Throwing up his hands, beleaguered businessman Nirav Modi, the alleged kingpin of the largest banking scam in the country&#39;s history, has said PNB&#39;s &quot;overzealousness&quot; shut the doors on his ability to clear the dues.

He also said the dues were much less than what the bank has claimed, and that his relatives booked in the cases filed by the central agencies had nothing to do with the operations of the firms under their scanner.

<a href="http://www.wionews.com/india-news/full-text-of-nirav-modis-letter-to-pnb-33448">In a letter</a> Modi wrote on February 15/16 to the Punjab National Bank management, he pegged the money his companies owe to the bank under Rs 5,000 crore.

&quot;The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns.

Also read: <a href="http://www.wionews.com/india-news/pnb-scam-7-more-properties-of-gitanjali-group-attached-3-pnb-officials-arrested-33408">7 more properties of Gitanjali Group attached, 3 PNB officials arrested&nbsp;</a>

&quot;This thereby jeopardised our ability to discharge the dues of the group to the banks,&quot; Modi, who left the country along with his family in the first week of January, before the alleged scam became public, wrote in the letter.

&quot;In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts,&quot; he said.

Also read:<a href="http://www.wionews.com/india-news/pnb-scam-top-gitanjali-gems-officials-quit-33382"> Amid nationwide raids, top Gitanjali Gems officials quit&nbsp;</a>

The letter also refers to the extended discussions between him, and&nbsp;his representatives and the bank officers, besides his emails of February 13 and 15, 2018.

The PNB, the second largest state-run bank, had, on February 14, informed the exchanges about detecting US $1.77 billion fraud at its Brady House branch in Mumbai, and named the firms led by Modi and his uncle Mehul Choksi&#39;s Gitanjali Group, and some other diamond and jewellery merchants as suspects.

Also read:<a href="http://www.wionews.com/india-news/pnb-scam-investigations-at-mumbai-branch-continue-ed-probes-former-allahabad-bank-director-33371"> Investigations at Mumbai branch continue, ED probes former Allahabad Bank director</a>

Central government agencies - the CBI and the Enforcement Directorate - have registered cases on the complaint by the bank, and launched nationwide searches on dozens of offices and residences of the alleged fraudsters. The bank has named Modi&#39;s brother, his American wife Ami, and uncle Choksi besides some others in the FIR.

On the over Rs 11,000-crore loss claimed by the PNB in the FIR, Modi said, &quot;As you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less. Even after your complaint was filed, in good faith I wrote to you saying please sell/allow me to sell Firestar Group, or their valuable assets, and recover the dues not just from Firestar Group, but also from the three firms.&quot;

Valuing his domestic business at around Rs 6,500 crore, he said, &quot;This could have helped reduce/discharge the debt to the banking system,&quot; but added that this is not possible as all his bank accounts have been frozen and assets sealed or seized.

He went on to state that PNB had time and again acknowledged that the buyers credit facility has been extended by it to the three partnership firms for several years, and that there has been no default on the part of any of these firms over all these years. He said that money went through PNB all these years for the repayments of the advances given by the overseas bank branches under the buyers credit.

&quot;That Firestar International and Firestar Diamond International have never been in default to any bank, and the bankers are fully secured&quot;. He also said that PNB has over the years been earning bank charges to the tune of crores of rupees on the buyers credit facility extended by PNB to the three partnership firms and that PNB has extended the money to the firm&#39;s buyers as well from where also it has been receiving full payments, with interest and on time all these years.

On the valuables that CBI/ED searches yielded Rs 5,649 crore, he said, &quot;These, and other assets of the group and the three firms could have settled all the amounts due to banks. However, now that stage appears to have passed.&quot;

He concluded by requesting the bank to &quot;be fair, and support my efforts to make good all the amounts that are found due by my group to all banks.&quot;

Owning up everything, he said the bank has wrongly named his brother, who is not at all concerned with the operations of the three firms or other companies. &quot;My wife is not connected with any business operations at all and she has been wrongly named. My uncle is also wrongly named in this complaint since he has an independent and unconnected business and none of them are aware or concerned with my dealings with your bank.&quot;

&quot;Whatever may be the consequences I may face for my actions, the haste was, in my humble submission, unwarranted,&quot; Modi concluded and requested the bank to permit him to pay the salaries to 2,200 employees from the balance lying in the current accounts of his firms.&nbsp;

In a letter Modi wrote to the bank, he added that his dues were smaller than what the bank has claimed

Throwing up his hands, beleaguered businessman Nirav Modi, the alleged kingpin of the largest banking scam in the country's history, has said PNB's "overzealousness" shut the doors on his ability to clear the dues. He also said the dues were much less than what the bank has claimed, and that his relatives booked in the cases filed by the central agencies had nothing to do with the operations of the firms under their scanner. In a letter Modi wrote on February 15/16 to the Punjab National Bank management, he pegged the money his companies owe to the bank under Rs 5,000 crore. "The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns. Also read: 7 more properties of Gitanjali Group attached, 3 PNB officials arrested "This thereby jeopardised our ability to discharge the dues of the group to the banks," Modi, who left the country along with his family in the first week of January, before the alleged scam became public, wrote in the letter. "In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts," he said. Also read: Amid nationwide raids, top Gitanjali Gems officials quit The letter also refers to the extended discussions between him, and his representatives and the bank officers, besides his emails of February 13 and 15, 2018. The PNB, the second largest state-run bank, had, on February 14, informed the exchanges about detecting US $1.77 billion fraud at its Brady House branch in Mumbai, and named the firms led by Modi and his uncle Mehul Choksi's Gitanjali Group, and some other diamond and jewellery merchants as suspects. Also read: Investigations at Mumbai branch continue, ED probes former Allahabad Bank director Central government agencies - the CBI and the Enforcement Directorate - have registered cases on the complaint by the bank, and launched nationwide searches on dozens of offices and residences of the alleged fraudsters. The bank has named Modi's brother, his American wife Ami, and uncle Choksi besides some others in the FIR. On the over Rs 11,000-crore loss claimed by the PNB in the FIR, Modi said, "As you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less. Even after your complaint was filed, in good faith I wrote to you saying please sell/allow me to sell Firestar Group, or their valuable assets, and recover the dues not just from Firestar Group, but also from the three firms." Valuing his domestic business at around Rs 6,500 crore, he said, "This could have helped reduce/discharge the debt to the banking system," but added that this is not possible as all his bank accounts have been frozen and assets sealed or seized. He went on to state that PNB had time and again acknowledged that the buyers credit facility has been extended by it to the three partnership firms for several years, and that there has been no default on the part of any of these firms over all these years. He said that money went through PNB all these years for the repayments of the advances given by the overseas bank branches under the buyers credit. "That Firestar International and Firestar Diamond International have never been in default to any bank, and the bankers are fully secured". He also said that PNB has over the years been earning bank charges to the tune of crores of rupees on the buyers credit facility extended by PNB to the three partnership firms and that PNB has extended the money to the firm's buyers as well from where also it has been receiving full payments, with interest and on time all these years. On the valuables that CBI/ED searches yielded Rs 5,649 crore, he said, "These, and other assets of the group and the three firms could have settled all the amounts due to banks. However, now that stage appears to have passed." He concluded by requesting the bank to "be fair, and support my efforts to make good all the amounts that are found due by my group to all banks." Owning up everything, he said the bank has wrongly named his brother, who is not at all concerned with the operations of the three firms or other companies. "My wife is not connected with any business operations at all and she has been wrongly named. My uncle is also wrongly named in this complaint since he has an independent and unconnected business and none of them are aware or concerned with my dealings with your bank." "Whatever may be the consequences I may face for my actions, the haste was, in my humble submission, unwarranted," Modi concluded and requested the bank to permit him to pay the salaries to 2,200 employees from the balance lying in the current accounts of his firms.

PNB's 'overzealousness' shut door on ability to clear dues: Nirav Modi

As the Nirav <a href="http://www.wionews.com/india-news/pnb-fraud-cbi-sends-3-accused-pnb-officials-to-police-custody-33516">Modi-induced Punjab National Bank(PNB) scam</a> continued to take a toll on the banking system in India, the Reserve Bank of India(RBI) said it had alerted banks thrice on potential malicious use of SWIFT infrastructure since August 2016.

Society for<a href="http://www.wionews.com/india-news/photographs-of-pm-modi-with-nirav-modi-prove-nothing-amit-shah-33510"> Worldwide Interbank Financial Telecommunications</a> also called (SWIFT) are used by banks to facilitate safe transactions. The system allows banks to transact between each other especially when foreign currency is involved. It is reportedly used by over 200 countries and is a common banking tool well known for ensuring secure transaction.

However, in the PNB scam case, the SWIFT system has come under scrutiny with officials claiming it was widely misused by bankers who allegedly manipulated it to move funds in favour of Nirav Modi.

Five bank officials, including the two at the Mumbai branch, have so far been arrested. 
&nbsp; 
The alleged fraud occurred as one PNB deputy manager, with the assistance of one or more colleagues, issued over 100 fraudulent Letters of Undertaking &ndash; essentially guarantees sent to other banks so that they would provide loans to a customer.&nbsp;

After entering the transactions on the SWIFT messaging system, the official, who worked at the same branch from 2010 to 2017 despite normal bank practices of regular rotations - did not record them on PNB`s internal system, according to the bank`s complaint.

A PNB source said on Tuesday all its branches have now been asked to reconcile SWIFT messages with entries in their core banking system going back eight or nine years.&nbsp;

India&#39;s central bank said it had set up a panel under Y H Malegam to look into reasons behind incidents of frauds in banks.

The panel will also look into reasons for high divergence in NPA classification and provisioning by banks.

&nbsp;

 
<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/AF6coGcVMNg" width="560"></iframe> 
&nbsp;

&nbsp;

Five bank officials, including the two at the Mumbai branch, have so far been arrested.

As the Nirav Modi-induced Punjab National Bank(PNB) scam continued to take a toll on the banking system in India, the Reserve Bank of India(RBI) said it had alerted banks thrice on potential malicious use of SWIFT infrastructure since August 2016. Society for Worldwide Interbank Financial Telecommunications also called (SWIFT) are used by banks to facilitate safe transactions. The system allows banks to transact between each other especially when foreign currency is involved. It is reportedly used by over 200 countries and is a common banking tool well known for ensuring secure transaction. However, in the PNB scam case, the SWIFT system has come under scrutiny with officials claiming it was widely misused by bankers who allegedly manipulated it to move funds in favour of Nirav Modi. Five bank officials, including the two at the Mumbai branch, have so far been arrested. The alleged fraud occurred as one PNB deputy manager, with the assistance of one or more colleagues, issued over 100 fraudulent Letters of Undertaking – essentially guarantees sent to other banks so that they would provide loans to a customer. After entering the transactions on the SWIFT messaging system, the official, who worked at the same branch from 2010 to 2017 despite normal bank practices of regular rotations - did not record them on PNB`s internal system, according to the bank`s complaint. A PNB source said on Tuesday all its branches have now been asked to reconcile SWIFT messages with entries in their core banking system going back eight or nine years. India's central bank said it had set up a panel under Y H Malegam to look into reasons behind incidents of frauds in banks. The panel will also look into reasons for high divergence in NPA classification and provisioning by banks.

