR, the agency has pegged the alleged illegal assets at Rs 3.63 crore, 133.23 per cent over and above her known sources of income.

 
Bhargava became a Deputy General Manager of Punjab National Bank in 2004 and General Manager in 2008. She worked as Executive Director at Canara Bank from April 1, 20011 to April 22, 2013.

 
She joined United Bank of India on April 23, 2013 as Chairman-cum-Managing Director, a position she held till February 20, 2014.

 
The root of the present case lies in a previous corruption case registered against her in 2016 where the CBI had alleged that she obtained &quot;certain amounts&quot; for herself or for a private firm, owned by her husband and son, from the companies to which various credit facilities were extended by the banks where she had worked.

 
During the searches, the agency had recovered jewellery worth Rs 2.85 crore and Rs 10.50 lakh cash from the bank lockers in her name and those of her family members.

 
In addition, deposits of Rs 5.42 crore in her name and family members, Rs 2.26 crore in her bank accounts, documents of two properties--a three storey bungalow at Noida and a flat at Vasant Kunj, New Delhi-- and two properties in the name of her family members in Delhi and Mumbai, were found, the CBI had said after filing the corruption case in 2016.

The Central Bureau of Investigation(CBI) today registered disproportionate assets case against former CMD of United Bank of India (UBI) Archana Bhargava. The agency has alleged that during her tenure at various banks in senior positions between 2004 and 2014, Bhargava amassed assets worth Rs 4.89 crore and incurred an additional expenditure of Rs 1.47 crore against the income of Rs 2.73 crore. In its FIR, the agency has pegged the alleged illegal assets at Rs 3.63 crore, 133.23 per cent over and above her known sources of income. Bhargava became a Deputy General Manager of Punjab National Bank in 2004 and General Manager in 2008. She worked as Executive Director at Canara Bank from April 1, 20011 to April 22, 2013. She joined United Bank of India on April 23, 2013 as Chairman-cum-Managing Director, a position she held till February 20, 2014. The root of the present case lies in a previous corruption case registered against her in 2016 where the CBI had alleged that she obtained "certain amounts" for herself or for a private firm, owned by her husband and son, from the companies to which various credit facilities were extended by the banks where she had worked. During the searches, the agency had recovered jewellery worth Rs 2.85 crore and Rs 10.50 lakh cash from the bank lockers in her name and those of her family members. In addition, deposits of Rs 5.42 crore in her name and family members, Rs 2.26 crore in her bank accounts, documents of two properties--a three storey bungalow at Noida and a flat at Vasant Kunj, New Delhi-- and two properties in the name of her family members in Delhi and Mumbai, were found, the CBI had said after filing the corruption case in 2016.

CBI files disproportionate assets case against ex-CMD of United Bank of India Archana Bhargava

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

Finance minister Arun Jaitley said today that the Cabinet has cleared the National Financial Reporting Authority(NFRA).

New and old cases of persons who have fled the country to avoid prosecution will be covered by the new Fugitive Economic Offenders Bill, the finance minister informed.

&quot;Courts may declare anyone fugitive if he flees the country to avoid arrest in a scheduled offence where arrest warrant has been issued,&quot; the finance minister said.

Jaitley added that all assets, not just proceeds of crime, will be confiscated of an offender fleeing the country, asserting that the offender &quot;cannot pursue any civil case.&quot;

&quot;National Financial Reporting Authority will apply to auditing responsibilities pertaining to listed companies and unlisted large companies,&quot; the finance minister declared.

NFRA&nbsp;will be an oversight body over auditors, he said.

Jaitley added that all assets, not just proceeds of crime, will be confiscated of an offender fleeing the country

Finance minister Arun Jaitley said today that the Cabinet has cleared the National Financial Reporting Authority(NFRA). New and old cases of persons who have fled the country to avoid prosecution will be covered by the new Fugitive Economic Offenders Bill, the finance minister informed. "Courts may declare anyone fugitive if he flees the country to avoid arrest in a scheduled offence where arrest warrant has been issued," the finance minister said. Jaitley added that all assets, not just proceeds of crime, will be confiscated of an offender fleeing the country, asserting that the offender "cannot pursue any civil case." "National Financial Reporting Authority will apply to auditing responsibilities pertaining to listed companies and unlisted large companies," the finance minister declared. NFRA will be an oversight body over auditors, he said.

