Central investigation agencies today turned up the heat on embattled jewellery designer Nirav Modi in a huge bank fraud case, by seizing diamond and gold jewellery worth Rs 5,100 crore in nationwide searches and initiating the process for revoking his passport, officials said.&nbsp;

The CBI and the ED moved separate applications to the external affairs ministry seeking the revocation of passports of Modi and his maternal uncle Mehul Choksi, the promoter of Gitanjali jewellery chain, both accused in the 280-crore bank fraud case the officials said.&nbsp;

Also read: <a href="http://www.wionews.com/business-economy/punjab-national-bank-loses-rs-8000-crore-market-cap-in-2-days-six-times-its-annual-profit-32991" target="_blank">PNB loses Rs 8,000 crore market cap in 2 days, six times its annual profit</a>

Also read: <a href="http://www.wionews.com/india-news/pnb-scam-nirav-modi-left-india-on-january-1-say-officials-32966" target="_blank">Nirav Modi left India on January 1, ED asks for passport to be revoked</a>

Also read:&nbsp;<a href="http://www.wionews.com/india-news/scam-began-in-2011-bank-discovered-it-in-january-2018-pnb-md-32969" target="_blank">Scam began in 2011, bank discovered it in January 2018, says&nbsp;PNB MD</a>

Also read:&nbsp;<a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970" target="_blank">Who is Nirav Modi, the billionaire jeweller at centre of Rs 11,400 crore PNB scam</a>

The Central Bureau of Investigation (CBI) completed the analysis of computers seized from premises linked to him and was going through the two fresh complaints received from Punjab National Bank (PNB) on Tuesday that it had been defrauded of Rs 11,400 crore to decide its future course of action.&nbsp;

The day for companies and outlets owned or partnered by the 46-year-old diamond merchant, who has fled the country on January 1, began with the Enforcement Directorate (ED) carrying out searches at properties linked to him in Mumbai, Delhi and Gujarat and claiming to have seized gold and diamond jewellery and precious stones worth Rs 5,100 crore.

As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED after the agency filed a Rs 280-crore money laundering case against Modi, his wife Ami, brother Nishal and Choksi yesterday, following a complaint by the bank. ED officials, speaking on condition of anonymity, said five properties belonging to Modi and the other accused in Mumbai were sealed by the agency.&nbsp;

The ED has also written to the Income Tax department for sharing all documents seized by it during raids on January last year from premises linked to Modi and his associates.&nbsp;

The ED filed the case under the Prevention of Money Laundering Act (PMLA) after going through a CBI FIR registered on January 31. The agency also went through the PNB complaint that was made out against Nirav Modi and others.&nbsp;

The ED, they said, would probe if the allegedly defrauded bank funds were laundered and these proceeds of crime were subsequently used by the accused to create illegal assets and black money.&nbsp;

Modi, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and Choksi on January 31, for allegedly cheating the state-run bank to the tune of Rs 280 crore.&nbsp;

The bank has sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore.&nbsp;

In a related development, the CBI officials said Modi and other members of his family, who fled the country last month, allegedly made fraudulent transactions of over Rs 11,400 crore through 150 letters of understanding issued by the bank.&nbsp;

Modi, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, also left the country on the same day.&nbsp;

However, whether they travelled together has to be probed, they said. Modi&#39;s wife Ami, a US citizen, left on January 6 and his uncle Choksi departed on January 4, the officials said.&nbsp;

The bank became suspicious only on January 16 when the accused companies &mdash; Diamond R US, Solar Exports and Stellar Diamonds (all accused in the CBI FIR) &mdash; approached it with import documents and a request to issue Letters of Understanding (LoUs) for raising buyers&#39; credit for making payments to the overseas suppliers.&nbsp;

The bank, however, could not find any past entries in the system, the FIR has alleged. It approached the CBI on January 29 with a complaint of Rs 280 crore fraud, officials said. Modi, who is believed to be in Switzerland, was also present in a group photograph of Indian CEOs with Prime Minister Narendra Modi, issued by the Press Information Bureau, during the World Economic Forum on January 23, six days before the bank sent its first complaint against him to the CBI, according to the officials.&nbsp;