Alerted banks thrice since 2016 on potential malicious use of SWIFT: RBI

Dear Sir/Madam,

1. I refer to the extended discussions between us, and between my representatives and your officers. I also refer to my emails dated 13th and 15th February 2018.

2. In view of the recent actions by you, the authorities, and the extensive press coverage in the last couple of days, I must state my position to the extent it is relevant at this stage. The media suggests that the liability of the Nirav Modi Group is over Rs. 11,000 crores. As you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less. Even after your complaint was filed, in good faith I wrote to you saying please sell/ allow me to sell Firestar Group, or their valuable assets, and recover the moneys that may be found due not just from Firestar Group, but also from the three firms. The valuation of the business was approximately Rs. 6,500 crores which could have helped reduce/discharge the debt to the banking system.

3. However, the erroneous liability resulted in a media frenzy led to immediate search and seizure of operations, which has in turn resulted in FirestarInternational Private Limited and Firestar Diamond International Private Limited effectively ceasing to be going concerns. This has thereby jeopardized our ability to discharge the dues of the group to the banks.

4. In light of this, it is necessary to reinstate some facts:

I. You have acknowledged that:

(a) The Buyers Credit Facility has been extended by PNB to the three partnership firms since several years. 
(b) There has been no default on the part of any of these firms over all these years. 
(c) Moneys have gone through PNB over all these years for the repayments of the advances given by the overseas branches of banks under the Buyers Credit. 
(d) FIPL and FDIPL have been profitable, enjoyed a high (A-) credit rating, and have never been in default to any bank, and its bankers are fully secured.

II. You are aware that:

(a) PNB has over the years been earning bank charges to the tune of crores of rupees on the Buyers Credit Facility extended by PNB to the three partnership firms. 
(b) The banks that have extended the money to the firm&rsquo;s buyers have been receiving payment in full, with interest, in time all these year.

5. Yesterday, FIPL and FDIPL&rsquo;s inventory has been seized by the authorities. As per press reports the valuation of the is Rs. 5,649 crores. These, and other assets of FIPL/FDIPL and the three firms (including receivables and assets seized) could have settled all the amounts due to banks. However, now that stage appears to have passed, and there is generally panic.

6. I urge you once again to be fair, and in the interests of transparency, justice, the banking system and India as a whole, support my efforts to make good all the amounts that are found due by my group to all banks.

7. In your complaint you have wrongly named my brother, who was not at all concerned with the operations of the three firms or FIPL (India) and FDIPL (India). My wife was not connected with any business operations at all and she has been wrongly named. My uncle is also wrongly named in this complaint since he has an independent and unconnected business from mine and none of us are aware or concerned with his dealings with your bank.

8. The matter is being described as India&rsquo;s largest banking fraud. This is far from the truth. Nirav Modi Group ran a legitimate luxury brand business and the brand had become India&rsquo;s foremost global luxury brand, standing side by side with some of the biggest jewellery brands in the world. In the anxiety to recover your dues immediately, despite my offer, your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts. Whatever may be the consequences I may face for my actions, the haste was, in my humble submission, unwarranted.

9. I would request you to permit salaries for FIPL and FDIPL to be paid for the 2200 employees from the balance lying in the current accounts. Our HR head will send you a breakup of the monthly salary.

Yours Sincerely,

Nirav Modi

Beleaguered businessman Nirav Modi, the alleged kingpin of the largest banking scam in the country's history, has said PNB's "overzealousness" shut the doors on his ability to clear the dues.

Dear Sir/Madam, 1. I refer to the extended discussions between us, and between my representatives and your officers. I also refer to my emails dated 13th and 15th February 2018. 2. In view of the recent actions by you, the authorities, and the extensive press coverage in the last couple of days, I must state my position to the extent it is relevant at this stage. The media suggests that the liability of the Nirav Modi Group is over Rs. 11,000 crores. As you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less. Even after your complaint was filed, in good faith I wrote to you saying please sell/ allow me to sell Firestar Group, or their valuable assets, and recover the moneys that may be found due not just from Firestar Group, but also from the three firms. The valuation of the business was approximately Rs. 6,500 crores which could have helped reduce/discharge the debt to the banking system. 3. However, the erroneous liability resulted in a media frenzy led to immediate search and seizure of operations, which has in turn resulted in FirestarInternational Private Limited and Firestar Diamond International Private Limited effectively ceasing to be going concerns. This has thereby jeopardized our ability to discharge the dues of the group to the banks. 4. In light of this, it is necessary to reinstate some facts: I. You have acknowledged that: (a) The Buyers Credit Facility has been extended by PNB to the three partnership firms since several years. (b) There has been no default on the part of any of these firms over all these years. (c) Moneys have gone through PNB over all these years for the repayments of the advances given by the overseas branches of banks under the Buyers Credit. (d) FIPL and FDIPL have been profitable, enjoyed a high (A-) credit rating, and have never been in default to any bank, and its bankers are fully secured. II. You are aware that: (a) PNB has over the years been earning bank charges to the tune of crores of rupees on the Buyers Credit Facility extended by PNB to the three partnership firms. (b) The banks that have extended the money to the firm’s buyers have been receiving payment in full, with interest, in time all these year. 5. Yesterday, FIPL and FDIPL’s inventory has been seized by the authorities. As per press reports the valuation of the is Rs. 5,649 crores. These, and other assets of FIPL/FDIPL and the three firms (including receivables and assets seized) could have settled all the amounts due to banks. However, now that stage appears to have passed, and there is generally panic. 6. I urge you once again to be fair, and in the interests of transparency, justice, the banking system and India as a whole, support my efforts to make good all the amounts that are found due by my group to all banks. 7. In your complaint you have wrongly named my brother, who was not at all concerned with the operations of the three firms or FIPL (India) and FDIPL (India). My wife was not connected with any business operations at all and she has been wrongly named. My uncle is also wrongly named in this complaint since he has an independent and unconnected business from mine and none of us are aware or concerned with his dealings with your bank. 8. The matter is being described as India’s largest banking fraud. This is far from the truth. Nirav Modi Group ran a legitimate luxury brand business and the brand had become India’s foremost global luxury brand, standing side by side with some of the biggest jewellery brands in the world. In the anxiety to recover your dues immediately, despite my offer, your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts. Whatever may be the consequences I may face for my actions, the haste was, in my humble submission, unwarranted. 9. I would request you to permit salaries for FIPL and FDIPL to be paid for the 2200 employees from the balance lying in the current accounts. Our HR head will send you a breakup of the monthly salary. Yours Sincerely, Nirav Modi

'You destroyed my brand': Read full text of Nirav Modi's letter to PNB

My son has been framed by the Punjab National Bank in the Nirav Modi fraud case, said Hanumant Kharat, father of Manoj Kharat.

Single Window Operator Manoj and Gokulnath Shetty, a former Deputy Manager at the Punjab National Bank (PNB), have been arrested by the Central Bureau of Investigation (CBI) for helping Modi conduct fraudulent transactions of over 11,000 crores.

Talking to ANI, Hanumant said, &quot;The entire banking system is faulty. My son has been framed by the bank (PNB).&quot;

He further questioned that how could an employee,&nbsp;whose authority is to deal with an amount not more than Rs 25000, commit fraud worth crores of rupees.

&quot;What is my son&#39;s authority and post? They have done grave injustice to my son. The power of a clerk is only to deal with amount of Rs. 20000-25000. What is the salary of my son? His starting salary was Rs 17000 and after 2.5 years, his salary is Rs&nbsp; 23000. How could the bank entrust responsibility of crores of rupees on him?&quot; Hanumant wondered.

He added: &quot;It seems that the higher authorities must have been committing wrong deeds through such junior new employees, who do not know anything.&quot;

According to the CBI, Gokulnath Shetty and Manoj had issued eight letters of understanding (LOU) worth over Rs. 280 crore to Nirav Modi&#39;s company just three months before Shetty retired in May. The LOUs were issued in February. The due date mentioned was January 2018.

The PNB has lodged two financial fraud complaints of Rs. 11400 crore and Rs 280 crore against famous designer jeweler Nirav Modi, his family members and Mehul Choksi, the owner of Gitanjali Gems.

The CBI filed a formal case charging four- Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi- on January 31 over Rs. 280 crore fraud.

The Enforcement Directorate has conducted raids in many cities at various properties belonging to Nirav Modi and Mehul Choksi.&nbsp;

Single Window Operator Manoj Kharat and Gokulnath Shetty, a former Deputy Manager at the Punjab National Bank (PNB), have been arrested by the Central Bureau of Investigation

My son has been framed by the Punjab National Bank in the Nirav Modi fraud case, said Hanumant Kharat, father of Manoj Kharat. Single Window Operator Manoj and Gokulnath Shetty, a former Deputy Manager at the Punjab National Bank (PNB), have been arrested by the Central Bureau of Investigation (CBI) for helping Modi conduct fraudulent transactions of over 11,000 crores. Talking to ANI, Hanumant said, "The entire banking system is faulty. My son has been framed by the bank (PNB)." He further questioned that how could an employee, whose authority is to deal with an amount not more than Rs 25000, commit fraud worth crores of rupees. "What is my son's authority and post? They have done grave injustice to my son. The power of a clerk is only to deal with amount of Rs. 20000-25000. What is the salary of my son? His starting salary was Rs 17000 and after 2.5 years, his salary is Rs 23000. How could the bank entrust responsibility of crores of rupees on him?" Hanumant wondered. He added: "It seems that the higher authorities must have been committing wrong deeds through such junior new employees, who do not know anything." According to the CBI, Gokulnath Shetty and Manoj had issued eight letters of understanding (LOU) worth over Rs. 280 crore to Nirav Modi's company just three months before Shetty retired in May. The LOUs were issued in February. The due date mentioned was January 2018. The PNB has lodged two financial fraud complaints of Rs. 11400 crore and Rs 280 crore against famous designer jeweler Nirav Modi, his family members and Mehul Choksi, the owner of Gitanjali Gems. The CBI filed a formal case charging four- Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi- on January 31 over Rs. 280 crore fraud. The Enforcement Directorate has conducted raids in many cities at various properties belonging to Nirav Modi and Mehul Choksi.

Son had authority to deal with Rs 25,000, couldn't have committed PNB fraud worth crores: Accused's father

<a href="http://www.wionews.com/india-news/pnbs-overzealousness-shut-the-doors-on-ability-to-clear-the-dues-nirav-modi-33415">PNB&#39;s &#39;overzealousness&#39; shut door on ability to clear dues: Nirav Modi</a>

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<a href="http://www.wionews.com/india-news/trump-jr-arriving-in-india-with-business-foreign-policy-in-mind-33413">Donald Trump Jr in India, to have dinner with Trump Tower buyers</a>

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Read the five big stories of the morning here

PNB's 'overzealousness' shut door on ability to clear dues: Nirav Modi Throwing up his hands, beleaguered businessman Nirav Modi, the alleged kingpin of the largest banking scam in the country's history, has said PNB's ”overzealousness” shut the doors on his ability to clear the dues. Ready to bring no-trust motion against Centre as last resort: Chandrababu Naidu Andhra Pradesh Chief Minister N Chandrababu Naidu Monday said he was ready to move a no-confidence motion against the Narendra Modi government with the support of other parties to get "justice" for the southern state. Donald Trump Jr in India, to have dinner with Trump Tower buyers The United States President Donald Trump's son, Donald Trump Jr, is coming to India with business and foreign policy in mind. US presidential 'greatness' survey: Donald Trump comes last Donald Trump has come last in a US presidential "greatness" survey, conducted by the University of Houston and Boise State University. Sylvester Stallone refutes rumours of his death, says 'Alive, healthy and still punching' No, Sly Stallone is not dead. Fans of the actor fell prey to yet another death hoax news on Monday as news of Sylvester Stallone's death started doing the rounds of the internet.