Govt unveils new Fugitive Economic Offenders Bill

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

<a href="http://www.wionews.com/india-news/entertainment-sridevis-funeral-live-updates-final-journey-34329">Sridevi cremated with state honours as Boney Kapoor performs last rites</a>

Veteran Bollywood actress Sridevi was laid to rest today evening as husband Boney Kapoor performed last rites at Vile Parle Crematorium amid a sea of mourners who rounded up at the entrance of the venue.

<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>

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;

<a href="http://www.wionews.com/india-news/indias-gdp-growth-rises-to-72-in-december-quarter-34349">India&#39;s GDP growth rises to 7.2% in December quarter</a>

After falling to a three-year low in the June quarter, India&#39;s GDP growth rose to 7.2 per cent in the December quarter (Q3), data from the central statistics office showed Wednesday.

<a href="http://www.wionews.com/india-news/inx-media-money-laundering-case-karti-chidambaram-taken-into-custody-by-cbi-in-chennai-34287">INX Media money-laundering case: Karti Chidambaram arrested in Chennai</a>

Congress leader and son of former finance minister P Chidambaram, Karti Chidambaram, was arrested for violating the Foreign Exchange Management Act.

<a href="http://www.wionews.com/world/china-working-age-population-shrinks-in-biggest-ever-decline-34336">China working-age population shrinks in biggest ever decline</a>

According to reports, China&#39;s working-age population is shrinking and was estimated to have fallen to its lowest since 2009 last year. The nation&#39;s working-age population was recorded below a billion for the first time since 2010, according to data released on Wednesday.

Sridevi cremated with state honours as Boney Kapoor performs last rites Veteran Bollywood actress Sridevi was laid to rest today evening as husband Boney Kapoor performed last rites at Vile Parle Crematorium amid a sea of mourners who rounded up at the entrance of the venue. We have businesses abroad so I can't join investigations: Nirav Modi replies to CBI's mail 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. India's GDP growth rises to 7.2% in December quarter After falling to a three-year low in the June quarter, India's GDP growth rose to 7.2 per cent in the December quarter (Q3), data from the central statistics office showed Wednesday. INX Media money-laundering case: Karti Chidambaram arrested in Chennai Congress leader and son of former finance minister P Chidambaram, Karti Chidambaram, was arrested for violating the Foreign Exchange Management Act. China working-age population shrinks in biggest ever decline According to reports, China's working-age population is shrinking and was estimated to have fallen to its lowest since 2009 last year. The nation's working-age population was recorded below a billion for the first time since 2010, according to data released on Wednesday.

WION news brief, February 28, 2018

After PNB reported a<a href="http://www.wionews.com/india-news/nirav-modis-firestar-diamond-files-for-bankruptcy-in-the-united-states-34236"> further scam of Rs 1,251 crores</a>, the Central Bureau of Investigation(CBI) began questioning two auditors including a former Managing Director and two General Managers in the multi-crore scam. 
&nbsp; 
The CBI today questioned<a href="http://www.wionews.com/india-news/finance-ministry-gives-state-run-banks-15-days-to-improve-oversight-34238"> NS Kannan, Executive Director, ICICI Bank</a> which was the leader of Consortium Bank who lent money to Geetanjali Group of Companies.

Former PNB CMD Usha Anant Subramanian who is currently CEO Allahabad Bank was also questioned by CBI officials.

Usha Anant Subramanian was PNB CMD from 14th August, 2015 to 5th May, 2017.

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Former PNB CMD Usha Anant Subramanian &amp; NS Kannan, Executive Director, ICIC bank were questioned by CBI (WION)
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The CBI said today it is now probing Rs 12,636 crore PNB scam, up from Rs 11,421 crore.

Meanwhile, Firestar Diamond Inc, the flagship company of billionaire Nirav Modi who is at the centre of India&#39;s biggest-ever bank scam, has filed for bankruptcy in the United States.

The company has listed assets and liabilities in the range of $50 million to $100 million, according to a court filing in the Southern District Of New York.

The CBI today questioned NS Kannan, Executive Director, ICICI Bank

After PNB reported a further scam of Rs 1,251 crores, the Central Bureau of Investigation(CBI) began questioning two auditors including a former Managing Director and two General Managers in the multi-crore scam. The CBI today questioned NS Kannan, Executive Director, ICICI Bank which was the leader of Consortium Bank who lent money to Geetanjali Group of Companies. Former PNB CMD Usha Anant Subramanian who is currently CEO Allahabad Bank was also questioned by CBI officials. Usha Anant Subramanian was PNB CMD from 14th August, 2015 to 5th May, 2017. Former PNB CMD Usha Anant Subramanian & NS Kannan, Executive Director, ICIC bank were questioned by CBI (WION) × The CBI said today it is now probing Rs 12,636 crore PNB scam, up from Rs 11,421 crore. Meanwhile, Firestar Diamond Inc, the flagship company of billionaire Nirav Modi who is at the centre of India's biggest-ever bank scam, has filed for bankruptcy in the United States. The company has listed assets and liabilities in the range of $50 million to $100 million, according to a court filing in the Southern District Of New York.