The agency immediately swung into action registering an FIR on January 31 followed by searches at 20 locations in Mumbai and Surat and issued a lookout circular on February 4 against Nirav Modi and three absconding accused, they said.&nbsp;

A lookout circular is issued by enforcement agencies to all exit and entry ports to inform them about the movement of an accused. The question why the PNB did not send one complaint to the CBI and decided to give separately is also under the scanner of the agency, they said.&nbsp;

The agency is analysing the fresh complaints and will take a call whether to register fresh FIRs or expand the ambit of the existing FIR related to fraudulent transactions of worth Rs 280 crore, they said. In these cases, the bank has alleged that the LOUs were issued to Hong Kong-based branches of Allahabad Bank and Axis Bank, they said.

ED carrying out searches at properties linked to him in Mumbai, Delhi and Gujarat and claiming to have seized gold and diamond jewellery and precious stones worth Rs 5,100 crore

Central investigation agencies today turned up the heat on embattled jewellery designer Nirav Modi in a huge bank fraud case, by seizing diamond and gold jewellery worth Rs 5,100 crore in nationwide searches and initiating the process for revoking his passport, officials said. The CBI and the ED moved separate applications to the external affairs ministry seeking the revocation of passports of Modi and his maternal uncle Mehul Choksi, the promoter of Gitanjali jewellery chain, both accused in the 280-crore bank fraud case the officials said. Also read: PNB loses Rs 8,000 crore market cap in 2 days, six times its annual profit Also read: Nirav Modi left India on January 1, ED asks for passport to be revoked Also read: Scam began in 2011, bank discovered it in January 2018, says PNB MD Also read: Who is Nirav Modi, the billionaire jeweller at centre of Rs 11,400 crore PNB scam The Central Bureau of Investigation (CBI) completed the analysis of computers seized from premises linked to him and was going through the two fresh complaints received from Punjab National Bank (PNB) on Tuesday that it had been defrauded of Rs 11,400 crore to decide its future course of action. The day for companies and outlets owned or partnered by the 46-year-old diamond merchant, who has fled the country on January 1, began with the Enforcement Directorate (ED) carrying out searches at properties linked to him in Mumbai, Delhi and Gujarat and claiming to have seized gold and diamond jewellery and precious stones worth Rs 5,100 crore. As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED after the agency filed a Rs 280-crore money laundering case against Modi, his wife Ami, brother Nishal and Choksi yesterday, following a complaint by the bank. ED officials, speaking on condition of anonymity, said five properties belonging to Modi and the other accused in Mumbai were sealed by the agency. The ED has also written to the Income Tax department for sharing all documents seized by it during raids on January last year from premises linked to Modi and his associates. The ED filed the case under the Prevention of Money Laundering Act (PMLA) after going through a CBI FIR registered on January 31. The agency also went through the PNB complaint that was made out against Nirav Modi and others. The ED, they said, would probe if the allegedly defrauded bank funds were laundered and these proceeds of crime were subsequently used by the accused to create illegal assets and black money. Modi, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and Choksi on January 31, for allegedly cheating the state-run bank to the tune of Rs 280 crore. The bank has sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore. In a related development, the CBI officials said Modi and other members of his family, who fled the country last month, allegedly made fraudulent transactions of over Rs 11,400 crore through 150 letters of understanding issued by the bank. Modi, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, also left the country on the same day. However, whether they travelled together has to be probed, they said. Modi's wife Ami, a US citizen, left on January 6 and his uncle Choksi departed on January 4, the officials said. The bank became suspicious only on January 16 when the accused companies — Diamond R US, Solar Exports and Stellar Diamonds (all accused in the CBI FIR) — approached it with import documents and a request to issue Letters of Understanding (LoUs) for raising buyers' credit for making payments to the overseas suppliers. The bank, however, could not find any past entries in the system, the FIR has alleged. It approached the CBI on January 29 with a complaint of Rs 280 crore fraud, officials said. Modi, who is believed to be in Switzerland, was also present in a group photograph of Indian CEOs with Prime Minister Narendra Modi, issued by the Press Information Bureau, during the World Economic Forum on January 23, six days before the bank sent its first complaint against him to the CBI, according to the officials. The agency immediately swung into action registering an FIR on January 31 followed by searches at 20 locations in Mumbai and Surat and issued a lookout circular on February 4 against Nirav Modi and three absconding accused, they said. A lookout circular is issued by enforcement agencies to all exit and entry ports to inform them about the movement of an accused. The question why the PNB did not send one complaint to the CBI and decided to give separately is also under the scanner of the agency, they said. The agency is analysing the fresh complaints and will take a call whether to register fresh FIRs or expand the ambit of the existing FIR related to fraudulent transactions of worth Rs 280 crore, they said. In these cases, the bank has alleged that the LOUs were issued to Hong Kong-based branches of Allahabad Bank and Axis Bank, they said.