WION Morning News Brief, February 20, 2018

Union Finance Minister Arun Jaitley on Tuesday said that it was incumbent on the state to chase down those who cheat the banking system.

The Finance Minister called out to the auditors, senior banking officials, chartered accountants and supervisory agencies &quot;to introspect&quot;.

&quot;When authority is given to the management then you are expected to utilize authority effectively and in the right manner. Therefore, the question for management here is if they were found lacking, on the face of it seems they were,&quot; Jaitley noted.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
When authority is given to the managements then you are expected to utilize authority effectively and in the right manner and therefore question for management is if they were found lacking, on the face of it seems they were: FM Arun Jaitley on banks <a href="https://t.co/rwI7W38iaT">pic.twitter.com/rwI7W38iaT</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965941717789704192?ref_src=twsrc%5Etfw">February 20, 2018</a></blockquote>
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<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

&quot;Also what were the auditors doing? If both internal and external auditors have looked other way and failed to detect then I think CA professionals must introspect. Supervisory agencies also must introspect what are the additional mechanisms they have to put in place,&quot; he added further.&nbsp;

The Finance Minister was speaking at the 41st Annual Meeting of Association of Development Financial Institutions in Asia and Pacific (ADFIAP). His statements came in the wake of a mega scam where the PNB detected a 1.77 billion dollar fraud involving jeweller Nirav Modi and others.

(With inputs from ANI)&nbsp;

Those who cheat banking system will be chased down: Arun Jaitley

Union Finance Minister Arun Jaitley on Tuesday said that it was incumbent on the state to chase down those who cheat the banking system. The Finance Minister called out to the auditors, senior banking officials, chartered accountants and supervisory agencies "to introspect". "When authority is given to the management then you are expected to utilize authority effectively and in the right manner. Therefore, the question for management here is if they were found lacking, on the face of it seems they were," Jaitley noted. When authority is given to the managements then you are expected to utilize authority effectively and in the right manner and therefore question for management is if they were found lacking, on the face of it seems they were: FM Arun Jaitley on banks pic.twitter.com/rwI7W38iaT — ANI (@ANI) February 20, 2018 × "Also what were the auditors doing? If both internal and external auditors have looked other way and failed to detect then I think CA professionals must introspect. Supervisory agencies also must introspect what are the additional mechanisms they have to put in place," he added further. The Finance Minister was speaking at the 41st Annual Meeting of Association of Development Financial Institutions in Asia and Pacific (ADFIAP). His statements came in the wake of a mega scam where the PNB detected a 1.77 billion dollar fraud involving jeweller Nirav Modi and others. (With inputs from ANI)

<a href="http://www.wionews.com/india-news/cbi-questions-rotomac-owner-vikram-kothari-freezes-14-bank-accounts-33505" target="_blank">CBI questions Rotomac owner Vikram </a><a href="http://www.wionews.com/india-news/cbi-questions-rotomac-owner-vikram-kothari-freezes-14-bank-accounts-33505" target="_blank">Kothari,</a><a href="http://www.wionews.com/india-news/cbi-questions-rotomac-owner-vikram-kothari-freezes-14-bank-accounts-33505" target="_blank"> freezes 14 bank accounts</a>

The Income&nbsp;<a href="http://www.wionews.com/india-news/cbi-registers-case-against-rotomac-directors-for-cheating-seven-banks-33364">Tax Department has attached 14 bank</a>&nbsp;accounts of Rotomac which belong to various banks&nbsp;as the CBI grilled the owner Vikram Kothari today. Reports said three accounts belong to Vikram Kothari and his family.

<a href="http://www.wionews.com/south-asia/bangladesh-stock-exchange-approves-chinas-bid-rejects-india-33511" target="_blank">Bangladesh stock exchange approves China&#39;s bid, rejects India</a>

China has emerged<a href="http://www.wionews.com/south-asia/now-india-china-battle-in-bangladesh-stock-exchange-32913">&nbsp;as the winner against India in the</a>&nbsp;battle for supremacy in the Bangladesh stock exchange. After reports of<a href="http://www.wionews.com/south-asia/want-to-deepen-ties-with-china-to-gain-greater-leverage-with-india-nepals-oli-33440">&nbsp;India and China putting up bids in the&nbsp;</a>Bangladesh stock exchange took everyone by surprise, an official told AFP that Bangladesh has agreed to sell a large stake to a Chinese consortium, disregarding India&#39;s bid.

<a href="http://www.wionews.com/india-news/breakdown-of-governance-say-ias-officers-after-delhi-chief-secretary-alleges-assault-by-aap-mlas-33465" target="_blank">&#39;Breakdown of governance,&#39; say IAS officers after Delhi Chief Secretary alleges assault by AAP MLAs</a>

A massive political firestorm erupted over Delhi Tuesday after the chief secretary alleged that he had been assaulted by AAP MLAs at the chief minister&#39;s residence.&nbsp;The Aam Aadmi Party has called Anshu Prakash&#39;s allegation &quot;ludicrous&quot;, adding that he was acting on the BJP&#39;s behest.&nbsp;&nbsp;

<a href="http://www.wionews.com/south-asia/three-killed-in-blast-in-afghan-city-jalalabad-33494">Three killed in blast in Afghan city Jalalabad</a>

&nbsp;An explosion killed at least three tribal elders and wounded two when it hit a hotel in the eastern Afghan city of Jalalabad on Tuesday, officials said. The cause of the blast was not immediately clear and there was no immediate claim of responsibility.

<a href="http://www.wionews.com/world/turkey-will-lay-siege-to-syrias-afrin-in-coming-days-erdogan-33487" target="_blank">Turkey will lay siege to Syria&#39;s Afrin in coming days: Erdogan</a>

Turkey will lay siege to Afrin in northern Syria after launching an offensive against Kurdish militia in the region last month, President Recep Tayyip Erdogan said on Tuesday.

CBI questions Rotomac owner Vikram Kothari, freezes 14 bank accounts The Income Tax Department has attached 14 bank accounts of Rotomac which belong to various banks as the CBI grilled the owner Vikram Kothari today. Reports said three accounts belong to Vikram Kothari and his family. Bangladesh stock exchange approves China's bid, rejects India China has emerged as the winner against India in the battle for supremacy in the Bangladesh stock exchange. After reports of India and China putting up bids in the Bangladesh stock exchange took everyone by surprise, an official told AFP that Bangladesh has agreed to sell a large stake to a Chinese consortium, disregarding India's bid. 'Breakdown of governance,' say IAS officers after Delhi Chief Secretary alleges assault by AAP MLAs A massive political firestorm erupted over Delhi Tuesday after the chief secretary alleged that he had been assaulted by AAP MLAs at the chief minister's residence. The Aam Aadmi Party has called Anshu Prakash's allegation "ludicrous", adding that he was acting on the BJP's behest. Three killed in blast in Afghan city Jalalabad An explosion killed at least three tribal elders and wounded two when it hit a hotel in the eastern Afghan city of Jalalabad on Tuesday, officials said. The cause of the blast was not immediately clear and there was no immediate claim of responsibility. Turkey will lay siege to Syria's Afrin in coming days: Erdogan Turkey will lay siege to Afrin in northern Syria after launching an offensive against Kurdish militia in the region last month, President Recep Tayyip Erdogan said on Tuesday.

WION Evening News brief, February 20, 2018

BJP Chief Amit Shah has given clarifications over the accusations put up by Congress party which state that the charges on <a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970" target="_blank">Nirav Modi </a>were proved when he shared the stage with the Prime Minister in Davos at World Economic Forum.&nbsp;

Clarifying the allegations of the opposition party Amit Shah said &quot;&nbsp;Photographs prove nothing, even you people are sitting with me &amp; if one of you commits a crime will you make me liable too? As far as Nirav Modi case is concerned Centre has taken it seriously and already seized more than 5 thousand crore assets&quot;.

The Congress&#39;&nbsp;allegations surfaced after pictures from the event showed Nirav Modi sharing the dais with PM Modi in the event.&nbsp;

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Photographs(Nirav Modi Davos photo) prove nothing,even you people are sitting with me &amp; if one of you commits a crime will you make me liable too? As far as <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> case is concerned Centre has taken it seriously and already seized more than 5 thousand crore assets: Amit Shah <a href="https://t.co/a6QUz0DAE1">pic.twitter.com/a6QUz0DAE1</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965923953171673088?ref_src=twsrc%5Etfw">February 20, 2018</a></blockquote>
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Earlier Union Minister Ravi Shankar Prasad had also issued explaination on the matter saying that Nirav Modi was not part of the Prime Minister&#39;s delegation during his visit to Davos at World Economic Forum.&nbsp;

&nbsp;

Clarifying the allegations of the Congress Amit Shah said 'Photographs prove nothing, even you people are sitting with me & if one of you commits a crime will you make me liable too? As far as Nirav Modi case is concerned Centre has taken it seriously and already seized over 5000 crore assets

BJP Chief Amit Shah has given clarifications over the accusations put up by Congress party which state that the charges on Nirav Modi were proved when he shared the stage with the Prime Minister in Davos at World Economic Forum. Clarifying the allegations of the opposition party Amit Shah said " Photographs prove nothing, even you people are sitting with me & if one of you commits a crime will you make me liable too? As far as Nirav Modi case is concerned Centre has taken it seriously and already seized more than 5 thousand crore assets". The Congress' allegations surfaced after pictures from the event showed Nirav Modi sharing the dais with PM Modi in the event. Photographs(Nirav Modi Davos photo) prove nothing,even you people are sitting with me & if one of you commits a crime will you make me liable too? As far as #NiravModi case is concerned Centre has taken it seriously and already seized more than 5 thousand crore assets: Amit Shah pic.twitter.com/a6QUz0DAE1 — ANI (@ANI) February 20, 2018 × Earlier Union Minister Ravi Shankar Prasad had also issued explaination on the matter saying that Nirav Modi was not part of the Prime Minister's delegation during his visit to Davos at World Economic Forum.

Photographs of PM Modi with Nirav Modi prove nothing: Amit Shah

The Central <a href="http://www.wionews.com/india-news/case-of-loan-default-not-fraud-vikram-kotharis-lawyer-33359">Bureau of Investigation(CBI) has</a> registered a case against Rotomac directors alleging that the conspirators cheated seven banks by syphoning off bank loans worth Rs 2,919 crore.

CBI has registered a case against Rotomac directors - Vikram Kothari, Sadhana Kothari, Rahul Kothari, including unknown bank officials after a complaint from Bank of Baroda.

CBI is currently conducting searches at three places in Kanpur and has questioned all three accused directors: Vikram Kothari, Sadhana Kothari and Rahul Kothari.&nbsp;

CBI has also sealed&nbsp;residential premises and an office of Rotomac directors in New Delhi.&nbsp;

In the complaint, the CBI claimed the total outstanding amount along with interest liabilities for Rotomac is Rs. 3,695 crore.