CBI questions ex-CMD of PNB, other top officials

Firestar Diamond Inc, the flagship company of billionaire Nirav Modi who is at the centre of India&#39;s biggest-ever bank scam, has filed for bankruptcy in the United States.

The company has listed assets and liabilities in the range of $50 million to $100 million, according to a court filing in the Southern District Of New York on Monday.

Indian state-run lender Punjab National Bank had earlier this month unearthed fraudulent transactions at one of its Mumbai branches, the amount of which could now be about $2 billion.

Modi, founder of Firestar Diamond, and his uncle Mehul Choksi, who owns Gitanjali Gems Ltd, are suspected of colluding with two employees from Punjab National Bank in the fraud.

The company has listed assets and liabilities in the range of $50 million to $100 million, according to a court filing in the Southern District Of New York on Monday.

Firestar Diamond Inc, the flagship company of billionaire Nirav Modi who is at the centre of India's biggest-ever bank scam, has filed for bankruptcy in the United States. The company has listed assets and liabilities in the range of $50 million to $100 million, according to a court filing in the Southern District Of New York on Monday. Indian state-run lender Punjab National Bank had earlier this month unearthed fraudulent transactions at one of its Mumbai branches, the amount of which could now be about $2 billion. Modi, founder of Firestar Diamond, and his uncle Mehul Choksi, who owns Gitanjali Gems Ltd, are suspected of colluding with two employees from Punjab National Bank in the fraud.

Nirav Modi's Firestar Diamond files for bankruptcy in the United States

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

The finance ministry on Tuesday set a 15-day deadline for state banks to take pre-emptive action against operational and technical risks, following a $2 billion fraud at the country&#39;s second-biggest state lender.

Rajeev Kumar, the secretary in the department of financial services, said in a tweet that state-run banks have 15 days to &quot;take pre-emptive action and identify gaps/weaknesses&quot; to tackle rising operational and technical risks.

Besides fixing &quot;clear accountability&quot; of senior officials, the banks must also learn from best practices and pinpoint strategies including technical solutions, Kumar added.

State-run Punjab National Bank (PNB) this month disclosed a $2 billion fraud, stunning the country and putting the lack of supervisory oversight by the central bank and auditors under the spotlight.

&nbsp;

Besides fixing 'clear accountability' of senior officials, the banks must also learn from best practices and pinpoint strategies including technical solutions, Financial Services Secretary Rajeev Kumar said

The finance ministry on Tuesday set a 15-day deadline for state banks to take pre-emptive action against operational and technical risks, following a $2 billion fraud at the country's second-biggest state lender. Rajeev Kumar, the secretary in the department of financial services, said in a tweet that state-run banks have 15 days to "take pre-emptive action and identify gaps/weaknesses" to tackle rising operational and technical risks. Besides fixing "clear accountability" of senior officials, the banks must also learn from best practices and pinpoint strategies including technical solutions, Kumar added. State-run Punjab National Bank (PNB) this month disclosed a $2 billion fraud, stunning the country and putting the lack of supervisory oversight by the central bank and auditors under the spotlight.

PNB scam: Fix operational gaps in 15 days, Finance Ministry tells state-run banks

The Central Bureau of Investigation (CBI) on Tuesday called in for questioning Punjab National Bank (PNB) Executive Director NS Kannan in the biggest fraud in India&rsquo;s banking history that has come to light.

Hours after Kannan&#39;s grilling session, ICICI issued a clarification saying the bank has no exposure to the Nirav Modi group of companies.

&quot;We have not issued any Letter of Undertaking (LOU) nor do we have any buyer&rsquo;s credit exposure against LOUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies,&quot; the statement said.

The bank said it is working capital lenders to the Gitanjali group of companies along with several other banks in the consortium, adding their exposure is not the largest among lenders in the consortium.

