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

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;

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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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&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)

The BSE Sensex on Monday cracked below the 34,000-mark by plunging over 236 points to end at a nearly two-month low of 33,774.66 on sustained selling in PSU, metal and banking counters amid the <a href="http://www.wionews.com/india-news/pnb-scam-same-person-sent-requests-for-bank-guarantees-approved-them-33322">massive PNB fraud</a> weighing on investors&#39; sentiment.

Moreover, renewed concerns that a rebound in global crude oil prices will have an adverse impact on fiscal deficit too kept participants cautious.

Shares of Punjab National Bank (PNB) fell about eight per cent, extending the decline for a fourth straight session, following the Rs 11,400-crore fraud at its Brady Road branch, Mumbai. The stock has fallen nearly 31 per cent in four straight sessions since the bank detected the fraud.

Last Wednesday, the state-run lender said it had detected a fraud in which diamond jewellery designer Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one of its branches for overseas credit from other Indian lenders, and the matter is being probed by the CBI and the Enforcement Directorate, among other agencies.

The 30-share Sensex barometer, which had lost 286.71 points in the previous session on Friday, plunged by 236.10 points, or 0.69 per cent, to end at 33,774.66 after touching a low of 33,554.37 intra-day. This is the weakest closing since December 21 last year when it had closed at 33,756.20.

Also, the broader Nifty too declined by 73.90 points, or 0.71 per cent, to end at 10,378.40. It stayed in the negative terrain through the session and a hit a low of 10,302.75.

Meanwhile, foreign portfolio investors (FPIs) continued selling on domestic bourses. On net basis, they sold shares worth Rs 1,065.99 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 1,127.78 crore on Friday, provisional data showed.

Globally, in the Asian region, Japan&#39;s Nikkei rose 1.33 per cent, while markets in Hong Kong and China remained shut today on account of a public holiday. European markets were higher in their early deals.

Punjab National Bank fell for the fourth straight day and closed 8.3 per cent lower

The BSE Sensex on Monday cracked below the 34,000-mark by plunging over 236 points to end at a nearly two-month low of 33,774.66 on sustained selling in PSU, metal and banking counters amid the massive PNB fraud weighing on investors' sentiment. Moreover, renewed concerns that a rebound in global crude oil prices will have an adverse impact on fiscal deficit too kept participants cautious. Shares of Punjab National Bank (PNB) fell about eight per cent, extending the decline for a fourth straight session, following the Rs 11,400-crore fraud at its Brady Road branch, Mumbai. The stock has fallen nearly 31 per cent in four straight sessions since the bank detected the fraud. Last Wednesday, the state-run lender said it had detected a fraud in which diamond jewellery designer Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one of its branches for overseas credit from other Indian lenders, and the matter is being probed by the CBI and the Enforcement Directorate, among other agencies. The 30-share Sensex barometer, which had lost 286.71 points in the previous session on Friday, plunged by 236.10 points, or 0.69 per cent, to end at 33,774.66 after touching a low of 33,554.37 intra-day. This is the weakest closing since December 21 last year when it had closed at 33,756.20. Also, the broader Nifty too declined by 73.90 points, or 0.71 per cent, to end at 10,378.40. It stayed in the negative terrain through the session and a hit a low of 10,302.75. Meanwhile, foreign portfolio investors (FPIs) continued selling on domestic bourses. On net basis, they sold shares worth Rs 1,065.99 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 1,127.78 crore on Friday, provisional data showed. Globally, in the Asian region, Japan's Nikkei rose 1.33 per cent, while markets in Hong Kong and China remained shut today on account of a public holiday. European markets were higher in their early deals.

Sensex ends day 236 points down, weakest closing since December 21

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 external affairs ministry on Friday suspended with immediate effect the passports of diamantaire Nirav Modi and his business partner Mehul Choksi for four weeks.

The ministry gave them one week to respond why their passports should not be revoked.

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Woh jis country mein hain wahi rahenge, passport suspend hone ke baad woh kahi nahi ja sakte: Raveesh Kumar,MEA <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a> <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a> <a href="https://t.co/0B5USe0mCN">pic.twitter.com/0B5USe0mCN</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964468317716131840?ref_src=twsrc%5Etfw">February 16, 2018</a></blockquote>
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Also read: <a href="http://www.wionews.com/india-news/pnb-scam-this-is-how-nirav-modi-planned-his-safe-exit-from-india-33071" target="_blank">This is how Nirav Modi planned his safe exit from India</a>

Also read:&nbsp;<a href="http://www.wionews.com/india-news/after-ed-raids-on-nirav-modis-showrooms-cbi-targets-mehul-choksis-gitanjali-group-33063">After ED raids on Nirav Modi&#39;s showrooms, CBI targets Mehul Choksi&#39;s Gitanjali Group</a>

&quot;If they fail to respond within the stipulated time it will be assumed that they have no response to offer and the MEA will go ahead with the revocation,&quot; the ministry said in a statement.

Announcing the suspension, the MEA statement said,&quot;On the advice of the Enforcement Directorate, the passport issuing authority in the MEA has today suspended the validity of passports of Nirav Deepak Modi and Mehul Chinubhai Choksi with immediate effect for a period of four weeks u/s 10(A) of the Passports Act 1967.&quot;

They have been asked to respond within one week why their passports should not be impounded or revoked under Section 10 (3) (c) of the Passports Act 1967, it said.

The Central Bureau of Investigation (CBI) and the ED yesterday moved separate applications to the external affairs ministry seeking the revocation Nirav Modi&#39;s passport as well as that of his maternal uncle and his business partner Mehul Choksi, the promoter of Gitanjali jewellery chain. Both are accused in the Rs 280 crore bank fraud case.

The ministry gave them one week to respond why their passports should not be revoked

The external affairs ministry on Friday suspended with immediate effect the passports of diamantaire Nirav Modi and his business partner Mehul Choksi for four weeks. The ministry gave them one week to respond why their passports should not be revoked. Woh jis country mein hain wahi rahenge, passport suspend hone ke baad woh kahi nahi ja sakte: Raveesh Kumar,MEA #NiravModi #PNBFraudCase pic.twitter.com/0B5USe0mCN — ANI (@ANI) February 16, 2018 × Also read: This is how Nirav Modi planned his safe exit from India Also read: After ED raids on Nirav Modi's showrooms, CBI targets Mehul Choksi's Gitanjali Group "If they fail to respond within the stipulated time it will be assumed that they have no response to offer and the MEA will go ahead with the revocation," the ministry said in a statement. Announcing the suspension, the MEA statement said,"On the advice of the Enforcement Directorate, the passport issuing authority in the MEA has today suspended the validity of passports of Nirav Deepak Modi and Mehul Chinubhai Choksi with immediate effect for a period of four weeks u/s 10(A) of the Passports Act 1967." They have been asked to respond within one week why their passports should not be impounded or revoked under Section 10 (3) (c) of the Passports Act 1967, it said. The Central Bureau of Investigation (CBI) and the ED yesterday moved separate applications to the external affairs ministry seeking the revocation Nirav Modi's passport as well as that of his maternal uncle and his business partner Mehul Choksi, the promoter of Gitanjali jewellery chain. Both are accused in the Rs 280 crore bank fraud case.

