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

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

WION Evening News Brief, February 15, 2018

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

The three jewellers are Gitanjali, Ginni and Nakshatra

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

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

nirav-modi

Nirav Modi, News on Nirav Modi, stories on Nirav Modi, articles on Nirav Modi, Nirav Modi stories at Wion, Nirav Modi news, Nirav Modi latest news

nirav modi

WION Evening News Brief, February 15, 2018

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