They assured complete cooperation to the investigating agency.&nbsp;

Earlier CBI revealed that the PNB has informed the CBI that it has unearthed a further scam of Rs 1,251 crore which has been associated with the gems and jewellery company Gitanjali Gems, promoted by another key accused Mehul Choksi.

With the new revelations surfacing, the CBI has revised its estimate for total money that was siphoned off in the fraud.

&nbsp;It is now probing a Rs 12,636 crore scam which is the collective fraud committed by Nirav Modi and Gitanjali Gems brands, up from an earlier fraud of Rs 11,421 crore.

The statement was issued hours after Kannan was grilled by CBI

The Central Bureau of Investigation (CBI) on Tuesday called in for questioning Punjab National Bank (PNB) Executive Director NS Kannan in the biggest fraud in India’s banking history that has come to light. Hours after Kannan's grilling session, ICICI issued a clarification saying the bank has no exposure to the Nirav Modi group of companies. "We have not issued any Letter of Undertaking (LOU) nor do we have any buyer’s credit exposure against LOUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies," the statement said. The bank said it is working capital lenders to the Gitanjali group of companies along with several other banks in the consortium, adding their exposure is not the largest among lenders in the consortium. They assured complete cooperation to the investigating agency. Earlier CBI revealed that the PNB has informed the CBI that it has unearthed a further scam of Rs 1,251 crore which has been associated with the gems and jewellery company Gitanjali Gems, promoted by another key accused Mehul Choksi. With the new revelations surfacing, the CBI has revised its estimate for total money that was siphoned off in the fraud. It is now probing a Rs 12,636 crore scam which is the collective fraud committed by Nirav Modi and Gitanjali Gems brands, up from an earlier fraud of Rs 11,421 crore.

PNB scam: Have no exposure to Nirav Modi group of companies, says ICICI

Shares of Punjab National Bank today slumped as much as 9 per cent to hit their 52-week low level in morning trade on bourses after the lender said the amount of fraudulent transactions could be as much as Rs 12,700 crore.

The&nbsp;company&#39;s shares opened weak at Rs 107.80, then cracked 8.75 per cent to a 52-week low of Rs 102.10 on the BSE.

Similar movement was seen on the NSE too, where the stock opened at Rs 106.80, then fell to its 52-week low of Rs 102, down 8.92 per cent over its previous close.

Amid the multi-agency probe into the PNB scam, the state-run bank yesterday said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders.

&quot;We have to inform that quantum of reported unauthorised transactions can increase by&nbsp;$204.25 million (approximately),&quot; the filing said.

At the current exchange rate, the amount comes to around Rs 1,323 crore.&nbsp;

The company's shares opened weak at Rs 107.80, then cracked 8.75 per cent to a 52-week low of Rs 102.10 on the BSE

Shares of Punjab National Bank today slumped as much as 9 per cent to hit their 52-week low level in morning trade on bourses after the lender said the amount of fraudulent transactions could be as much as Rs 12,700 crore. The company's shares opened weak at Rs 107.80, then cracked 8.75 per cent to a 52-week low of Rs 102.10 on the BSE. Similar movement was seen on the NSE too, where the stock opened at Rs 106.80, then fell to its 52-week low of Rs 102, down 8.92 per cent over its previous close. Amid the multi-agency probe into the PNB scam, the state-run bank yesterday said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore. On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders. "We have to inform that quantum of reported unauthorised transactions can increase by $204.25 million (approximately)," the filing said. At the current exchange rate, the amount comes to around Rs 1,323 crore.

PNB scam: Punjab National Bank stock slumps 9% to hit 52-week low

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

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

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

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

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

<a href="http://www.wionews.com/india-news/entertainment-sridevis-body-on-its-way-back-to-mumbai-10-new-developments-in-the-case-34243">Sridevi&#39;s body on its way back to Mumbai: 10 new developments in the case</a>

The mortal remains of actress Sridevi have finally been handed over to actress&#39; family. The past three days have been daunting for the Kapoor family as the Dubai Police took time to investigate the case and hand over Sridevi&#39;s mortal remains to her family as they had &#39;formalities&#39; to clear.&nbsp;

<a href="http://www.wionews.com/india-news/cbi-questions-ex-cmd-of-pnb-other-top-officials-34247">CBI questions ex-CMD of PNB, other top officials</a>

After PNB reported a further scam of Rs 1,251 crores, the Central Bureau of Investigation(CBI) began questioning two auditors including a former Managing Director and two General Managers in the multi-crore scam. The CBI today questioned NS Kannan, Executive Director, ICICI Bank which was the leader of Consortium Bank who lent money to Geetanjali Group of Companies.