The CBI named the banks which have been affected due to scam, which include: Bank of India, Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce.

According to the CBI officials, the company allegedly used two modus operandi for siphoning off the loans secured from consortium of banks from 2008 onwards. 
Credit sanctioned and loan disbursed to the company was utilised for the purposes, other than executing export orders.

The CBI alleged that the credit sanctioned for a particular export order was diverted to a different offshore company and later the money was remitted back into the Kanpur-based company without executing an export order.

In other cases, money disbursed by the banks for procurement of goods for export was not utilised and no export order was executed ever. This is misappropriation of the fund, criminal breach of trust and violation of FEMA guidelines, the officials said.

Most of the transaction of this companies is with limited number of buyers, sellers sister companies and subsidiary of this company.

On Monday, the CBI had conducted raids on the properties of Rotomac Pens&#39; owner Vikram Kothari at his home in Kanpur.

The CBI questioned Kothari, his wife and their son.&nbsp;

On Sunday, there were reports that Kothari was allegedly &quot;missing&quot; from Kanpur. Reports had indicated that Kothari had taken a loan worth Rs. 352 crore from the Kanpur branch of Allahabad Bank and Rs. 485 crore from three other banks, namely Bank of Baroda, Indian Overseas Bank, and Union Bank of India.

On Monday, the CBI had conducted raids on the properties of Rotomac Pens' owner Vikram Kothari at his home in Kanpur.

The Central Bureau of Investigation(CBI) has registered a case against Rotomac directors alleging that the conspirators cheated seven banks by syphoning off bank loans worth Rs 2,919 crore. CBI has registered a case against Rotomac directors - Vikram Kothari, Sadhana Kothari, Rahul Kothari, including unknown bank officials after a complaint from Bank of Baroda. CBI is currently conducting searches at three places in Kanpur and has questioned all three accused directors: Vikram Kothari, Sadhana Kothari and Rahul Kothari. CBI has also sealed residential premises and an office of Rotomac directors in New Delhi. In the complaint, the CBI claimed the total outstanding amount along with interest liabilities for Rotomac is Rs. 3,695 crore. The CBI named the banks which have been affected due to scam, which include: Bank of India, Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce. According to the CBI officials, the company allegedly used two modus operandi for siphoning off the loans secured from consortium of banks from 2008 onwards. Credit sanctioned and loan disbursed to the company was utilised for the purposes, other than executing export orders. The CBI alleged that the credit sanctioned for a particular export order was diverted to a different offshore company and later the money was remitted back into the Kanpur-based company without executing an export order. In other cases, money disbursed by the banks for procurement of goods for export was not utilised and no export order was executed ever. This is misappropriation of the fund, criminal breach of trust and violation of FEMA guidelines, the officials said. Most of the transaction of this companies is with limited number of buyers, sellers sister companies and subsidiary of this company. On Monday, the CBI had conducted raids on the properties of Rotomac Pens' owner Vikram Kothari at his home in Kanpur. The CBI questioned Kothari, his wife and their son. On Sunday, there were reports that Kothari was allegedly "missing" from Kanpur. Reports had indicated that Kothari had taken a loan worth Rs. 352 crore from the Kanpur branch of Allahabad Bank and Rs. 485 crore from three other banks, namely Bank of Baroda, Indian Overseas Bank, and Union Bank of India.

CBI registers case against Rotomac directors for cheating seven banks

The CBI search in the ongoing PNB fraud continues today. The search is being conducted in the Punjab National Bank&#39;s Mid Corporate Branch, Brady House in Mumbai.

According to reports, the branch was briefly secured with a seal during the wee hours to prevent any inadvertent or unauthorised opening by any PNB staff.&nbsp;

The temporary sealing of the branch premises was to prevent any instance of tampering. The authorities here state that the regular business of the branch will not be affected today.

The official notice of the CBI read, &#39;The branch cannot be opened and entered into without permission/order of the court concerned or Competent Authority of the Central Bureau of Investigation Mumbai.&#39;&#39;

MCB Brady house is the same branch where transactions related to PNB scam were carried out.

Meanwhile, the CBI also carried out searches at three places in Kanpur, questioning the three accused Directors - Vikram Kothari, Sadhana Kothari &amp; Rahul Kothari. Residential premises and offices of Rotomac Directors have also been sealed by the CBI in New Delhi.

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CBI is conducting searches at three places in Kanpur and questioning all the three accused Directors - Vikram Kothari, Sadhana Kothari &amp; Rahul Kothari. CBI has also sealed a residential premises and an office of Rotomac Directors in New Delhi. <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965527992255569920?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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The Enforcement Directorate visited the residence of former Allahabad Bank director Dinesh Dubey. Dubey had alleged that the bank had granted a loan to Gitanjali Gems in 2013 despite his dissent.&nbsp;

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<a href="https://twitter.com/hashtag/Vadodara?src=hash&amp;ref_src=twsrc%5Etfw">#Vadodara</a>: ED team reaches residence of former Allahabad Bank director Dinesh Dubey who had alleged that loan was given to Gitanjali Gems in 2013 despite his dissent note <a href="https://twitter.com/hashtag/PNBFraud?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraud</a> <a href="https://t.co/vHmR4IGleh">pic.twitter.com/vHmR4IGleh</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965522785463390208?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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The Nirav Modi-PNB fraud made headlines on January 29 after a PNB official from Mumbai lodged a complaint with the CBI complaining against Solar Exports, Stellar Diamonds and Diamond R US.

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Bihar: Enforcement Directorate conducts raid at a <a href="https://twitter.com/hashtag/Gitanjali?src=hash&amp;ref_src=twsrc%5Etfw">#Gitanjali</a> and a <a href="https://twitter.com/hashtag/Nakshatra?src=hash&amp;ref_src=twsrc%5Etfw">#Nakshatra</a> showroom in Muzaffarpur. <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965539931417468928?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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Four others including diamantaire Nirav Modi and Gitanjali Gems&#39; MD Mehul Choksi were named and accused of defrauding the bank.&nbsp;

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<a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> Case: ED raids being conducted in Lucknow, Noida &amp; Ghaziabad.
&mdash; ANI UP (@ANINewsUP) <a href="https://twitter.com/ANINewsUP/status/965539092527271936?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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The bank later alleged two junior employees at the Mumbai branch to have assisted the named companies and fraudsters in acquiring &#39;letters of undertaking&#39;&nbsp;(LoUs) even in the absence sufficient funds or required credit limit.&nbsp;

Residential premises and offices of Rotomac Directors have also been sealed by the CBI in New Delhi

The CBI search in the ongoing PNB fraud continues today. The search is being conducted in the Punjab National Bank's Mid Corporate Branch, Brady House in Mumbai. According to reports, the branch was briefly secured with a seal during the wee hours to prevent any inadvertent or unauthorised opening by any PNB staff. The temporary sealing of the branch premises was to prevent any instance of tampering. The authorities here state that the regular business of the branch will not be affected today. The official notice of the CBI read, 'The branch cannot be opened and entered into without permission/order of the court concerned or Competent Authority of the Central Bureau of Investigation Mumbai.'' MCB Brady house is the same branch where transactions related to PNB scam were carried out. Meanwhile, the CBI also carried out searches at three places in Kanpur, questioning the three accused Directors - Vikram Kothari, Sadhana Kothari & Rahul Kothari. Residential premises and offices of Rotomac Directors have also been sealed by the CBI in New Delhi. CBI is conducting searches at three places in Kanpur and questioning all the three accused Directors - Vikram Kothari, Sadhana Kothari & Rahul Kothari. CBI has also sealed a residential premises and an office of Rotomac Directors in New Delhi. #PNBFraudCase — ANI (@ANI) February 19, 2018 × The Enforcement Directorate visited the residence of former Allahabad Bank director Dinesh Dubey. Dubey had alleged that the bank had granted a loan to Gitanjali Gems in 2013 despite his dissent. #Vadodara: ED team reaches residence of former Allahabad Bank director Dinesh Dubey who had alleged that loan was given to Gitanjali Gems in 2013 despite his dissent note #PNBFraud pic.twitter.com/vHmR4IGleh — ANI (@ANI) February 19, 2018 × The Nirav Modi-PNB fraud made headlines on January 29 after a PNB official from Mumbai lodged a complaint with the CBI complaining against Solar Exports, Stellar Diamonds and Diamond R US. Bihar: Enforcement Directorate conducts raid at a #Gitanjali and a #Nakshatra showroom in Muzaffarpur. #PNBFraudCase — ANI (@ANI) February 19, 2018 × Four others including diamantaire Nirav Modi and Gitanjali Gems' MD Mehul Choksi were named and accused of defrauding the bank. #NiravModi Case: ED raids being conducted in Lucknow, Noida & Ghaziabad. — ANI UP (@ANINewsUP) February 19, 2018 × The bank later alleged two junior employees at the Mumbai branch to have assisted the named companies and fraudsters in acquiring 'letters of undertaking' (LoUs) even in the absence sufficient funds or required credit limit.

PNB scam: Investigations at Mumbai branch continue, ED probes former Allahabad Bank director

Advocate Vijay Aggarwal to be the lawyer of jeweler Nirav Modi accused of PNB scam.

Vijay Aggarwal has represented a number of high-profile accused in 2G spectrum allocation case.

He has represented Swan telecom promoters Shahid Usman Balwa, Vinod Goenka and other associated with them in the 2G scam.

In 2013 Vijay Aggarwal was expelled from the New Delhi Bar Association and his chamber at Patiala House Court complex for his alleged abusive behavior.

He allegedly threatened another lawyer and called bouncers in the court premises.

He was also slapped with a show-cause notice by the bar council in 2011 for indulging in the two professions -chartered accountancy and advocacy- simultaneously.

CBI is currently questioning Nirav Modi&#39;s chief financial officer <a href="http://www.wionews.com/india-news/pnb-scam-cbi-interrogates-nirav-modis-chief-financial-officer-vipul-ambani-33319">Vipul Ambani</a> in connection with the 11:400 crore scam in their headquarters.

Also read: <a href="http://www.wionews.com/india-news/pnb-scam-same-person-sent-requests-for-bank-guarantees-approved-them-33322">Same</a><a href="http://www.wionews.com/india-news/pnb-scam-same-person-sent-requests-for-bank-guarantees-approved-them-33322"> person sent requests for bank guarantees, approved them in PNB scam</a>

Absconded Nirav Modi&nbsp;carried out fraud transactions by acquiring&nbsp;fake letters of undertaking from Punjab National Bank as a proof to other banks to extract money from them.