Passports of Nirav Modi, Mehul Choksi suspended, MEA gives one week to respond

A lookout notice was issued by the CBI against jeweller Nirav Modi and his associates last month in the <a href="http://www.wionews.com/india-news/pnb-scam-how-punjab-national-bank-fell-victim-to-countrys-biggest-bank-fraud-33009" target="_blank">PNB banking fraud </a>case but by then they had escaped from India.

Nirav Modi, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country on the same day. Modi&#39;s wife Ami, a US citizen, left on January 6 and his uncle and business partner <a href="http://www.wionews.com/india-news/after-ed-raids-on-nirav-modis-showrooms-cbi-targets-mehul-choksis-gitanjali-group-33063" target="_blank">Mehul Choksi, the promoter of Gitanjali jewellery chain</a>, left on January 4.

Here is the chronology of Nirav Modi&#39;s planned exit:&nbsp;

CBI sources said that Nirav Modi had already made plans to flee the country with his family well in advance as early as a year ago.

Nirav Modi was planning to leave country around his brother Neehal&#39;s wedding in December 2016.&nbsp;However, Demonetisation was announced right before this and then he had to postpone his plan.

In last one year Nirav Modi allegedly started parking all his money through multiple layers where he made transactions at inflated prices.&nbsp;

Some transactions are suspected to have been made&nbsp;with fictitious companies and are being scrutinized by the investigating agencies.

Specially transactions between India and 5 countries including USA, UK Malaysia, Singapore and China are being closely monitored.

Agencies suspect that funds were routed to different cities worldwide.&nbsp;

Firstly, funds were transferred from India to Macau, Beijing, Hongkong, Singapore, and Kuala Lumpur.Later from these cities to London.&nbsp;

And then from London, the funds moved to Hawaii, Las Vegas and New York before moving to his Swiss accounts.

Somewhere in December 2017, somebody from PNB (other than 2 main accused) tipped him off about the meeting held by PNB top officials and a complaint to be filed with CBI.

Upon learning about this, Nirav Modi made his final plan to flee post new year celebration. Knowing that if all of them leave together could lead to suspicion, they decided to leave one by one so that if one is held others are safe.

Sources claim Nirav was scared of leaving alone that he left with his brother Neeshal who is a Belgian citizen.

Once Nirav and Neeshal Modi sneaked out of the country,&nbsp;they alerted their uncle Mehul Choksi who reportedly left after three days. Meanwhile, Nirav Modi&#39;s wife Ami Modi stayed put in Mumbai to keep a close watch on what was happening in the investigation agency, bank and media circles. After two days, Modi&#39;s American citizen wife Ami also left the country along with her child. Thus, all 4 accused escaped in a span of a week&#39;s time.

About 3 weeks later, PNB officials submitted a written complaint to Bank Security &amp; Fraud Cell (BSFC) of CBI in Bandra Kurla Complex (BKC), Mumbai.

On receiving this complaint, CBI started recording the statement of the complainant bank authority and registered an&nbsp;FIR on 31st January.

Nirav Modi&#39;s priority was to safeguard the family members. However, by the last week of January 2018, he wanted to shift all expensive jewellery to New York through shipment but by then the case was registered and his plans were thwarted by the investigation agencies.&nbsp;

In last one year Nirav Modi allegedly started parking all his money through multiple layers where he made transactions at inflated prices

A lookout notice was issued by the CBI against jeweller Nirav Modi and his associates last month in the PNB banking fraud case but by then they had escaped from India. Nirav Modi, who holds an Indian passport, left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country on the same day. Modi's wife Ami, a US citizen, left on January 6 and his uncle and business partner Mehul Choksi, the promoter of Gitanjali jewellery chain, left on January 4. Here is the chronology of Nirav Modi's planned exit: CBI sources said that Nirav Modi had already made plans to flee the country with his family well in advance as early as a year ago. Nirav Modi was planning to leave country around his brother Neehal's wedding in December 2016. However, Demonetisation was announced right before this and then he had to postpone his plan. In last one year Nirav Modi allegedly started parking all his money through multiple layers where he made transactions at inflated prices. Some transactions are suspected to have been made with fictitious companies and are being scrutinized by the investigating agencies. Specially transactions between India and 5 countries including USA, UK Malaysia, Singapore and China are being closely monitored. Agencies suspect that funds were routed to different cities worldwide. Firstly, funds were transferred from India to Macau, Beijing, Hongkong, Singapore, and Kuala Lumpur.Later from these cities to London. And then from London, the funds moved to Hawaii, Las Vegas and New York before moving to his Swiss accounts. Somewhere in December 2017, somebody from PNB (other than 2 main accused) tipped him off about the meeting held by PNB top officials and a complaint to be filed with CBI. Upon learning about this, Nirav Modi made his final plan to flee post new year celebration. Knowing that if all of them leave together could lead to suspicion, they decided to leave one by one so that if one is held others are safe. Sources claim Nirav was scared of leaving alone that he left with his brother Neeshal who is a Belgian citizen. Once Nirav and Neeshal Modi sneaked out of the country, they alerted their uncle Mehul Choksi who reportedly left after three days. Meanwhile, Nirav Modi's wife Ami Modi stayed put in Mumbai to keep a close watch on what was happening in the investigation agency, bank and media circles. After two days, Modi's American citizen wife Ami also left the country along with her child. Thus, all 4 accused escaped in a span of a week's time. About 3 weeks later, PNB officials submitted a written complaint to Bank Security & Fraud Cell (BSFC) of CBI in Bandra Kurla Complex (BKC), Mumbai. On receiving this complaint, CBI started recording the statement of the complainant bank authority and registered an FIR on 31st January. Nirav Modi's priority was to safeguard the family members. However, by the last week of January 2018, he wanted to shift all expensive jewellery to New York through shipment but by then the case was registered and his plans were thwarted by the investigation agencies.

This is how Nirav Modi planned his safe exit from India

After the Enforcement Directorate(ED) <a href="http://www.wionews.com/india-news/nirav-modi-row-punjab-national-bank-suspends-8-officers-33059">conducted nationwide searches against</a> Nirav Modi&#39;s showrooms, the Central Bureau of Investigation(CBI) today conducted searches in Maharashtra, Gujarat and Tamil Nadu in connection with Mehul Choksi&#39;s Gitanjali Group.&nbsp;

The CBI raids were conducted in Pune, Surat, Jaipur, Telangana and Coimbatore.