PNB scam: ED, CBI turn up heat on Nirav Modi; jewellery worth Rs 5,100 cr seized

The Enforcement Directorate has registered a Prevention of Money Laundering Act (PMLA) case against billionaire jeweller Nirav Modi and others for cheating the Punjab National Bank (PNB) of Rs 280 crores.&nbsp;

The case was registered on the basis of a Central Bureau of Investigation (CBI) First Information Report (FIR), ANI reported.&nbsp;

PNB&#39;s stocks dropped 10 per cent in opening trade today.

Last week, PNB had lodged an FIR with the CBI stating that fraudulent letters of undertaking (LoUs) worth Rs 280.7 crore were first issued on January 16. At the time, PNB had said it was digging into records to examine the magnitude of the fraud.

An LOU is a letter of comfort issued by one bank to branches of other banks, based on which foreign branches offer credit to buyers.

Also read - <a href="http://www.wionews.com/india-news/pnb-fraud-after-nirav-modi-3-other-big-jewellers-come-under-the-scanner-32902">PNB fraud: After Nirav Modi, 3 other big jewellers come under the scanner</a>

The State-owned bank said yesterday that it had detected a USD 1.77 billion scam in which the billionaire jeweller allegedly acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

&quot;The Bank has detected some fraudulent and unauthorised transactions in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance,&quot; India&#39;s second-biggest state-run bank said in a 
regulatory filing yesterday. &quot;Based on these transactions other banks appear to have advanced money to these customers abroad.&quot;

PNB had suspended 10 officers over the scam and referred the matter to CBI for investigation.

Financial Services Secretary Rajiv Kumar had earlier told PTI said that the finance ministry had taken proactive steps by asking the lender to report the matter to CBI and Enforcement Directorate (ED) for quick action.

The Union Bank of India, Allahabad Bank and Axis Bank are also said to have offered credit based on letters of undertaking (LOUs) issued by the PNB, PTI reported.

Foreign bank branches too are under investigation.

In the complaint, PNB had named three diamond firms -- Diamonds R Us, Solar Exports and Stellar Diamonds -- saying they had approached it on January 16 with a request for buyers&#39; credit for making payment to overseas 
suppliers.

Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi are partners in the three diamond firms.

Three other jewellers, Gitanjali, Ginni and Nakshatra are also under the scanner with the CBI and ED looking at their arrangements with various banks and end use of money, PTI reported.

No immediate comments were available from these companies.

(With inputs from agencies)

The Enforcement Directorate has registered a Prevention of Money Laundering Act (PMLA) case against the billionaire jeweller and others for cheating the Punjab National Bank of Rs 280 crores