Last week Punjab National Bank announced that it had discovered fraudulent transactions worth Rs 11,400 crore at<a href="http://www.wionews.com/india-news/pnb-scam-cbi-seal-banks-mcb-brady-house-branch-in-mumbai-33320"> MCB Brady House branch now sealed</a> by CBI in Mumbai.&nbsp;

Vijay Aggarwal has represented Swan telecom promoters Shahid Usman Balwa, Vinod Goenka and other associated with them in the 2G scam

Advocate Vijay Aggarwal to be the lawyer of jeweler Nirav Modi accused of PNB scam. Vijay Aggarwal has represented a number of high-profile accused in 2G spectrum allocation case. He has represented Swan telecom promoters Shahid Usman Balwa, Vinod Goenka and other associated with them in the 2G scam. In 2013 Vijay Aggarwal was expelled from the New Delhi Bar Association and his chamber at Patiala House Court complex for his alleged abusive behavior. He allegedly threatened another lawyer and called bouncers in the court premises. He was also slapped with a show-cause notice by the bar council in 2011 for indulging in the two professions -chartered accountancy and advocacy- simultaneously. CBI is currently questioning Nirav Modi's chief financial officer Vipul Ambani in connection with the 11:400 crore scam in their headquarters. Also read: Same person sent requests for bank guarantees, approved them in PNB scam Absconded Nirav Modi carried out fraud transactions by acquiring fake letters of undertaking from Punjab National Bank as a proof to other banks to extract money from them. Last week Punjab National Bank announced that it had discovered fraudulent transactions worth Rs 11,400 crore at MCB Brady House branch now sealed by CBI in Mumbai.

PNB scam: Vijay Aggarwal of 2G spectrum fame to be Nirav Modi's lawyer

Rotomac Pens owner <a href="http://www.wionews.com/india-news/amid-reports-he-has-fled-country-rotomacs-vikram-kothari-seen-at-wedding-in-kanpur-33317" target="_blank">Vikram Kothari</a>`s lawyer Sharad Kumar Birla on Monday rejected reports of<a href="http://www.wionews.com/india-news/now-rotomac-pens-rs-800-crore-defaulter-flees-country-33284" target="_blank"> fraud committed by his client</a>, adding that it was a case of loan default.

&quot;My client had borrowed a sum of Rs. 800 crore as a loan for business purpose. The ongoing case involves no fraud; it is a case of loan default. I am yet to be given complete details of the matter at present,&quot; Birla told reporters.

On Sunday, reports surfaced that Kothari was allegedly `missing` from Kanpur in possession of a bank loan worth Rs. 837 crore.

Kothari had taken a loan worth Rs. 352 crore from the Kanpur branch of Allahabad Bank and Rs. 485 crore from three other banks, namely Bank of Baroda, Indian Overseas Bank, and Union Bank of India.

Earlier, the Central Bureau of Investigation (CBI) filed a case against Kothari and others and carried out <a href="http://www.wionews.com/india-news/kanpur-cbi-raids-properties-of-rotomac-owner-vikram-kothari-interrogation-underway-33326" target="_blank">raids in his residence in Kanpur</a> and three other locations.

Furthermore, Kothari, along with his wife and son was interrogated by the CBI.Meanwhile, Kothari on February 16 had said that he would not run away from the country and had not done anything wrong.

'My client had borrowed a sum of Rs. 800 crore as a loan for business purpose. The ongoing case involves no fraud; it is a case of loan default. I am yet to be given complete details of the matter at present,' Vikram Kothari's lawyer Sharad Kumar Birla told reporters

Rotomac Pens owner Vikram Kothari`s lawyer Sharad Kumar Birla on Monday rejected reports of fraud committed by his client, adding that it was a case of loan default. "My client had borrowed a sum of Rs. 800 crore as a loan for business purpose. The ongoing case involves no fraud; it is a case of loan default. I am yet to be given complete details of the matter at present," Birla told reporters. On Sunday, reports surfaced that Kothari was allegedly `missing` from Kanpur in possession of a bank loan worth Rs. 837 crore. Kothari had taken a loan worth Rs. 352 crore from the Kanpur branch of Allahabad Bank and Rs. 485 crore from three other banks, namely Bank of Baroda, Indian Overseas Bank, and Union Bank of India. Earlier, the Central Bureau of Investigation (CBI) filed a case against Kothari and others and carried out raids in his residence in Kanpur and three other locations. Furthermore, Kothari, along with his wife and son was interrogated by the CBI.Meanwhile, Kothari on February 16 had said that he would not run away from the country and had not done anything wrong.

Case of loan default, not fraud: Vikram Kothari's lawyer

The Central Bureau of Investigation (CBI) sealed Punjab National Bank&#39;s MCB Brady House branch in Mumbai on Monday.

The official notice of the CBI read, &#39;Tthe branch cannot be opened and entered into without permission/order of the court concerned or Competent Authority of the Central Bureau of Investigation Mumbai.&#39;&#39;

MCB Brady house is the same branch where transactions related to PNB scam were carried out.

Also read:&nbsp; <a href="http://www.wionews.com/india-news/pnb-scam-billion-dollar-diamond-fraud-case-puts-indias-state-banks-in-focus-33285">Billion dollar diamond fraud case puts India&#39;s state banks in focus</a>

Last week, Punjab National Bank announced that it had discovered fraudulent transactions worth Rs 11,400 crore at MCB Brady House branch in Mumbai.

&nbsp;Also read: <a href="http://www.wionews.com/india-news/pnb-fraud-200-shell-firms-benami-assets-under-ed-i-t-dept-scanner-33269">200 shell firms, </a><a href="http://www.wionews.com/india-news/pnb-fraud-200-shell-firms-benami-assets-under-ed-i-t-dept-scanner-33269">benami</a><a href="http://www.wionews.com/india-news/pnb-fraud-200-shell-firms-benami-assets-under-ed-i-t-dept-scanner-33269"> assets under ED, I-T dept scanner</a>

Nirav Modi who has now fled the country carried out these fraud transactions by using fake bank guarantees as a proof to other banks to extract money from them.

The Enforcement Directorate (ED) is conducting a search operation and raided many showrooms across the country. Diamonds, gold, gems, jewellery, metal worth of crores has also been seized.

CBI arrested three officials of the PNB bank in connection with the scam.

Former deputy manager of Punjab National Bank, Gokulnath Shetty and Manoj Kharat, single window operator at PNB and Hemant Bhat, Authorised Signatory of the Nirav Modi Group of Firms were arrested on Saturday. 
&nbsp;

The official notice of the CBI read, 'Tthe branch cannot be opened and entered into without permission/order of the court concerned or Competent Authority of the Central Bureau of Investigation Mumbai'

The Central Bureau of Investigation (CBI) sealed Punjab National Bank's MCB Brady House branch in Mumbai on Monday. The official notice of the CBI read, 'Tthe branch cannot be opened and entered into without permission/order of the court concerned or Competent Authority of the Central Bureau of Investigation Mumbai.'' MCB Brady house is the same branch where transactions related to PNB scam were carried out. Also read: Billion dollar diamond fraud case puts India's state banks in focus Last week, Punjab National Bank announced that it had discovered fraudulent transactions worth Rs 11,400 crore at MCB Brady House branch in Mumbai. Also read: 200 shell firms, benami assets under ED, I-T dept scanner Nirav Modi who has now fled the country carried out these fraud transactions by using fake bank guarantees as a proof to other banks to extract money from them. The Enforcement Directorate (ED) is conducting a search operation and raided many showrooms across the country. Diamonds, gold, gems, jewellery, metal worth of crores has also been seized. CBI arrested three officials of the PNB bank in connection with the scam. Former deputy manager of Punjab National Bank, Gokulnath Shetty and Manoj Kharat, single window operator at PNB and Hemant Bhat, Authorised Signatory of the Nirav Modi Group of Firms were arrested on Saturday.

PNB scam: CBI seals bank's Brady House branch in Mumbai

The Central Bureau of Investigation (CBI) Monday grilled absconding diamond magnate Nirav Modi&#39;s chief financial officer Vipul Ambani in connection with the Rs 11,400 crore scam.&nbsp;

The CBI had called Vipul to headquarters with all the related documents.&nbsp; 
&nbsp; 
Vipul is the son of Dhirubhai&#39;s younger brother Natubhai Ambani.

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<a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a>&#39;s Chief Financial Officer Vipul Ambani appeared before CBI in <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a> for questioning in connection with <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a> yesterday <a href="https://t.co/GUNapOqnV7">pic.twitter.com/GUNapOqnV7</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/965424144690106368?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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Earlier on Saturday, the CBI had arrested three people, including PNB&rsquo;s former deputy manager Gokulnath Shetty, the bank&rsquo;s single-window operator Manoj Kharat, and Hemant Bhat, authorised signatory for Nirav Modi&rsquo;s firms.&nbsp;

A special court remanded all the three accused to 14 days&rsquo; CBI custody.

According to the source, the accused were taking commission, which was a fixed percentage on every LoU, for unauthorised access and swift password to the Modi firms.&nbsp;

The investigative agency conducted searches at PNB&#39;s Brady House branch in Mumbai. The branch has been sealed today with no one allowed to enter the premises.&nbsp;

Nirav Modi allegedly acquired fraudulent letters of undertaking (LOU) from a PNB branch in Mumbai to secure overseas credit from other Indian lenders. 
&nbsp;

The CBI had called Ambani along with all related documents

The Central Bureau of Investigation (CBI) Monday grilled absconding diamond magnate Nirav Modi's chief financial officer Vipul Ambani in connection with the Rs 11,400 crore scam. The CBI had called Vipul to headquarters with all the related documents. Vipul is the son of Dhirubhai's younger brother Natubhai Ambani. #NiravModi's Chief Financial Officer Vipul Ambani appeared before CBI in #Mumbai for questioning in connection with #PNBFraudCase yesterday pic.twitter.com/GUNapOqnV7 — ANI (@ANI) February 19, 2018 × Earlier on Saturday, the CBI had arrested three people, including PNB’s former deputy manager Gokulnath Shetty, the bank’s single-window operator Manoj Kharat, and Hemant Bhat, authorised signatory for Nirav Modi’s firms. A special court remanded all the three accused to 14 days’ CBI custody. According to the source, the accused were taking commission, which was a fixed percentage on every LoU, for unauthorised access and swift password to the Modi firms. The investigative agency conducted searches at PNB's Brady House branch in Mumbai. The branch has been sealed today with no one allowed to enter the premises. Nirav Modi allegedly acquired fraudulent letters of undertaking (LOU) from a PNB branch in Mumbai to secure overseas credit from other Indian lenders.

PNB scam: CBI interrogates Nirav Modi CFO Vipul Ambani

About 30 Congress MLAs were suspended from the party after they protested over Chief Minister Raman Singh&#39;s invitation to Metals and Mining Corporation Rio Tinto for investing in the state.&nbsp;

The MLAs from the opposition party protested claiming that the corporation was blacklisted and has connections with Nirav Modi.&nbsp;

They said that the Australian Mining Giant Metals and Mining Corporation Rio Tinto is a close aide of the<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"> PNB scam accused Nirav Modi</a>.&nbsp;

The MLAs said that the chief minister invited the mining company for investing in the state during his visit to Australia last month.

They also demanded the resignation of the chief minister.&nbsp;

Chhattisgarh is ruled by Raman Singh led BJP government.&nbsp;

&nbsp;

&nbsp;

&nbsp;

 
 
&nbsp;

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The MLAs from the opposition party protested claiming that the corporation was blacklisted and has connections with Nirav Modi

About 30 Congress MLAs were suspended from the party after they protested over Chief Minister Raman Singh's invitation to Metals and Mining Corporation Rio Tinto for investing in the state. The MLAs from the opposition party protested claiming that the corporation was blacklisted and has connections with Nirav Modi. They said that the Australian Mining Giant Metals and Mining Corporation Rio Tinto is a close aide of the PNB scam accused Nirav Modi. The MLAs said that the chief minister invited the mining company for investing in the state during his visit to Australia last month. They also demanded the resignation of the chief minister. Chhattisgarh is ruled by Raman Singh led BJP government.