<a href="http://www.wionews.com/india-news/pnb-scam-interpol-notice-against-nirav-modi-33049">Mehul Choksi, the promoter Gitanjali </a>jewellery chain is the relative of Nirav Modi who&nbsp;allegedly defrauded PNB of Rs 11,400 crores.

Nirav Modi and Mehul Choksi have been asked to respond within one week on revocation of their passports.&nbsp;The ministry of external affairs said if the duo fail to respond within the stipulated time, their passports will be revoked.

The CBI today&nbsp;registered a fresh FIR against Gitanjali Gems and its promoter Mehul Choksi on basis of complaint from Punjab National Bank(PNB).

The ED has&nbsp;already issued summons to Choksi and Nirav Modi to appear before the agency.

Meanwhile, shares of Gitanjali Gems plunged another 20 per cent in morning trade after the company came under scanner in the PNB scam&nbsp;case.

The stock fell for the third straight session to hit 52-week low on both BSE and NSE. On BSE, the stock fell 19.94 per cent to a low of Rs 37.55.

On NSE, the stock cracked 19.98 per cent to trade at Rs 37.45.

&nbsp;

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A day after registering money laundering case in connection with the cheating of Punjab National Bank (PNB) by billionaire jeweller Nirav Modi, the Enforcement Directorate on Thursday conducted raids at his residence and offices in Mumbai. (WION)
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Mehul Choksi, the promoter Gitanjali jewellery chain is the relative of Nirav Modi who is allegedly defrauded PNB of Rs 11,400 crores

After the Enforcement Directorate(ED) conducted nationwide searches against Nirav Modi's showrooms, the Central Bureau of Investigation(CBI) today conducted searches in Maharashtra, Gujarat and Tamil Nadu in connection with Mehul Choksi's Gitanjali Group. The CBI raids were conducted in Pune, Surat, Jaipur, Telangana and Coimbatore. Mehul Choksi, the promoter Gitanjali jewellery chain is the relative of Nirav Modi who allegedly defrauded PNB of Rs 11,400 crores. Nirav Modi and Mehul Choksi have been asked to respond within one week on revocation of their passports. The ministry of external affairs said if the duo fail to respond within the stipulated time, their passports will be revoked. The CBI today registered a fresh FIR against Gitanjali Gems and its promoter Mehul Choksi on basis of complaint from Punjab National Bank(PNB). The ED has already issued summons to Choksi and Nirav Modi to appear before the agency. Meanwhile, shares of Gitanjali Gems plunged another 20 per cent in morning trade after the company came under scanner in the PNB scam case. The stock fell for the third straight session to hit 52-week low on both BSE and NSE. On BSE, the stock fell 19.94 per cent to a low of Rs 37.55. On NSE, the stock cracked 19.98 per cent to trade at Rs 37.45. A day after registering money laundering case in connection with the cheating of Punjab National Bank (PNB) by billionaire jeweller Nirav Modi, the Enforcement Directorate on Thursday conducted raids at his residence and offices in Mumbai. (WION) ×

After ED raids on Nirav Modi's showrooms, CBI targets Mehul Choksi's Gitanjali Group

Punjab National Bank(PNB) has <a href="http://www.wionews.com/india-news/pnb-scam-interpol-notice-against-nirav-modi-33049">suspended eight employees including </a>General Manager level officers as the Nirav Modi induced scam continues to batter the state-run bank.

PNB is <a href="http://www.wionews.com/india-news/ed-conducted-in-camera-raids-on-nirav-modis-showrooms-33027">conducting an internal investigation</a> and has now suspended 18 employees.

Meanwhile, the Enforcement Directorate(ED) has issued summons to the billionaire jeweller with the Interpol issuing a &quot;diffusion notice&quot; against him.

The notice has also been issued against Nirav Modi&#39;s wife Ami Modi, his brother Nishal Modi and business partner Mehul Choksi.

As investigations into the scam continue, state-owned Union Bank of India has said it has an exposure of $300 million which is around Rs 1,915 crore as a result of the PNB fraud.

On Thursday, PNB had said it will honour its &ldquo;bonafide commitments&rdquo; even as the ED raided a number of locations of Nirav Modi&#39;s showrooms across the country in Mumbai, Delhi, Surat, Surat &amp; Hyderabad.

The ED has also frozen bank balance worth Rs 3.9 crore in various accounts and fixed deposits.

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In what could be the biggest banking fraud in India, state-owned Punjab National Bank has said it has detected a US $1.77 billion scam and billionaire jeweller Nirav Modi is at the centre of it. (WION Web Team)
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PNB is conducting an internal investigation and has now suspended 18 employees.

Punjab National Bank(PNB) has suspended eight employees including General Manager level officers as the Nirav Modi induced scam continues to batter the state-run bank. PNB is conducting an internal investigation and has now suspended 18 employees. Meanwhile, the Enforcement Directorate(ED) has issued summons to the billionaire jeweller with the Interpol issuing a "diffusion notice" against him. The notice has also been issued against Nirav Modi's wife Ami Modi, his brother Nishal Modi and business partner Mehul Choksi. As investigations into the scam continue, state-owned Union Bank of India has said it has an exposure of $300 million which is around Rs 1,915 crore as a result of the PNB fraud. On Thursday, PNB had said it will honour its “bonafide commitments” even as the ED raided a number of locations of Nirav Modi's showrooms across the country in Mumbai, Delhi, Surat, Surat & Hyderabad. The ED has also frozen bank balance worth Rs 3.9 crore in various accounts and fixed deposits. In what could be the biggest banking fraud in India, state-owned Punjab National Bank has said it has detected a US $1.77 billion scam and billionaire jeweller Nirav Modi is at the centre of it. (WION Web Team) ×

Nirav Modi row: Punjab National Bank suspends 8 officers over scam

State-owned Union Bank of India <a href="http://www.wionews.com/india-news/pnb-stocks-continue-to-slide-for-third-consecutive-day-33043">has said it has an exposure of $300 million</a> (around Rs 1,915 crore) to the Rs 11,400-crore PNB fraud case but stressed its money is safe and it will recover that. &nbsp;&nbsp;&nbsp; &nbsp;

&quot;We wish to inform you that the bank through our foreign branches has been taking exposure with Punjab National Bank (PNB) as counterparty under various Letters of Undertakings (LoU) issued through authenticated SWIFT message,&quot; Union Bank of India said in late night filing to stock exchanges.&nbsp;

The bank has also purchased some Buyers Credit assets from Axis Bank through Risk Participation as a part of normal International Business Practice, it said.&nbsp;

&quot;The outstanding exposure related to the incident is approximately USD 300 Million and the Bank is fully secured by LoU /LC /Other documents and fully confident to receive the payment,&quot; it said.&nbsp;Union Bank of India shares dropped 2.37 per cent to Rs 117.25 while the PNB stock fell over 3 per cent to Rs124.45 on BSE.