<a href="http://www.wionews.com/india-news/south-china-sea-will-be-discussed-during-vietnam-presidents-visit-to-india-says-vietnam-ambassador-to-india-34231">&#39;</a><a href="http://www.wionews.com/india-news/south-china-sea-will-be-discussed-during-vietnam-presidents-visit-to-india-says-vietnam-ambassador-to-india-34231">South</a><a href="http://www.wionews.com/india-news/south-china-sea-will-be-discussed-during-vietnam-presidents-visit-to-india-says-vietnam-ambassador-to-india-34231"> China Sea will be discussed during President&#39;s visit to India,&#39; says Vietnam ambassador to India</a>

Ton Sinh Thanh, Vietnam&#39;s ambassador to India, said today President Tran Dai Quang who will be visiting India next week will be discussing the South China issue with PM Modi. &quot;Vietnam is one of the few countries in South-East Asia that is raising its voice against China flexing its muscles in the South China Sea. China claims a number of territories and islands as its own over the South China Sea,&quot; Ton Sinh Thanh said.

<a href="http://www.wionews.com/india-news/excercise-milan-indias-naval-23-nation-naval-excercise-is-provocative-say-chinese-observerers-34216">Excercise Milan: India&#39;s 23-nation naval </a><a href="http://www.wionews.com/india-news/excercise-milan-indias-naval-23-nation-naval-excercise-is-provocative-say-chinese-observerers-34216">excercise</a><a href="http://www.wionews.com/india-news/excercise-milan-indias-naval-23-nation-naval-excercise-is-provocative-say-chinese-observerers-34216"> is &#39;provocative&#39;, say Chinese observers</a>

Chinese observers speaking to state-run newspaper Global Times said today that India&#39;s new Naval initiative exercise Milan consisting of 23 countries is a &quot;provocative&quot; gesture which will &quot;not benefit the development of Sino-Indian relations&quot;.

<a href="http://www.wionews.com/world/russia-working-towards-developing-long-range-unmanned-strike-system-34221">Russia working towards developing long-range unmanned strike system</a>

Russia is working on developing a long-range unmanned strike system, built by Zvezda, media reports have informed on Tuesday. Alexander Nemov, deputy chief of the research department at the 30th Central Scientific Research Institute outside Moscow said that the large unnamed aircraft would come out next year which will infiltrate far into an enemy&#39;s territory.&nbsp;

Sridevi's body on its way back to Mumbai: 10 new developments in the case The mortal remains of actress Sridevi have finally been handed over to actress' family. The past three days have been daunting for the Kapoor family as the Dubai Police took time to investigate the case and hand over Sridevi's mortal remains to her family as they had 'formalities' to clear. CBI questions ex-CMD of PNB, other top officials After PNB reported a further scam of Rs 1,251 crores, the Central Bureau of Investigation(CBI) began questioning two auditors including a former Managing Director and two General Managers in the multi-crore scam. The CBI today questioned NS Kannan, Executive Director, ICICI Bank which was the leader of Consortium Bank who lent money to Geetanjali Group of Companies. 'South China Sea will be discussed during President's visit to India,' says Vietnam ambassador to India Ton Sinh Thanh, Vietnam's ambassador to India, said today President Tran Dai Quang who will be visiting India next week will be discussing the South China issue with PM Modi. "Vietnam is one of the few countries in South-East Asia that is raising its voice against China flexing its muscles in the South China Sea. China claims a number of territories and islands as its own over the South China Sea," Ton Sinh Thanh said. Excercise Milan: India's 23-nation naval excercise is 'provocative', say Chinese observers Chinese observers speaking to state-run newspaper Global Times said today that India's new Naval initiative exercise Milan consisting of 23 countries is a "provocative" gesture which will "not benefit the development of Sino-Indian relations". Russia working towards developing long-range unmanned strike system Russia is working on developing a long-range unmanned strike system, built by Zvezda, media reports have informed on Tuesday. Alexander Nemov, deputy chief of the research department at the 30th Central Scientific Research Institute outside Moscow said that the large unnamed aircraft would come out next year which will infiltrate far into an enemy's territory.

WION news brief, February 27, 2018

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. 
&nbsp;

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

Senior Congress leader P Chidambaram on Monday criticised the Prime Minister Narendra Modi-led NDA government for making jumlas (false promises) to the people.