30 Congress MLAs suspended in Chhattisgarh over protest against CM's invitation to Australian Mining company

After billionaire diamantaire Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has also allegedly gone abroad after swindling Rs 800 crore from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India, sources said.

The Kanpur-based company&#39;s owner had taken a loan of more than Rs 800 crore from over five state-owned banks.

Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India compromised their rules to sanction loans to Rotomac, the sources said.

According to local media reports, the promoter said speculation of his fleeing the country is baseless.

&quot;I am a resident of Kanpur and I will stay in the city. However, I do have to travel to foriegn countries for business purposes,&quot; Kothari said.

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Rotomac Pens owner <a href="https://twitter.com/hashtag/VikramKothari?src=hash&amp;ref_src=twsrc%5Etfw">#VikramKothari</a> seen at the wedding of Jagran group owner Sanjeev Gupta&#39;s daughter&#39;s wedding in Kanpur yesterday <a href="https://t.co/QiYgL02Giq">pic.twitter.com/QiYgL02Giq</a>
&mdash; ANI UP (@ANINewsUP) <a href="https://twitter.com/ANINewsUP/status/965416441443946497?ref_src=twsrc%5Etfw">February 19, 2018</a></blockquote>
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Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank.

A year later, Kothari has reportedly not paid back either the interest or the loan.

Last year, Bank of Baroda (BoB), a consortium partner declared pen manufacturer Rotomac Global Pvt Ltd as &quot;wilful defaulter&quot;.

The company moved the Allahabad High Court seeking removal of its name from the list of wilful defaulter.

A division bench comprising Chief Justice D B Bhosle and Justice Yashwant Verma had passed the order on a petition filed by the company, contending that it has been wrongly declared a &quot;wilful defaulter&quot; by BoB despite having &quot;offered assets worth more than Rs 300 crore to the bank since the date of default&quot;.

Rotomac was declared a wilful defaulter vide an order dated February 27, 2017 passed by an authorised committee, as per the procedure laid down by the Reserve Bank of India.

The development comes less than a week after Punjab National Bank (PNB) had detected a $1.77 billion (about Rs 11,400 crore) scam wherein Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.

The PNB fraud pertains to issuance of fake LoUs to companies associated with billionaire jeweller Nirav Modi by errant PNB employees, which enabled these companies to raise buyers credit from international branches of other Indian lenders.

Last month, PNB had lodged an FIR with CBI stating that fraudulent 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.

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.

&nbsp;

After billionaire diamantaire Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has also allegedly gone abroad after swindling Rs 800 crore from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India, sources said

After billionaire diamantaire Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has also allegedly gone abroad after swindling Rs 800 crore from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India, sources said. The Kanpur-based company's owner had taken a loan of more than Rs 800 crore from over five state-owned banks. Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India compromised their rules to sanction loans to Rotomac, the sources said. According to local media reports, the promoter said speculation of his fleeing the country is baseless. "I am a resident of Kanpur and I will stay in the city. However, I do have to travel to foriegn countries for business purposes," Kothari said. Rotomac Pens owner #VikramKothari seen at the wedding of Jagran group owner Sanjeev Gupta's daughter's wedding in Kanpur yesterday pic.twitter.com/QiYgL02Giq — ANI UP (@ANINewsUP) February 19, 2018 × Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan. Last year, Bank of Baroda (BoB), a consortium partner declared pen manufacturer Rotomac Global Pvt Ltd as "wilful defaulter". The company moved the Allahabad High Court seeking removal of its name from the list of wilful defaulter. A division bench comprising Chief Justice D B Bhosle and Justice Yashwant Verma had passed the order on a petition filed by the company, contending that it has been wrongly declared a "wilful defaulter" by BoB despite having "offered assets worth more than Rs 300 crore to the bank since the date of default". Rotomac was declared a wilful defaulter vide an order dated February 27, 2017 passed by an authorised committee, as per the procedure laid down by the Reserve Bank of India. The development comes less than a week after Punjab National Bank (PNB) had detected a $1.77 billion (about Rs 11,400 crore) scam wherein Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders. The PNB fraud pertains to issuance of fake LoUs to companies associated with billionaire jeweller Nirav Modi by errant PNB employees, which enabled these companies to raise buyers credit from international branches of other Indian lenders. Last month, PNB had lodged an FIR with CBI stating that fraudulent 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. 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.

Now, Rotomac Pen's Rs 800 crore defaulter flees country

Since the multi-crore Punjab National Bank &nbsp;(PNB) scam involving tainted diamond czar Nirav Modi came to light, Congress president Rahul Gandhi seized the opportunity and launched a repeated&nbsp;attack on the Modi-led BJP government saying that the scam of this magnitude cannot have been done without a high-level protection. It must have been known by the people in government beforehand otherwise it is not possible, he said yesterday.&nbsp;

On Sunday, the Gandhi scion stepped up the attack on the ruling dispensation and questioned the silence of Prime Minister Narendra Modi and Finance Minister Arun Jaitley in the matter.

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PM Modi tells kids how to pass exams for 2 hrs, but won&#39;t speak for 2 mins on the 22,000Cr banking scam. 
 
Mr Jaitley is in hiding. 
 
Stop behaving as if you&#39;re guilty! Speak up. <a href="https://twitter.com/hashtag/ModiRobsIndia?src=hash&amp;ref_src=twsrc%5Etfw">#ModiRobsIndia</a>
&mdash; Office of RG (@OfficeOfRG) <a href="https://twitter.com/OfficeOfRG/status/965120267411337216?ref_src=twsrc%5Etfw">February 18, 2018</a></blockquote>
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PM tells kids how to pass exams for 2 hours, but won&#39;t&nbsp;speak for two minutes on the Rs 22,000 crore banking scam, he tweeted.

&#39;&#39;PM Modi tells kids how to pass exams for 2 hrs, but won&#39;t speak for 2 mins on the 22,000Cr banking scam,&#39;&#39; he tweeted.

Gandhi also accused Arun Jaitley of hiding. 
&nbsp; 
&#39;&#39;Mr Jaitley is in hiding,&#39;&#39; he tweeted and urged both the BJP leaders to speak on the issue.&nbsp;

Rahul Gandhi linked the PNB scam to demonetisation yesterday and said the PM Modi&rsquo;s decision to demonetise Rs 500 and Rs 1,000 currency notes, was the catalyst for the bank scam.&nbsp;

&ldquo;On that day, PM took the entire nation&rsquo;s money and put this into banks. Now, his friends and cronies have stolen that money from the banks,&rdquo; the Congress president said.

Continuing its crackdown on the scam, the Central Bureau of Investigation (CBI) on Saturday arrested three officials of &nbsp;Punjab National Bank in connection with the Rs 11300 crore scam.

The arrested officials include the then deputy manager of PNB Gokulnath Shetty, single window operator Manoj Kharat, and authorised signatory of the Nirav Modi Group of Firms Hemant Bhatt.&nbsp; 
&nbsp;

Gandhi scion stepped up the attack on the ruling dispensation on Sunday by taking to Twitter

Since the multi-crore Punjab National Bank (PNB) scam involving tainted diamond czar Nirav Modi came to light, Congress president Rahul Gandhi seized the opportunity and launched a repeated attack on the Modi-led BJP government saying that the scam of this magnitude cannot have been done without a high-level protection. It must have been known by the people in government beforehand otherwise it is not possible, he said yesterday. On Sunday, the Gandhi scion stepped up the attack on the ruling dispensation and questioned the silence of Prime Minister Narendra Modi and Finance Minister Arun Jaitley in the matter. PM Modi tells kids how to pass exams for 2 hrs, but won't speak for 2 mins on the 22,000Cr banking scam. Mr Jaitley is in hiding. Stop behaving as if you're guilty! Speak up. #ModiRobsIndia — Office of RG (@OfficeOfRG) February 18, 2018 × PM tells kids how to pass exams for 2 hours, but won't speak for two minutes on the Rs 22,000 crore banking scam, he tweeted. ''PM Modi tells kids how to pass exams for 2 hrs, but won't speak for 2 mins on the 22,000Cr banking scam,'' he tweeted. Gandhi also accused Arun Jaitley of hiding. ''Mr Jaitley is in hiding,'' he tweeted and urged both the BJP leaders to speak on the issue. Rahul Gandhi linked the PNB scam to demonetisation yesterday and said the PM Modi’s decision to demonetise Rs 500 and Rs 1,000 currency notes, was the catalyst for the bank scam. “On that day, PM took the entire nation’s money and put this into banks. Now, his friends and cronies have stolen that money from the banks,” the Congress president said. Continuing its crackdown on the scam, the Central Bureau of Investigation (CBI) on Saturday arrested three officials of Punjab National Bank in connection with the Rs 11300 crore scam. The arrested officials include the then deputy manager of PNB Gokulnath Shetty, single window operator Manoj Kharat, and authorised signatory of the Nirav Modi Group of Firms Hemant Bhatt.

PM Modi won't speak, Arun Jaitley is in hiding, Rahul Gandhi steps up attack on BJP over PNB scam

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

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

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

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

Former Union Minister and senior Congress leader Kapil Sibal blamed the Finance Minister Arun Jaitley and the Prime Minister&#39;s Office (PMO) for the<a href="http://www.wionews.com/india-news/pnb-scam-fraud-came-to-light-due-to-alertness-of-nda-govt-says-union-minister-prakash-javadekar-33092" target="_blank">&nbsp;PNB Bank fraud</a>.

While addressing a press conference he said the Finance Ministry and the PMO&nbsp;were aware of the scam and they &quot;turned a blind eye&quot; to&nbsp;it.&nbsp;He said, &quot; they were aware that our country was being looted and they are aware even now&quot;.

He also asked the government to release the details of the people who are in debts in jewellery&nbsp;business.&nbsp;

Taking a jibe at the &quot; ease of doing business&quot;&nbsp; he&nbsp;said &quot;anyone can come and borrow loans from our banks and evade without repaying it. This is not the kind of ease of business that we want from our country&#39;&#39;.&nbsp;

He also blamed the Prime Minister for encouraging &#39;&#39;crony capitalism&#39;&#39; in the country and&nbsp;said that the PM institutionalised c<a href="http://www.wionews.com/india-news/pnb-scam-a-type-of-crony-capitalism-cpi-m-33028" target="_blank">rony capitalism</a>.&nbsp;

Hitting out at PM Modi&#39;s pakoda comment, Sibal said &quot; Our guard is very busy these days in giving advice to the people for making pakodas&nbsp;but while he is asleep the thief managed to slip away&quot;.

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Humaare desh ke jo chowkidar hain, woh pakode banaane ki salah de rahe hain. Aaj ki paristithi yeh hai ki chowkidar so raha hai aur chor bhaag gaya hai: Kapil Sibal, Congress. <a href="https://t.co/mPDsuy3NcX">pic.twitter.com/mPDsuy3NcX</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964758299139805184?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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Sibal responded to the allegations on previous UPA government for&nbsp;PNB Bank fraud case and said that the credit given before 2014 was not outstanding.&nbsp;

While speaking on the<a href="http://www.wionews.com/india-news/former-allahabad-bank-director-says-he-resigned-as-he-was-pressured-to-give-loan-to-gitanjali-gems-33085" target="_blank"> resignation of the Former bank director</a>, Dinesh Dubey, Sibal said: &quot; Today anything can be made to say by the help of police, One should check his resignation letter to know the reality&quot;.