Yesterday, fraud-hit PNB said it will honour its &ldquo;bonafide commitments&rdquo; and entire liability will be known after the investigation.

The PNB fraud pertains to issuance of fake letters of understanding (LoU) 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 week, 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.

The bank sought 100 per cent cash margins for issuing LoUs for raising buyers credit, which was contested by the firms saying they had availed of the facility from as early as 2010.&nbsp;Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi are partners in Diamonds R US, Solar Exports and Stellar Diamonds, which has shops in foreign locations such as Hong Kong, Dubai, and New York.

The bank has also purchased some Buyers Credit assets from Axis Bank through Risk Participation as a part of normal International Business Practice

State-owned Union Bank of India has said it has an exposure of $300 million (around Rs 1,915 crore) to the Rs 11,400-crore PNB fraud case but stressed its money is safe and it will recover that. "We wish to inform you that the bank through our foreign branches has been taking exposure with Punjab National Bank (PNB) as counterparty under various Letters of Undertakings (LoU) issued through authenticated SWIFT message," Union Bank of India said in late night filing to stock exchanges. The bank has also purchased some Buyers Credit assets from Axis Bank through Risk Participation as a part of normal International Business Practice, it said. "The outstanding exposure related to the incident is approximately USD 300 Million and the Bank is fully secured by LoU /LC /Other documents and fully confident to receive the payment," it said. Union Bank of India shares dropped 2.37 per cent to Rs 117.25 while the PNB stock fell over 3 per cent to Rs124.45 on BSE. Yesterday, fraud-hit PNB said it will honour its “bonafide commitments” and entire liability will be known after the investigation. The PNB fraud pertains to issuance of fake letters of understanding (LoU) 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 week, 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. The bank sought 100 per cent cash margins for issuing LoUs for raising buyers credit, which was contested by the firms saying they had availed of the facility from as early as 2010. Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi are partners in Diamonds R US, Solar Exports and Stellar Diamonds, which has shops in foreign locations such as Hong Kong, Dubai, and New York.

Exposure of $300 million in PNB fraud case: Union Bank of India

&nbsp;The Enforcement Directorate(ED) today issued <a href="http://www.wionews.com/india-news/pnb-scam-interpol-notice-against-nirav-modi-33049">summons</a><a href="http://www.wionews.com/india-news/pnb-scam-interpol-notice-against-nirav-modi-33049"> for appearance to billionaire diamond</a> merchant Nirav Modi and his business partner Mehul Choksi in connection with its money laundering probe in the Rs 11,400 crore alleged fraud in Punjab National Bank (PNB), officials said.

 
They said both Modi and Choksi were summoned under the Prevention of Money Laundering Act (PMLA) and asked to depose within a week&#39;s time.

 
The notices were handed over to the directors of the firms of the two businessmen as they were not in the country.

 
While Modi runs the jewellery brand chain under his name, Choksie is the promoter of Gitanjali Gems.

 
The ED had registered a PMLA case against them and others based on a CBI FIR which was the result of a PNB complaint.

 
The ED yesterday carried out multiple raids on showrooms, workshops, offices and residences of Modi and Choksi and seized diamonds, jewellery and gold worth Rs 5,100 crore.

 
The agency was probing if the allegedly defrauded bank funds were laundered and these proceeds of crime subsequently used by the accused to create illegal assets and black money.

 
Modi, 46, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and Choksi on January 31, for allegedly cheating the state-run PNB to the tune of Rs 280 crore. 
The bank has sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore.

 
The CBI had earlier raided the residences of Modi, his brother, wife and Choksi, all partners of Diamond R US, Solar Exports and Stellar Diamonds and two bank officials -- Gokulnath Shetty (now retired) and Manoj Kharat, who were also named in the FIR as accused.

 
&quot;The public servants committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and a wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017,&quot; the CBI FIR has alleged.

 
The jewellery designer is a citizen of the country but his brother Nishal and wife Ami are not Indian nationals. They all left India between January 1 and 6, the CBI said.

The notices were handed over to the directors of the firms of the two businessmen as they were not in the country.

The Enforcement Directorate(ED) today issued summons for appearance to billionaire diamond merchant Nirav Modi and his business partner Mehul Choksi in connection with its money laundering probe in the Rs 11,400 crore alleged fraud in Punjab National Bank (PNB), officials said. They said both Modi and Choksi were summoned under the Prevention of Money Laundering Act (PMLA) and asked to depose within a week's time. The notices were handed over to the directors of the firms of the two businessmen as they were not in the country. While Modi runs the jewellery brand chain under his name, Choksie is the promoter of Gitanjali Gems. The ED had registered a PMLA case against them and others based on a CBI FIR which was the result of a PNB complaint. The ED yesterday carried out multiple raids on showrooms, workshops, offices and residences of Modi and Choksi and seized diamonds, jewellery and gold worth Rs 5,100 crore. The agency was probing if the allegedly defrauded bank funds were laundered and these proceeds of crime subsequently used by the accused to create illegal assets and black money. Modi, 46, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and Choksi on January 31, for allegedly cheating the state-run PNB to the tune of Rs 280 crore. The bank has sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore. The CBI had earlier raided the residences of Modi, his brother, wife and Choksi, all partners of Diamond R US, Solar Exports and Stellar Diamonds and two bank officials -- Gokulnath Shetty (now retired) and Manoj Kharat, who were also named in the FIR as accused. "The public servants committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and a wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017," the CBI FIR has alleged. The jewellery designer is a citizen of the country but his brother Nishal and wife Ami are not Indian nationals. They all left India between January 1 and 6, the CBI said.

PNB scam: Enforcement Directorate issues summons to Nirav Modi

Punjab National Bank(PNB) <a href="http://www.wionews.com/india-news/ed-conducted-in-camera-raids-on-nirav-modis-showrooms-33027">stocks fell as much as 3.8 </a><a href="http://www.wionews.com/india-news/ed-conducted-in-camera-raids-on-nirav-modis-showrooms-33027">per cent</a><a href="http://www.wionews.com/india-news/ed-conducted-in-camera-raids-on-nirav-modis-showrooms-33027"> </a>on Friday, sliding for a third consecutive session as the country&#39;s second-biggest state-run lender continued to reel after saying it had been hit with a $1.77 billion fraud.

PNB shares <a href="http://www.wionews.com/india-news/pnb-scam-nirav-modi-left-india-on-january-1-say-officials-32966">were down 1.75 </a><a href="http://www.wionews.com/india-news/pnb-scam-nirav-modi-left-india-on-january-1-say-officials-32966">per cent</a>&nbsp;after sliding 20 per cent over the previous two sessions.