The Enforcement Directorate has registered a Prevention of Money Laundering Act (PMLA) case against billionaire jeweller Nirav Modi and others for cheating the Punjab National Bank (PNB) of Rs 280 crores. The case was registered on the basis of a Central Bureau of Investigation (CBI) First Information Report (FIR), ANI reported. PNB's stocks dropped 10 per cent in opening trade today. Last week, PNB had lodged an FIR with the CBI stating that fraudulent letters of undertaking (LoUs) worth Rs 280.7 crore were first issued on January 16. At the time, PNB had said it was digging into records to examine the magnitude of the fraud. An LOU is a letter of comfort issued by one bank to branches of other banks, based on which foreign branches offer credit to buyers. Also read - PNB fraud: After Nirav Modi, 3 other big jewellers come under the scanner The State-owned bank said yesterday that it had detected a USD 1.77 billion scam in which the billionaire jeweller allegedly acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. "The Bank has detected some fraudulent and unauthorised transactions in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance," India's second-biggest state-run bank said in a regulatory filing yesterday. "Based on these transactions other banks appear to have advanced money to these customers abroad." PNB had suspended 10 officers over the scam and referred the matter to CBI for investigation. Financial Services Secretary Rajiv Kumar had earlier told PTI said that the finance ministry had taken proactive steps by asking the lender to report the matter to CBI and Enforcement Directorate (ED) for quick action. The Union Bank of India, Allahabad Bank and Axis Bank are also said to have offered credit based on letters of undertaking (LOUs) issued by the PNB, PTI reported. Foreign bank branches too are under investigation. In the complaint, PNB had named three diamond firms -- Diamonds R Us, Solar Exports and Stellar Diamonds -- saying they had approached it on January 16 with a request for buyers' credit for making payment to overseas suppliers. Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi are partners in the three diamond firms. Three other jewellers, Gitanjali, Ginni and Nakshatra are also under the scanner with the CBI and ED looking at their arrangements with various banks and end use of money, PTI reported. No immediate comments were available from these companies. (With inputs from agencies)

PNB scam: Enforcement Directorate registers money laundering case against billionaire Nirav Modi

Priyanka Chopra&#39;s spokesperson said Thursday that the actress is &quot;seeking legal opinion with respect&nbsp;to terminating her contract&quot; with the Nirav Modi brand in light of the allegations against Modi.&nbsp;

Chopra is the Nirav Modi brand ambassador.&nbsp;

&quot;There are speculative reports that Priyanka Chopra has sued Nirav Modi. This is not true,&quot; the spokesperson said.&nbsp;

There had been reports earlier in the day that Chopra had sued Modi for the non-payment of dues.

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There are speculative reports that Priyanka Chopra has sued <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a>. This is not true. She is seeking legal opinion with respect to terminating her contract with the brand in light of allegations of financial fraud against <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a>: Priyanka Chopra&#39;s Spokesperson (File Pic) <a href="https://t.co/NgDVxJGESR">pic.twitter.com/NgDVxJGESR</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964133056654307334?ref_src=twsrc%5Etfw">February 15, 2018</a></blockquote>
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Also read:&nbsp;<a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970" target="_blank">Who is Nirav Modi, billionaire jeweller at centre of Rs 11,400 crore scam</a>

Also read:&nbsp;<a href="http://www.wionews.com/india-news/pnb-fraud-after-nirav-modi-3-other-big-jewellers-come-under-the-scanner-32902?src=ilaw" target="_blank">After Nirav Modi, 3 other big jewellers come under the scanner</a>

Nirav Modi, who ventured late into the business, gained a reputation as India&rsquo;s top jeweller to the Bollywood A-listers and even to Hollywood biggies including Kate Winslet and Dakota Johnson who walked the red carpet in diamonds from his eponymous brand.&nbsp;

Nirav Modi has been named in Punjab National Bank&#39;s Rs 11,400 crore fraud.

'There are speculative reports that Priyanka Chopra has sued Nirav Modi. This is not true,' the spokesperson said

Priyanka Chopra's spokesperson said Thursday that the actress is "seeking legal opinion with respect to terminating her contract" with the Nirav Modi brand in light of the allegations against Modi. Chopra is the Nirav Modi brand ambassador. "There are speculative reports that Priyanka Chopra has sued Nirav Modi. This is not true," the spokesperson said. There had been reports earlier in the day that Chopra had sued Modi for the non-payment of dues. There are speculative reports that Priyanka Chopra has sued #NiravModi. This is not true. She is seeking legal opinion with respect to terminating her contract with the brand in light of allegations of financial fraud against #NiravModi: Priyanka Chopra's Spokesperson (File Pic) pic.twitter.com/NgDVxJGESR — ANI (@ANI) February 15, 2018 × Also read: Who is Nirav Modi, billionaire jeweller at centre of Rs 11,400 crore scam Also read: After Nirav Modi, 3 other big jewellers come under the scanner Nirav Modi, who ventured late into the business, gained a reputation as India’s top jeweller to the Bollywood A-listers and even to Hollywood biggies including Kate Winslet and Dakota Johnson who walked the red carpet in diamonds from his eponymous brand. Nirav Modi has been named in Punjab National Bank's Rs 11,400 crore fraud.