Sibal also assured that they will bring the reality of the case in case the&nbsp;NDA&nbsp;fails to do so.

While addressing a press conference he said the Finance Ministry and the PMO were aware of the scam and they 'turned a blind eye' to it

Former Union Minister and senior Congress leader Kapil Sibal blamed the Finance Minister Arun Jaitley and the Prime Minister's Office (PMO) for the PNB Bank fraud. While addressing a press conference he said the Finance Ministry and the PMO were aware of the scam and they "turned a blind eye" to it. He said, " they were aware that our country was being looted and they are aware even now". He also asked the government to release the details of the people who are in debts in jewellery business. Taking a jibe at the " ease of doing business" he said "anyone can come and borrow loans from our banks and evade without repaying it. This is not the kind of ease of business that we want from our country''. He also blamed the Prime Minister for encouraging ''crony capitalism'' in the country and said that the PM institutionalised crony capitalism. Hitting out at PM Modi's pakoda comment, Sibal said " Our guard is very busy these days in giving advice to the people for making pakodas but while he is asleep the thief managed to slip away". Humaare desh ke jo chowkidar hain, woh pakode banaane ki salah de rahe hain. Aaj ki paristithi yeh hai ki chowkidar so raha hai aur chor bhaag gaya hai: Kapil Sibal, Congress. pic.twitter.com/mPDsuy3NcX — ANI (@ANI) February 17, 2018 × Sibal responded to the allegations on previous UPA government for PNB Bank fraud case and said that the credit given before 2014 was not outstanding. While speaking on the resignation of the Former bank director, Dinesh Dubey, Sibal said: " Today anything can be made to say by the help of police, One should check his resignation letter to know the reality". Sibal also assured that they will bring the reality of the case in case the NDA fails to do so.

Kapil Sibal blames FM, PMO for PNB Bank fraud

Shiv Sena lashed out at the Bharatiya Janata Party on Saturday stating that the party should appoint absconding Nirav Modi as the RBI Governor &quot;to finish off the country&quot;.

Editorials in Shiv Sena&#39;s mouthpieces&nbsp;&#39;Saamana&#39; and &#39;Dopahar Ka Saamana&#39; made stinging remarks on the Punjab National Bank (PNB) fraud which came to light earlier this week.&nbsp;

The editorial pieces alleged that Nirav Modi fled the country earlier last month along with his family and was also seen with Prime Minister Narendra Modi at the Davos Summit.

The Sena clarified the fact that it wasn&#39;t alleging that the Bhartiya Janta Party or its leaders facilitated the &#39;loot&#39;, however, it did mention that Nirav Modi often batted for BJP&#39;s electoral wins.

&quot;We want to know how did he (Nirav) manage to turn up at the Davos event when a complaint against him had already been lodged by the PNB?&quot; the Sena noted in another jibe.

The editorial piece pointed out that Nirav Modi&#39;s bank accounts were not linked to Aadhaar. &quot;While a common man cannot get hospital treatment or even a funeral without an Aadhaar Card, bigshots like Nirav Modi loot crores from a bank without an Aadhaar Card,&quot; noted the editorial.&nbsp;

Nirav Modi, a diamond merchant who owns a global diamond jewellery house, is accused in the Rs 11,400 scam involving the Punjab National Bank.&nbsp;

Nirav Modi, a diamond merchant, is an accused in the Rs 11,400 scam involving the Punjab National Bank

Shiv Sena lashed out at the Bharatiya Janata Party on Saturday stating that the party should appoint absconding Nirav Modi as the RBI Governor "to finish off the country". Editorials in Shiv Sena's mouthpieces 'Saamana' and 'Dopahar Ka Saamana' made stinging remarks on the Punjab National Bank (PNB) fraud which came to light earlier this week. The editorial pieces alleged that Nirav Modi fled the country earlier last month along with his family and was also seen with Prime Minister Narendra Modi at the Davos Summit. The Sena clarified the fact that it wasn't alleging that the Bhartiya Janta Party or its leaders facilitated the 'loot', however, it did mention that Nirav Modi often batted for BJP's electoral wins. "We want to know how did he (Nirav) manage to turn up at the Davos event when a complaint against him had already been lodged by the PNB?" the Sena noted in another jibe. The editorial piece pointed out that Nirav Modi's bank accounts were not linked to Aadhaar. "While a common man cannot get hospital treatment or even a funeral without an Aadhaar Card, bigshots like Nirav Modi loot crores from a bank without an Aadhaar Card," noted the editorial. Nirav Modi, a diamond merchant who owns a global diamond jewellery house, is accused in the Rs 11,400 scam involving the Punjab National Bank.

'Make Nirav Modi RBI Governor,' Shiv Sena taunts BJP

After a major crackdown by Enforcement Directorate (ED), Central Bureau of Investigation (CBI) and Income Tax (IT) Department, one more law enforcement agency has swung into action in the Punjab National Bank (PNB) fraud case. The Central Vigilance Commission (CVC) summoned the PNB management and Finance Ministry officials to appear before it.

Top officials of PNB and the Finance Ministry have been asked to appear before the CVC on February 19.

CVC is an apex governmental body to address governmental corruption.

Sources have told that MD and CEO, Punjab National Bank, Sunil Mehta is likely to appear before CVC on Monday at 11 a.m.&nbsp;He will be accompanied by Chief Vigilance Officer (CVO) of PNB.

On behalf of the Ministry of Finance, additional secretary, department of financial services is likely to be present.

Sources have also revealed that CVO PNB is most likely to give a presentation to CVC about the fraud which has shaken the banking system.

Further, before going to CVC, top management of PNB and senior officials of department of financial services had a meeting through video conferencing yesterday, according to sources.

On Monday, CVC will review the vigilance monitoring system of PNB and decide the necessary course of action to be taken.

CVC is the fourth government agency after ED, CBI and IT department which has swung into action.

According to sources, the Indian Banking Association will also hold a meeting with the chiefs of all Public Sector Undertaking (PSU) banks through video conferencing from its headquarters in Mumbai later today.

For the unversed, Punjab National Bank detected a 1.77 billion dollars scam in which jeweler Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

Meanwhile, the PNB filed a second complaint with the CBI on February 13.

The CBI had received the complaint from PNB on January 28 and a case was registered in the case on January 31. (ANI) 
&nbsp;

Sources have told ANI that MD and CEO, Punjab National Bank, Sunil Mehta is likely to appear before CVC on Monday at 11am

After a major crackdown by Enforcement Directorate (ED), Central Bureau of Investigation (CBI) and Income Tax (IT) Department, one more law enforcement agency has swung into action in the Punjab National Bank (PNB) fraud case. The Central Vigilance Commission (CVC) summoned the PNB management and Finance Ministry officials to appear before it. Top officials of PNB and the Finance Ministry have been asked to appear before the CVC on February 19. CVC is an apex governmental body to address governmental corruption. Sources have told that MD and CEO, Punjab National Bank, Sunil Mehta is likely to appear before CVC on Monday at 11 a.m. He will be accompanied by Chief Vigilance Officer (CVO) of PNB. On behalf of the Ministry of Finance, additional secretary, department of financial services is likely to be present. Sources have also revealed that CVO PNB is most likely to give a presentation to CVC about the fraud which has shaken the banking system. Further, before going to CVC, top management of PNB and senior officials of department of financial services had a meeting through video conferencing yesterday, according to sources. On Monday, CVC will review the vigilance monitoring system of PNB and decide the necessary course of action to be taken. CVC is the fourth government agency after ED, CBI and IT department which has swung into action. According to sources, the Indian Banking Association will also hold a meeting with the chiefs of all Public Sector Undertaking (PSU) banks through video conferencing from its headquarters in Mumbai later today. For the unversed, Punjab National Bank detected a 1.77 billion dollars scam in which jeweler Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies. Meanwhile, the PNB filed a second complaint with the CBI on February 13. The CBI had received the complaint from PNB on January 28 and a case was registered in the case on January 31. (ANI)

PNB scam: CVC summons PNB, finance ministry officials

In further trouble for beleaguered jewellery designer Nirav Modi, the Income Tax Department today provisionally attached 29 properties and 105 bank accounts of the diamond merchant, his family and firms as part of its tax evasion probe, officials said.

The department also slapped the new anti-black money act against him for allegedly holding illegal assets abroad. The asset is suspected to be in Singapore.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015&nbsp;deals with cases of overseas illegal assets, which till recently were probed under the Income Tax Act, 1961.

The new legislation has provisions for a steep 120 per cent tax and penalty on undisclosed foreign assets and income, besides carrying a jail term of up to 10 years.&nbsp; 
 
Also&nbsp;read - <a href="http://www.wionews.com/india-news/no-official-is-in-touch-with-nirav-modi-mea-33117">No official is in touch with Nirav Modi: MEA</a>

The taxman also filed a charge sheet against Modi before a special court in Mumbai under sections 276 C (1) [wilful attempt to evade tax], 277 A (false statement in verification), 278 B (offences by companies) and 278 E (presumption as to culpable mental state) of the Income Tax Act, 1961. The court will take up the case on February 27.

Also read: <a href="http://www.wionews.com/india-news/passports-of-nirav-modi-mehul-choksi-suspended-mea-gives-one-week-to-respond-33087">Passports of Nirav Modi, Mehul Choksi suspended, MEA gives one week to respond</a>

Tax sleuths also pasted attachment notices at immovable properties of Modi, his wife Ami and his firms located in Mumbai, Surat, Jaipur and Delhi. In the Maharashtra capital, the properties that have been provisionally attached pending assessment, include Modi&#39;s premises in the posh Peddar road area, Worli, Bandra, Lower Parel and Opera House.

A total of 105 bank accounts of Modi, his family and companies have also been attached, they said. &quot;These attachments have been made keeping in view the huge demand which is likely to be raised in the assessment proceedings which are underway in the case of Nirav Modi, his family members and group concerns,&quot; an I-T report, accessed by PTI, said. The I-T had first raided Modi in January last year on charges of alleged tax evasion.

Nirav Modi and others are accused in a Rs 11,400-crore fraud involving Punjab National Bank. The accused are believed to have left the country.

The department also slapped the new anti-black money act against him

In further trouble for beleaguered jewellery designer Nirav Modi, the Income Tax Department today provisionally attached 29 properties and 105 bank accounts of the diamond merchant, his family and firms as part of its tax evasion probe, officials said. The department also slapped the new anti-black money act against him for allegedly holding illegal assets abroad. The asset is suspected to be in Singapore. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 deals with cases of overseas illegal assets, which till recently were probed under the Income Tax Act, 1961. The new legislation has provisions for a steep 120 per cent tax and penalty on undisclosed foreign assets and income, besides carrying a jail term of up to 10 years. Also read - No official is in touch with Nirav Modi: MEA The taxman also filed a charge sheet against Modi before a special court in Mumbai under sections 276 C (1) [wilful attempt to evade tax], 277 A (false statement in verification), 278 B (offences by companies) and 278 E (presumption as to culpable mental state) of the Income Tax Act, 1961. The court will take up the case on February 27. Also read: Passports of Nirav Modi, Mehul Choksi suspended, MEA gives one week to respond Tax sleuths also pasted attachment notices at immovable properties of Modi, his wife Ami and his firms located in Mumbai, Surat, Jaipur and Delhi. In the Maharashtra capital, the properties that have been provisionally attached pending assessment, include Modi's premises in the posh Peddar road area, Worli, Bandra, Lower Parel and Opera House. A total of 105 bank accounts of Modi, his family and companies have also been attached, they said. "These attachments have been made keeping in view the huge demand which is likely to be raised in the assessment proceedings which are underway in the case of Nirav Modi, his family members and group concerns," an I-T report, accessed by PTI, said. The I-T had first raided Modi in January last year on charges of alleged tax evasion. Nirav Modi and others are accused in a Rs 11,400-crore fraud involving Punjab National Bank. The accused are believed to have left the country.