PNB has lost over Rs 8,000 crore of market valuation in two days - an amount equivalent to over six-times its full-year profit.

On Thursday, PNB&nbsp;extended its fall for the second straight session and ended the day 12 per cent lower at Rs 128.35 on BSE.&nbsp;

The stock have fallen 10 per cent after the lender said it had detected Rs 11,400 crore ($ 1.77 billion) fraud at a Mumbai branch.

Following the slump in the counter over the last two days, the market capitalisation of the company has plunged a whopping Rs 8,076.59 crore to Rs 31,132.41 crore.

PNB has lost over Rs 8,000 crore of market valuation in two days -- an amount equivalent to over six-times its full-year profit.

Punjab National Bank(PNB) stocks fell as much as 3.8 per cent on Friday, sliding for a third consecutive session as the country's second-biggest state-run lender continued to reel after saying it had been hit with a $1.77 billion fraud. PNB shares were down 1.75 per cent after sliding 20 per cent over the previous two sessions. PNB has lost over Rs 8,000 crore of market valuation in two days - an amount equivalent to over six-times its full-year profit. On Thursday, PNB extended its fall for the second straight session and ended the day 12 per cent lower at Rs 128.35 on BSE. The stock have fallen 10 per cent after the lender said it had detected Rs 11,400 crore ($ 1.77 billion) fraud at a Mumbai branch. Following the slump in the counter over the last two days, the market capitalisation of the company has plunged a whopping Rs 8,076.59 crore to Rs 31,132.41 crore.

PNB stocks continue to slide for third consecutive day

The Enforcement Directorate<a href="http://www.wionews.com/india-news/pnb-scam-ed-cbi-turn-up-heat-on-nirav-modi-jewellery-worth-rs-5100-cr-seized-32998">(ED) conducted in-camera raids</a> on Nirav Modi&#39;s various showrooms while seizing diamonds on Thursday.

The ED conducted searches in<a href="http://www.wionews.com/india-news/brand-ambassador-priyanka-chopra-seeking-to-terminate-contract-with-nirav-modi-spokesperson-32983"> 17 premises across the country</a> including Geetanjali Gems and seized stock of gold, diamond and precious stones worth Rs 5,100 crore.

The Enforcement Directorate Mumbai office received the FIR from CBI and complaint from Punjab National Bank (PNB) on Wednesday about alleged fraud in PNB by Nirav Modi involving fraud of 280 crores.

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PNB said it has begun criminal action against two staff members and suspended some others. (WION)
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Nirav Modi, his wife, and others allegedly worked with officials of Punjab National Bank to illegally obtain Letters of Undertaking (LoU).

Following the FIR, ED swung into action searching premises of Nirav&nbsp;Modi and Geetanjali Gems in Delhi, Mumbai, Surat &amp; Hyderabad.&nbsp;The ED has also frozen bank balance worth Rs 3.9 crore in&nbsp;various accounts and fixed deposits.

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Nirav Modi had carried out &ldquo;fraudulent transactions&rdquo; worth over Rs 11,400 crore by acquiring fake bank guarantees (WION)
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PNB has accused three companies - Solar Exports, Stellar Diamonds and Diamond R US - it said belong to Nirav Modi. (WION)
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In what could be the biggest banking fraud in India, state-owned Punjab National Bank has said it has detected a US $1.77 billion scam and billionaire jeweller Nirav Modi is at the centre of it. (WION Web Team)
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Nirav Modi, his wife, and others allegedly worked with officials of Punjab National Bank to illegally obtain Letters of Undertaking.

The Enforcement Directorate(ED) conducted in-camera raids on Nirav Modi's various showrooms while seizing diamonds on Thursday. The ED conducted searches in 17 premises across the country including Geetanjali Gems and seized stock of gold, diamond and precious stones worth Rs 5,100 crore. The Enforcement Directorate Mumbai office received the FIR from CBI and complaint from Punjab National Bank (PNB) on Wednesday about alleged fraud in PNB by Nirav Modi involving fraud of 280 crores. PNB said it has begun criminal action against two staff members and suspended some others. (WION) × Nirav Modi, his wife, and others allegedly worked with officials of Punjab National Bank to illegally obtain Letters of Undertaking (LoU). Following the FIR, ED swung into action searching premises of Nirav Modi and Geetanjali Gems in Delhi, Mumbai, Surat & Hyderabad. The ED has also frozen bank balance worth Rs 3.9 crore in various accounts and fixed deposits. Nirav Modi had carried out “fraudulent transactions” worth over Rs 11,400 crore by acquiring fake bank guarantees (WION) × PNB has accused three companies - Solar Exports, Stellar Diamonds and Diamond R US - it said belong to Nirav Modi. (WION) × In what could be the biggest banking fraud in India, state-owned Punjab National Bank has said it has detected a US $1.77 billion scam and billionaire jeweller Nirav Modi is at the centre of it. (WION Web Team) ×

ED conducted 'in-camera' raids on Nirav Modi's showrooms

Communist Party of India (Marxist) (CPI-M) leader Prakash Karat on Thursday hit out at the Prime Minister Narendra Modi government, saying that the <a href="http://www.wionews.com/india-news/pnb-scam-ed-cbi-turn-up-heat-on-nirav-modi-jewellery-worth-rs-5100-cr-seized-32998">Punjab National Bank (PNB) fraud</a> is a type of &quot;crony capitalism&quot; flourishing under them.

Speaking to ANI, the CPI (M) leader demanded comprehensive inquiry in the matter, so that the culprits involved in the said scam, meet the justice.

&quot;It shows a type of crony capitalism flourishing in Prime Minister Narendra Modi Government,&quot; Karat said.

&quot;Recently, this gentleman was photographed with the Prime Minister at Davos. Like Vijay Mallya, will businessman Nirav Modi also be allowed to escape the law? Want comprehensive inquiry in the matter,&quot; he added.

Earlier on Thursday, the Enforcement Directorate (ED) wrote to the Ministry of External Affairs (MEA) seeking revocation of passports of Nirav Modi in connection with the PNB fraud case.

Besides Nirav Modi, the agency also asked to revoke the passport of his wife Ami Modi and his relative Mehul Choksi.

The agency also conducted searches at 17 premises of Nirav Modi and Geetanjali Gems across India in connection with the same case.

The probe agency also seized stocks of gold, diamond and other precious stones worth Rs 5100 crore.&nbsp;

Meanwhile, the Central Bureau of Investigation (CBI) has questioned the PNB bank officials but has not arrested any person as of now.