Brand ambassador Priyanka Chopra seeking to terminate contract with Nirav Modi: Spokesperson

<a href="http://www.wionews.com/india-news/pnb-scam-no-one-shall-be-spared-says-govt-32982">PNB scam: &#39;No one shall be spared,&#39; says govt</a>

The government Thursday promised &quot;swift action soon&quot; in the PNB scam. Law Minister Ravi Shankar Prasad added that &quot;no one shall be spared&quot;.&nbsp;

&nbsp;

<a href="http://www.wionews.com/india-news/scam-began-in-2011-bank-discovered-it-in-january-2018-pnb-md-32969">Scam began in 2011, bank discovered it in January 2018: PNB MD</a>

Punjab National Bank MD Sunil Mehta said Thursday that the massive Rs 11,400 crore scam his bank finds itself in began in 2011 but that the bank &quot;detected it in the third week of January (2018).&quot;&nbsp;

Mehta added that &quot;we promptly investigated it for 3-4 days, we went to CBI on 29 Jan and FIR was booked on (Jan) 30.&quot;&nbsp;

 
<a href="http://www.wionews.com/india-news/pnb-scam-nirav-modi-left-india-on-january-1-say-officials-32966" target="_blank">PNB scam: Nirav Modi left India on January 1, say officials</a>

Billionaire jewellery designer Nirav Modi had left the country on January 1 much before the CBI received a complaint from Punjab National Bank on January 29 about a Rs 280-crore fraud, officials said.

His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6, the officials said.

&nbsp;

<a href="http://www.wionews.com/india-news/15-feared-trapped-after-building-collapses-in-bengaluru-32988" target="_blank">One killed as under construction building collapses in Bengaluru</a>

One labourer was killed and many injured when a four-storey under construction building collapsed on Jail Road at Kasavanahalli in Bengaluru on Thursday afternoon, news reports said.

 
<a href="http://www.wionews.com/india-news/2-air-force-pilots-killed-in-aircraft-crash-in-assam-32979" target="_blank">2 AIF pilots killed in aircraft crash in Assam</a>

An Indian Air Force (IAF) microlight aircraft on Thursday crashed near Majuli river island district of Assam, killing two pilots.

PNB scam: 'No one shall be spared,' says govt The government Thursday promised "swift action soon" in the PNB scam. Law Minister Ravi Shankar Prasad added that "no one shall be spared". Scam began in 2011, bank discovered it in January 2018: PNB MD Punjab National Bank MD Sunil Mehta said Thursday that the massive Rs 11,400 crore scam his bank finds itself in began in 2011 but that the bank "detected it in the third week of January (2018)." Mehta added that "we promptly investigated it for 3-4 days, we went to CBI on 29 Jan and FIR was booked on (Jan) 30." PNB scam: Nirav Modi left India on January 1, say officials Billionaire jewellery designer Nirav Modi had left the country on January 1 much before the CBI received a complaint from Punjab National Bank on January 29 about a Rs 280-crore fraud, officials said. His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6, the officials said. One killed as under construction building collapses in Bengaluru One labourer was killed and many injured when a four-storey under construction building collapsed on Jail Road at Kasavanahalli in Bengaluru on Thursday afternoon, news reports said. 2 AIF pilots killed in aircraft crash in Assam An Indian Air Force (IAF) microlight aircraft on Thursday crashed near Majuli river island district of Assam, killing two pilots.

WION Evening News Brief, February 15, 2018

Major jewellers Gitanjali, Ginni and Nakshatra have also come under the scanner of various investigating agencies following PNB&#39;s declaration of Rs 11,400 crore fraud, committed allegedly by Nirav Modi.

Punjab National Bank (PNB) disclosed this morning that it has detected some fraudulent transactions with financial implication of USD 1.77 billion (about Rs 11,346 crore) and the matter has been referred to law enforcement agencies for the recovery.