The former finance minister said that the National Health Protection Scheme which stated that 50 crore people would be covered up to Rs 5 lakhs per person was one such example of the false promise made by the government to the people.

&quot;They have announced some great jumlas, one of them is &#39;National Health Protection Bill&#39;. 10 crore families, 50 crores people will be covered up to 5 lakhs each. How much is the extra money provided? - Zero,&quot; said Chidambaram at an event in Kolkata.

The Congress leader also took on the government for not recovering the money that had been swindled by fugitive businessman Lalit Modi and billionaire jewellery designer Nirav Modi.

He accused the government of being aware of a hidden source of income which nobody knew about.

&quot;Where is the money? Finance Minister said I will find money. You can find money only by raising taxes. Or is there some hidden source of income we don&#39;t know about? Are the Lalit Modis &amp; Nirav Modis promised you money?,&quot; said Chidambaram.

The Congress spoke about the need for an &quot;alternative approach&quot; to the problem in Kashmir, stating that there were security forces everywhere in the state which was not a solution. In a reference to PM Modi&#39;s boast of a &quot;56-inch chaati (chest) during his 2014 poll campaign, &nbsp;the Congress leader said the the &quot;56 chaati&quot; muscular approach, had worsened things.He also spoke about the need to reduce the paramilitary force in the state.

&quot;We have to look for an alternative approach. After every 10 feet in Kashmir, there are security forces.That&#39;s not the way to solve Kashmir problem. When I was Home Minister &amp; Omar Abdullah was CM, we did reduce presence of paramilitary by 10,000 troops,&quot; P Chidambaram said.

&quot;Graph of violence in Jammu and Kashmir came down from 2010-14, and in 1st year of their government also. Only when they started adopting macho, muscular &#39;56 chaati&#39; approach, things turned to worst. We must entrust law and order to the Jammu and Kashmir Police, reduce presence of paramilitary and talk to the people.&quot;

P Chidambaram said it is time to amend the Armed Forces Special (Powers) Act now in force in Jammu and Kashmir.

&quot;There is a need to amend the AFSPA if you cannot repeal it. The law and order should be entrusted to the Jammu and Kashmir police and not on the paramilitary forces,&quot; he said.

&nbsp;

&nbsp;

The Congress leader also took on the government for not recovering the money that had been swindled by fugitive businessman Lalit Modi and billionaire jewellery designer Nirav Modi

Senior Congress leader P Chidambaram on Monday criticised the Prime Minister Narendra Modi-led NDA government for making jumlas (false promises) to the people. The former finance minister said that the National Health Protection Scheme which stated that 50 crore people would be covered up to Rs 5 lakhs per person was one such example of the false promise made by the government to the people. "They have announced some great jumlas, one of them is 'National Health Protection Bill'. 10 crore families, 50 crores people will be covered up to 5 lakhs each. How much is the extra money provided? - Zero," said Chidambaram at an event in Kolkata. The Congress leader also took on the government for not recovering the money that had been swindled by fugitive businessman Lalit Modi and billionaire jewellery designer Nirav Modi. He accused the government of being aware of a hidden source of income which nobody knew about. "Where is the money? Finance Minister said I will find money. You can find money only by raising taxes. Or is there some hidden source of income we don't know about? Are the Lalit Modis & Nirav Modis promised you money?," said Chidambaram. The Congress spoke about the need for an "alternative approach" to the problem in Kashmir, stating that there were security forces everywhere in the state which was not a solution. In a reference to PM Modi's boast of a "56-inch chaati (chest) during his 2014 poll campaign, the Congress leader said the the "56 chaati" muscular approach, had worsened things.He also spoke about the need to reduce the paramilitary force in the state. "We have to look for an alternative approach. After every 10 feet in Kashmir, there are security forces.That's not the way to solve Kashmir problem. When I was Home Minister & Omar Abdullah was CM, we did reduce presence of paramilitary by 10,000 troops," P Chidambaram said. "Graph of violence in Jammu and Kashmir came down from 2010-14, and in 1st year of their government also. Only when they started adopting macho, muscular '56 chaati' approach, things turned to worst. We must entrust law and order to the Jammu and Kashmir Police, reduce presence of paramilitary and talk to the people." P Chidambaram said it is time to amend the Armed Forces Special (Powers) Act now in force in Jammu and Kashmir. "There is a need to amend the AFSPA if you cannot repeal it. The law and order should be entrusted to the Jammu and Kashmir police and not on the paramilitary forces," he said.

National Health Protection Scheme jumla: Chidambaram

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