The PNB detected a 1.77 billion dollar scam in which jeweller 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.&nbsp;

Prakash Karat said the Punjab National Bank fraud was 'a type of crony capitalism flourishing in the Prime Minister Narendra Modi government'

Communist Party of India (Marxist) (CPI-M) leader Prakash Karat on Thursday hit out at the Prime Minister Narendra Modi government, saying that the Punjab National Bank (PNB) fraud is a type of "crony capitalism" flourishing under them. Speaking to ANI, the CPI (M) leader demanded comprehensive inquiry in the matter, so that the culprits involved in the said scam, meet the justice. "It shows a type of crony capitalism flourishing in Prime Minister Narendra Modi Government," Karat said. "Recently, this gentleman was photographed with the Prime Minister at Davos. Like Vijay Mallya, will businessman Nirav Modi also be allowed to escape the law? Want comprehensive inquiry in the matter," he added. Earlier on Thursday, the Enforcement Directorate (ED) wrote to the Ministry of External Affairs (MEA) seeking revocation of passports of Nirav Modi in connection with the PNB fraud case. Besides Nirav Modi, the agency also asked to revoke the passport of his wife Ami Modi and his relative Mehul Choksi. The agency also conducted searches at 17 premises of Nirav Modi and Geetanjali Gems across India in connection with the same case. The probe agency also seized stocks of gold, diamond and other precious stones worth Rs 5100 crore. Meanwhile, the Central Bureau of Investigation (CBI) has questioned the PNB bank officials but has not arrested any person as of now. The PNB detected a 1.77 billion dollar scam in which jeweller 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.

PNB scam a type of crony capitalism: CPI-M

Union Minister Prakash Javadekar has issued clarification over the <a href="http://www.wionews.com/india-news/pnb-scam-this-is-how-nirav-modi-planned-his-safe-exit-from-india-33071" target="_blank">PNB Fraud Case</a>&nbsp;which involves&nbsp;<a href="http://www.wionews.com/india-news/pnb-scam-how-punjab-national-bank-fell-victim-to-countrys-biggest-bank-fraud-33009" target="_blank">fraudulent transactions worth Rs 11,400 crore</a>.

While addressing the media, Javadekar&nbsp;said that Nirav Modi&nbsp;scam started during the UPA&#39;s regime and it was because of the alertness of the NDA government that the fraud was brought into the light.&nbsp;

He said &quot;The scam which has come into the light is a scam of the UPA Government. This started&nbsp;during the UPA&#39;s reign in 2011. It is the alertness of the NDA government which has brought this scam into the light. All the NPAs, the wrongful distribution of loans, amongst&nbsp;others were all passed down to us by the UPA Government&quot;.

Referring to Dinesh Dubey&#39;s resignation, he asked who forced the&nbsp;Finance&nbsp;Secretary to&nbsp;put pressure on&nbsp;Dinesh Dubey.&nbsp;

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Finance Secretary during UPA&#39;s regime, instead of taking action, forced Dinesh Dubey to resign. We are asking who pressurised the Foreign Secretary to pressurise Dinesh Dubey?: Union Minister Prakash Javadekar <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a> <a href="https://t.co/VtOKywg1GJ">pic.twitter.com/VtOKywg1GJ</a>
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Dinesh Dubey is the former Bank Director of the Allahabad Bank. He resigned from office in 2013 citing his dissatisfaction over something.&nbsp;

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I met this person only once in my life.He had come to my office to resign in 2013. Reason behind resignation was that he was unhappy over something. I accepted his resignation. I have never spoken to him: Rajiv Takru, Former Banking Secy on ex-Allahabad Bank Director Dinesh Dubey
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964467669792706561?ref_src=twsrc%5Etfw">February 16, 2018</a></blockquote>
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Javdekar also assured of recovering the money and said an investigation was being conducted into the &quot;banking fraud&quot;.&nbsp;

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This is a banking fraud, which is being investigated. We are making sure that the money is recovered: Union Minister Prakash Javadekar <a href="https://twitter.com/hashtag/PNBFraudCase?src=hash&amp;ref_src=twsrc%5Etfw">#PNBFraudCase</a> <a href="https://t.co/80r3r9zck9">pic.twitter.com/80r3r9zck9</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964464030818734080?ref_src=twsrc%5Etfw">February 16, 2018</a></blockquote>
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The Punjab National Bank&nbsp;announced this week that it had discovered fraudulent transactions worth Rs 11,400 crore at a single branch in Mumbai.&nbsp;

It stated that Nirav Modi had carried out &ldquo;fraudulent transactions&rdquo; worth over Rs 11,400 crore by acquiring fake bank guarantees and showing it to other banks in order to extract more money.

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He said 'the scam which has come into the light is a scam of the UPA Government. This started during the UPA's reign in 2011. It is the alertness of the NDA government which has brought this scam into the light'

Union Minister Prakash Javadekar has issued clarification over the PNB Fraud Case which involves fraudulent transactions worth Rs 11,400 crore. While addressing the media, Javadekar said that Nirav Modi scam started during the UPA's regime and it was because of the alertness of the NDA government that the fraud was brought into the light. He said "The scam which has come into the light is a scam of the UPA Government. This started during the UPA's reign in 2011. It is the alertness of the NDA government which has brought this scam into the light. All the NPAs, the wrongful distribution of loans, amongst others were all passed down to us by the UPA Government". Referring to Dinesh Dubey's resignation, he asked who forced the Finance Secretary to put pressure on Dinesh Dubey. Finance Secretary during UPA's regime, instead of taking action, forced Dinesh Dubey to resign. We are asking who pressurised the Foreign Secretary to pressurise Dinesh Dubey?: Union Minister Prakash Javadekar #PNBFraudCase pic.twitter.com/VtOKywg1GJ — ANI (@ANI) February 16, 2018 × Dinesh Dubey is the former Bank Director of the Allahabad Bank. He resigned from office in 2013 citing his dissatisfaction over something. I met this person only once in my life.He had come to my office to resign in 2013. Reason behind resignation was that he was unhappy over something. I accepted his resignation. I have never spoken to him: Rajiv Takru, Former Banking Secy on ex-Allahabad Bank Director Dinesh Dubey — ANI (@ANI) February 16, 2018 × Javdekar also assured of recovering the money and said an investigation was being conducted into the "banking fraud". This is a banking fraud, which is being investigated. We are making sure that the money is recovered: Union Minister Prakash Javadekar #PNBFraudCase pic.twitter.com/80r3r9zck9 — ANI (@ANI) February 16, 2018 × The Punjab National Bank announced this week that it had discovered fraudulent transactions worth Rs 11,400 crore at a single branch in Mumbai. It stated that Nirav Modi had carried out “fraudulent transactions” worth over Rs 11,400 crore by acquiring fake bank guarantees and showing it to other banks in order to extract more money.