&quot;Four big jewellers -- Gitanjali, Ginni, Nakshatra and Nirav Modi -- are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money,&quot; a senior official of a public sector bank told PTI.

No immediate comments were available from these companies.

There is strict instruction from the finance ministry to all banks that no big fish should go scot free and no honest borrower is harassed, the official said.

Banks are now looking at their systems and processes so that such frauds are not repeated, the official said.

All banks have been asked to present a status report as soon as possible, he added.

In 2015, Bank of Baroda -- another public sector bank -- had brought to light a scam in which two Delhi businessmen cheated it of Rs 6,000 crore which slightly less than USD 1 billion at that time.

Investigations revealed major irregularities, because the forex transactions were done mainly via advance remittances for import, through newly-opened current accounts. Heavy cash transactions -- sometimes four or five times a day -- were also noticed.

The Enforcement Directorate, under the revenue department of the finance ministry, had arrested the businessman duo under money laundering provisions.

PNB said in a statement that fraudulent transactions took place in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance.

Based on these transactions, done by his brother Nishal, wife Ami and Mehul Chinubhai Choksi, other banks appear to have advanced money to these customers abroad.

All this was being carried out in connivance with officials as high as Deputy General Manager since 2011.

The CBI has received two complaints from the PNB against billionaire diamantaire Nirav Modi and a jewellery company alleging fraudulent transactions.

Modi, whose jewellery creations are popular among global celebrities, may face a fresh CBI probe as the agency is looking at suitable legal action to be taken in the case.

He is already being investigated by the CBI for alleged cheating and fraud involving Rs 280 crore at a PNB branch.&nbsp;

The three jewellers are Gitanjali, Ginni and Nakshatra

Major jewellers Gitanjali, Ginni and Nakshatra have also come under the scanner of various investigating agencies following PNB's declaration of Rs 11,400 crore fraud, committed allegedly by Nirav Modi. Punjab National Bank (PNB) disclosed this morning that it has detected some fraudulent transactions with financial implication of USD 1.77 billion (about Rs 11,346 crore) and the matter has been referred to law enforcement agencies for the recovery. "Four big jewellers -- Gitanjali, Ginni, Nakshatra and Nirav Modi -- are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money," a senior official of a public sector bank told PTI. No immediate comments were available from these companies. There is strict instruction from the finance ministry to all banks that no big fish should go scot free and no honest borrower is harassed, the official said. Banks are now looking at their systems and processes so that such frauds are not repeated, the official said. All banks have been asked to present a status report as soon as possible, he added. In 2015, Bank of Baroda -- another public sector bank -- had brought to light a scam in which two Delhi businessmen cheated it of Rs 6,000 crore which slightly less than USD 1 billion at that time. Investigations revealed major irregularities, because the forex transactions were done mainly via advance remittances for import, through newly-opened current accounts. Heavy cash transactions -- sometimes four or five times a day -- were also noticed. The Enforcement Directorate, under the revenue department of the finance ministry, had arrested the businessman duo under money laundering provisions. PNB said in a statement that fraudulent transactions took place in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions, done by his brother Nishal, wife Ami and Mehul Chinubhai Choksi, other banks appear to have advanced money to these customers abroad. All this was being carried out in connivance with officials as high as Deputy General Manager since 2011. The CBI has received two complaints from the PNB against billionaire diamantaire Nirav Modi and a jewellery company alleging fraudulent transactions. Modi, whose jewellery creations are popular among global celebrities, may face a fresh CBI probe as the agency is looking at suitable legal action to be taken in the case. He is already being investigated by the CBI for alleged cheating and fraud involving Rs 280 crore at a PNB branch.

PNB fraud: After Nirav Modi, 3 other big jewellers come under the scanner

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PNB scam: ED, CBI turn up heat on Nirav Modi; jewellery worth Rs 5,100 cr seized

PNB scam: Enforcement Directorate registers money laundering case against billionaire Nirav Modi

Brand ambassador Priyanka Chopra seeking to terminate contract with Nirav Modi: Spokesperson

WION Evening News Brief, February 15, 2018

PNB fraud: After Nirav Modi, 3 other big jewellers come under the scanner