More trouble for Nirav Modi; I-T attaches 29 properties, 105 bank accounts

The BJP on Saturday alleged that the multi-crore PNB scam involving billionaire jewellery designer Nirav Modi happened during the UPA rule and the Congress was spreading lies.

The BJP fielded Defence Minister Nirmala Sitharaman to counter the Congress charge that the scam took place in 2017 under the Modi government when the letters of understanding were signed by the Punjab National Bank in favour of Nirav Modi.

She said Nirav Modi may have been able to run away from the country, but the government is taking action against him.

&quot;We are not conspiring to help scamsters flee the country, the BJP government is catching them instead,&quot; she told reporters.

She accused the Congress of spreading lies on the issue.

Sitharaman also alleged that it was Congress leader Rahul Gandhi who attended a promotional event hosted by Nirav Modi.

She also cited the example of a government director of Allahabad Bank, who in 2013 had raised objections to the financial restructuring of Gitanjali Gems, saying he was asked to resign and his dissent was not even recorded.

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Fire Star Diamond I&#39;nal Pvt Ltd is one of the companies that <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> runs. They&#39;ve taken on lease property which belongs to Advait Holding Ltd in Trade Point Building in Lower Parel. From 2002 Anita Singhvi is one of the shareholders. You know who&#39;s wife she&#39;s:Defence Minister <a href="https://t.co/irTcVza1PT">pic.twitter.com/irTcVza1PT</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964808562341040130?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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And also has Avishkar Manas Singhvi, possibly his son. But wife of one of the senior Congress leaders is here as a property shareholder, she is a director by designation: Nirmala Sitharaman, Defence Minister <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a> <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> <a href="https://t.co/0dwT4gynmE">pic.twitter.com/0dwT4gynmE</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964808565465780231?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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Responding to&nbsp;Sitharaman&#39;s allegations, Congress&#39;Abhishek Singhvi said&nbsp;Nirmala Sitharaman and&nbsp;her colleagues are liable for civil and criminal defamation for making ignorant and patently false allegations.

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I intend to file a civil and defamation case against the Defence Minister Nirmala Sitharaman and her colleagues who are spreading the defamatory allegations, I also intend to take action against the sections of media who are spreading the same: Abhishek Singhvi, Congress <a href="https://t.co/oaRjbQEwSW">pic.twitter.com/oaRjbQEwSW</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964833033441464322?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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&quot;I reserve my rights to take all such appropriate legal action against the latter and all parts of media which carry such allegations,&#39;&#39; Singhvi added.

Adwait Holding owns a commercial property at Parel, as it does elsewhere, which was rented by Firestone many years ago. Neither Adwait nor my family has any interest with Modi or Firestone. Firestone vacated Parel Kamla Mills premises in December 2017, Singhvi added.&nbsp;

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Neither my wife, sons nor me have anything whatsoever to do with <a href="https://twitter.com/hashtag/Gitanjali?src=hash&amp;ref_src=twsrc%5Etfw">#Gitanjali</a> or <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> companies. The company was a tenant of a Kamla Mills property owned by Adwait holdings in which my wife &amp; sons are a director: Abhishek Singhvi
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964813860774535175?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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Central probe agencies CBI and ED yesterday continued their crackdown in the Rs 11,400-crore bank fraud case involving Nirav Modi and family, registering a fresh case against his maternal uncle Mehul Choksi,

The CBI has alleged that the new FIR pertains to 143 LOUs worth over Rs 4,886 crore fraudulently issued to three companies of Choksi -- Gitanjali Gems, Nakshatra and Gili -- during the period 2017-18, officials said.

The agency had earlier registered a separate case involving Rs 280-crore fraud, which has now been expanded to cover LoUs worth Rs 6,498 crore issued to accused companies of Nirav Modi and Choksi.

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.

Sitharaman alleged that it was Congress leader Rahul Gandhi who attended a promotional event hosted by Nirav Modi.

The BJP on Saturday alleged that the multi-crore PNB scam involving billionaire jewellery designer Nirav Modi happened during the UPA rule and the Congress was spreading lies. The BJP fielded Defence Minister Nirmala Sitharaman to counter the Congress charge that the scam took place in 2017 under the Modi government when the letters of understanding were signed by the Punjab National Bank in favour of Nirav Modi. She said Nirav Modi may have been able to run away from the country, but the government is taking action against him. "We are not conspiring to help scamsters flee the country, the BJP government is catching them instead," she told reporters. She accused the Congress of spreading lies on the issue. Sitharaman also alleged that it was Congress leader Rahul Gandhi who attended a promotional event hosted by Nirav Modi. She also cited the example of a government director of Allahabad Bank, who in 2013 had raised objections to the financial restructuring of Gitanjali Gems, saying he was asked to resign and his dissent was not even recorded. Fire Star Diamond I'nal Pvt Ltd is one of the companies that #NiravModi runs. They've taken on lease property which belongs to Advait Holding Ltd in Trade Point Building in Lower Parel. From 2002 Anita Singhvi is one of the shareholders. You know who's wife she's:Defence Minister pic.twitter.com/irTcVza1PT — ANI (@ANI) February 17, 2018 × And also has Avishkar Manas Singhvi, possibly his son. But wife of one of the senior Congress leaders is here as a property shareholder, she is a director by designation: Nirmala Sitharaman, Defence Minister #PNBFraudCase #NiravModi pic.twitter.com/0dwT4gynmE — ANI (@ANI) February 17, 2018 × Responding to Sitharaman's allegations, Congress'Abhishek Singhvi said Nirmala Sitharaman and her colleagues are liable for civil and criminal defamation for making ignorant and patently false allegations. I intend to file a civil and defamation case against the Defence Minister Nirmala Sitharaman and her colleagues who are spreading the defamatory allegations, I also intend to take action against the sections of media who are spreading the same: Abhishek Singhvi, Congress pic.twitter.com/oaRjbQEwSW — ANI (@ANI) February 17, 2018 × "I reserve my rights to take all such appropriate legal action against the latter and all parts of media which carry such allegations,'' Singhvi added. Adwait Holding owns a commercial property at Parel, as it does elsewhere, which was rented by Firestone many years ago. Neither Adwait nor my family has any interest with Modi or Firestone. Firestone vacated Parel Kamla Mills premises in December 2017, Singhvi added. Neither my wife, sons nor me have anything whatsoever to do with #Gitanjali or #NiravModi companies. The company was a tenant of a Kamla Mills property owned by Adwait holdings in which my wife & sons are a director: Abhishek Singhvi — ANI (@ANI) February 17, 2018 × Central probe agencies CBI and ED yesterday continued their crackdown in the Rs 11,400-crore bank fraud case involving Nirav Modi and family, registering a fresh case against his maternal uncle Mehul Choksi, The CBI has alleged that the new FIR pertains to 143 LOUs worth over Rs 4,886 crore fraudulently issued to three companies of Choksi -- Gitanjali Gems, Nakshatra and Gili -- during the period 2017-18, officials said. The agency had earlier registered a separate case involving Rs 280-crore fraud, which has now been expanded to cover LoUs worth Rs 6,498 crore issued to accused companies of Nirav Modi and Choksi. 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.

PNB scam: Sitharaman drags in Abhishek Singhvi, who says 'I'll sue you'

Congress president Rahul Gandhi on Saturday launched a blistering attack on Prime Minister Narendra Modi, pinning the Punjab National Bank scam on him and said he is answerable to the nation as 90 per cent of the fraudulent transactions had taken place during his tenure.&nbsp;

&ldquo;This is a 22,000 crore scam,&rdquo; he said, nearly doubling the fraud amount of Rs 11,400 crore that was revealed by the PNB to the Security Exchange Board of India on Wednesday. The bank has since then accepted that the fraud amount could be higher but has not disclosed the exact figure.&nbsp;

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This Rs 22,000 Crore scam cannot have been done without a high level protection. It must have been known by the people in government beforehand otherwise it is not possible. PM will have to come forward and answer questions: Rahul Gandhi <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a> <a href="https://t.co/tPDTpxBa7D">pic.twitter.com/tPDTpxBa7D</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964837482796810240?ref_src=twsrc%5Etfw">February 17, 2018</a></blockquote>
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Nirav Modi managed&nbsp;to take away Rs 22000 crore but&nbsp;PM is not able to tell us how he managed this scam, he added.

The scam of this magnitude cannot have been done without a high-level protection, Gandhi said and added that it must have been known by the people in government beforehand otherwise it is not possible.&nbsp;

PM will have to come forward and answer these questions, he added.&nbsp;

Linking the scam to PM Modi&rsquo;s decision to demonetise Rs 500 and Rs 1,000 currency notes, he said that the scam had started on November 8, 2016.

&ldquo;On that day, PM&nbsp;took the entire nation&rsquo;s money and put this into banks. Now, his friends and cronies have stolen that money from the banks,&rdquo; the Congress president said.

On allegations against the UPA government, he said that this is done to divert the attention from the real issue.

This Rs 22,000 Crore scam cannot have been done without a high-level protection, Gandhi said

Congress president Rahul Gandhi on Saturday launched a blistering attack on Prime Minister Narendra Modi, pinning the Punjab National Bank scam on him and said he is answerable to the nation as 90 per cent of the fraudulent transactions had taken place during his tenure. “This is a 22,000 crore scam,” he said, nearly doubling the fraud amount of Rs 11,400 crore that was revealed by the PNB to the Security Exchange Board of India on Wednesday. The bank has since then accepted that the fraud amount could be higher but has not disclosed the exact figure. This Rs 22,000 Crore scam cannot have been done without a high level protection. It must have been known by the people in government beforehand otherwise it is not possible. PM will have to come forward and answer questions: Rahul Gandhi #PNBFraudCase pic.twitter.com/tPDTpxBa7D — ANI (@ANI) February 17, 2018 × Nirav Modi managed to take away Rs 22000 crore but PM is not able to tell us how he managed this scam, he added. The scam of this magnitude cannot have been done without a high-level protection, Gandhi said and added that it must have been known by the people in government beforehand otherwise it is not possible. PM will have to come forward and answer these questions, he added. Linking the scam to PM Modi’s decision to demonetise Rs 500 and Rs 1,000 currency notes, he said that the scam had started on November 8, 2016. “On that day, PM took the entire nation’s money and put this into banks. Now, his friends and cronies have stolen that money from the banks,” the Congress president said. On allegations against the UPA government, he said that this is done to divert the attention from the real issue.

Demonetisation a catalyst for Modi's friends and cronies to loot Indian banks: Rahul Gandhi

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