PNB Scam: Fraud came to light due to alertness of NDA govt says Union Minister Prakash Javadekar

Investors may have been shocked when one of India&#39;s biggest banks disclosed a $1.77 billion fraud by a <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">billionaire jeweller Nirav Modi</a>, but the central bank has recorded data that shows the problem runs far deeper and wider.

Reserve Bank of India data, which a Reuters reporter obtained through a right-to-information request, shows state-run banks have reported 8,670 &quot;loan fraud&quot; cases totalling Rs 61,260 crore ($9.58 billion) over the last five financial years up to March 31, 2017.

Also&nbsp;read:&nbsp;<a href="http://www.wionews.com/india-news/pnb-scam-this-is-how-nirav-modi-planned-his-safe-exit-from-india-33071" target="_blank">This is how Nirav Modi planned his safe exit from India</a>

In India, loan frauds typically refer to cases where the borrower intentionally tries to deceive the lending bank and does not repay the loan.

The figures expose the magnitude of the problem in a banking sector already under pressure after years of poor lending practices. Bad loans surged to a record peak of nearly $149 billion last year. 
 
Bank loan frauds have steadily increased as well, reaching Rs 17,634 crore in the latest financial year from Rs 6,357 crore in 2012-13, according to the data, which doesn&#39;t include the PNB case. 
 
Punjab National Bank, India&#39;s second-largest state lender, said on Wednesday two junior officers at a single branch had illegally steered $1.77 billion in fraudulent loans to companies, most of them controlled by billionaire jeweller Nirav Modi. It was India&#39;s biggest fraud ever.

&quot;This might be the tip of the iceberg or the middle, and that is the worry,&quot; said Pratibha Jain, a partner at law firm Nishith Desai Associates, who advises on bankruptcy cases. 
 
&quot;The fact is we don&#39;t know what else is out there.&quot;

BANK DISCLOSURES 
 
The RBI did not immediately respond to a request for comment. But in June 2017 the central bank, in its Financial Stability Report, called frauds in banks and financial institutions &quot;one of the emerging risks to the financial sector&quot;. 
 
&quot;In a number of large value frauds, serious gaps in credit underwriting standards were evident,&quot; the RBI said, adding that some of the gaps include lack of continuous monitoring of cash flows and cash profits, diversion of funds, double financing and general credit governance issues in banks. 
 
The RBI has been commended for forcing Indian banks to fully disclose its bad loans, speed up their recovery, and stop hiding fraud cases as non-performing assets.

Yet to some critics, the RBI has, at the same time, been too guarded about publicly sharing data on loan defaults or fraudulent loans. This is partly due to legal constraints on disclosing individual cases and worries investors would pummel the affected banks, making loan recovery even harder. 
 
In fact, the numbers of loan fraud cases across India could be even higher since they only include cases reported to the RBI, which involve only loans of Rs 1,00,000 or more. 
 
In its right-to-information request, Reuters sought data from 20 of India&#39;s 21 state-run lenders and obtained 15 replies. 
 
PNB topped the list with 389 cases totalling Rs 6,562 crore ($1.03 billion) over the last five financial years, in terms of the total amounts involved. 
 
Reuters was unable to obtain a detailed breakdown on the exact nature and method of the loan frauds the banks reported to RBI over the last five financial years. 
 
After PNB, Bank of Baroda had the highest amount of loan fraud reported, with Rs 4,473 crore from 389 cases and Bank of India ranked third, with loan frauds totalling Rs 4,050 crore from 231 cases over the same period, the data shows. 
 
India&#39;s biggest lender, State Bank of India reported 1,069 loan fraud cases in the last five financial years but did not disclose the amount. 
 
It was also unclear how much has been recovered by the banks over the years.

WHOLESALE REFORMS 
 
The magnitude of the bad debt in India forced the government last year to bail out the sector by pledging to inject $32 billion over this financial year and next. 
 
Yet analysts and credit rating agencies have long warned that solving the bad debt at India&#39;s banking sector needs to also involve wholesale reforms of the lending practices that led to the surge in bad loans.

Bankers have been blamed for steering funds to politically connected business tycoons, such as Vijay Mallya, without due diligence, or after being pressed by government officials to steer funds to sectors it wanted to promote, such as infrastructure. 
 
Mallya stands accused in India of fraudulently palming off losses from his now defunct Kingfisher Airlines onto banks by taking out loans he had no intention of repaying, an allegation he denies.

Nirav Modi, the jeweller accused in the PNB fraud case, posed for pictures with Indian Prime Minister Narendra Modi at the World Economic Forum in Davos, Switzerland, where he was part of India&#39;s delegation of corporate leaders.

RBI data shows state-run banks have reported 8,670 'loan fraud' cases totalling Rs 61,260 crore over the last five financial years

Investors may have been shocked when one of India's biggest banks disclosed a $1.77 billion fraud by a billionaire jeweller Nirav Modi, but the central bank has recorded data that shows the problem runs far deeper and wider. Reserve Bank of India data, which a Reuters reporter obtained through a right-to-information request, shows state-run banks have reported 8,670 "loan fraud" cases totalling Rs 61,260 crore ($9.58 billion) over the last five financial years up to March 31, 2017. Also read: This is how Nirav Modi planned his safe exit from India In India, loan frauds typically refer to cases where the borrower intentionally tries to deceive the lending bank and does not repay the loan. The figures expose the magnitude of the problem in a banking sector already under pressure after years of poor lending practices. Bad loans surged to a record peak of nearly $149 billion last year. Bank loan frauds have steadily increased as well, reaching Rs 17,634 crore in the latest financial year from Rs 6,357 crore in 2012-13, according to the data, which doesn't include the PNB case. Punjab National Bank, India's second-largest state lender, said on Wednesday two junior officers at a single branch had illegally steered $1.77 billion in fraudulent loans to companies, most of them controlled by billionaire jeweller Nirav Modi. It was India's biggest fraud ever. "This might be the tip of the iceberg or the middle, and that is the worry," said Pratibha Jain, a partner at law firm Nishith Desai Associates, who advises on bankruptcy cases. "The fact is we don't know what else is out there." BANK DISCLOSURES The RBI did not immediately respond to a request for comment. But in June 2017 the central bank, in its Financial Stability Report, called frauds in banks and financial institutions "one of the emerging risks to the financial sector". "In a number of large value frauds, serious gaps in credit underwriting standards were evident," the RBI said, adding that some of the gaps include lack of continuous monitoring of cash flows and cash profits, diversion of funds, double financing and general credit governance issues in banks. The RBI has been commended for forcing Indian banks to fully disclose its bad loans, speed up their recovery, and stop hiding fraud cases as non-performing assets. Yet to some critics, the RBI has, at the same time, been too guarded about publicly sharing data on loan defaults or fraudulent loans. This is partly due to legal constraints on disclosing individual cases and worries investors would pummel the affected banks, making loan recovery even harder. In fact, the numbers of loan fraud cases across India could be even higher since they only include cases reported to the RBI, which involve only loans of Rs 1,00,000 or more. In its right-to-information request, Reuters sought data from 20 of India's 21 state-run lenders and obtained 15 replies. PNB topped the list with 389 cases totalling Rs 6,562 crore ($1.03 billion) over the last five financial years, in terms of the total amounts involved. Reuters was unable to obtain a detailed breakdown on the exact nature and method of the loan frauds the banks reported to RBI over the last five financial years. After PNB, Bank of Baroda had the highest amount of loan fraud reported, with Rs 4,473 crore from 389 cases and Bank of India ranked third, with loan frauds totalling Rs 4,050 crore from 231 cases over the same period, the data shows. India's biggest lender, State Bank of India reported 1,069 loan fraud cases in the last five financial years but did not disclose the amount. It was also unclear how much has been recovered by the banks over the years. WHOLESALE REFORMS The magnitude of the bad debt in India forced the government last year to bail out the sector by pledging to inject $32 billion over this financial year and next. Yet analysts and credit rating agencies have long warned that solving the bad debt at India's banking sector needs to also involve wholesale reforms of the lending practices that led to the surge in bad loans. Bankers have been blamed for steering funds to politically connected business tycoons, such as Vijay Mallya, without due diligence, or after being pressed by government officials to steer funds to sectors it wanted to promote, such as infrastructure. Mallya stands accused in India of fraudulently palming off losses from his now defunct Kingfisher Airlines onto banks by taking out loans he had no intention of repaying, an allegation he denies. Nirav Modi, the jeweller accused in the PNB fraud case, posed for pictures with Indian Prime Minister Narendra Modi at the World Economic Forum in Davos, Switzerland, where he was part of India's delegation of corporate leaders.

RBI's unpublished data shows India's fraud problems extend far beyond PNB

India&#39;s second-largest state-run lender, Punjab National Bank (PNB), has detected <a href="http://www.wionews.com/india-news/enforcement-directorate-raids-billionaire-jeweller-nirav-modis-office-showrooms-32941">fraudulent transactions worth Rs 280 crore</a> in a case that could affect more banks and raise fresh questions about lending procedures at Indian banks mired in soured debt. The entire scam is believed to total up&nbsp; to about Rs 11,400 crore.

This could be the <a href="http://www.wionews.com/india-news/scam-began-in-2011-bank-discovered-it-in-january-2018-pnb-md-32969">biggest banking fraud</a> in India as its quantum is bigger than an estimated 9,000 crore scam at erstwhile Satyam computers.

In 2015, Bank of Baroda - another public sector bank - had brought to light a scam in which two Delhi-based businessmen cheated it of Rs 6,000 crore.

At the centre of the PNB scam is <a href="http://www.wionews.com/india-news/pnb-scam-nirav-modi-left-india-on-january-1-say-officials-32966">Nirav Modi</a>, a billionaire jeweller. Here is a brief profile of the man:

<ol>
	<li>Modi is one of India&#39;s richest men. He is worth $1.73 billion according to Forbes, placing him 85th on India&#39;s rich list.</li>
	<li>The 47-year-old is the founder of jewellery giant Firestar Diamond. His high-end Nirav Modi brand has stores in several of the world&#39;s major cities - ranging from upmarket Defence Colony in Delhi to Mumbai, New York, London and Macau.</li>
	<li>Nirav Modi comes from a family of diamond brokers in Antwerp, Belgium. He studied finance at Wharton but dropped out within a year.</li>
	<li>After dropping out of Wharton, Modi came to Mumbai to learn the nuances of trading from his uncle Mehul Choksi, chairman of Gitanjali Gems.</li>
	<li>Bollywood star Priyanka Chopra is the brand ambassador of his company.</li>
	<li>Despite making a late entry in the retail business in 2010, Nirav quickly made a name for himself as the jeweller to the stars. By 2013, he had made it to the Forbes billionaire list.</li>
	<li>Just last year, he bought an iconic Mumbai property - the rhythm house music shop - for a reported price of nearly $5 million to set up his own store at the prime Kala Ghoda property.</li>
</ol>

This could be the biggest banking fraud in India as its quantum is bigger than an estimated 9,000 crore scam at erstwhile Satyam computers.

India's second-largest state-run lender, Punjab National Bank (PNB), has detected fraudulent transactions worth Rs 280 crore in a case that could affect more banks and raise fresh questions about lending procedures at Indian banks mired in soured debt. The entire scam is believed to total up to about Rs 11,400 crore. This could be the biggest banking fraud in India as its quantum is bigger than an estimated 9,000 crore scam at erstwhile Satyam computers. In 2015, Bank of Baroda - another public sector bank - had brought to light a scam in which two Delhi-based businessmen cheated it of Rs 6,000 crore. At the centre of the PNB scam is Nirav Modi, a billionaire jeweller. Here is a brief profile of the man: Modi is one of India's richest men. He is worth $1.73 billion according to Forbes, placing him 85th on India's rich list. The 47-year-old is the founder of jewellery giant Firestar Diamond. His high-end Nirav Modi brand has stores in several of the world's major cities - ranging from upmarket Defence Colony in Delhi to Mumbai, New York, London and Macau. Nirav Modi comes from a family of diamond brokers in Antwerp, Belgium. He studied finance at Wharton but dropped out within a year. After dropping out of Wharton, Modi came to Mumbai to learn the nuances of trading from his uncle Mehul Choksi, chairman of Gitanjali Gems. Bollywood star Priyanka Chopra is the brand ambassador of his company. Despite making a late entry in the retail business in 2010, Nirav quickly made a name for himself as the jeweller to the stars. By 2013, he had made it to the Forbes billionaire list. Just last year, he bought an iconic Mumbai property - the rhythm house music shop - for a reported price of nearly $5 million to set up his own store at the prime Kala Ghoda property.

Who is Nirav Modi, the billionaire jeweller at centre of Rs 11,400 crore PNB scam

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;

&quot;We got to know that two of our employees did some un-authorised transactions. The bank intiated criminal action against our staff members,&quot; Mehta said.&nbsp;

&quot;This is a standalone incident. It has taken place only in one of our branches,&quot; Mehta added.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/for-indias-banks-worst-of-their-bad-loan-woes-may-be-yet-to-come-32894" target="_blank">For India&#39;s banks, worst of their bad-loan troubles may be still to come</a>

PNB has the &quot;capability and the capacity to come out of this&quot;, Mehta said.&nbsp;&nbsp;

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Hum kisi bhi galat kaam ko badhaava nahi denge. Hum log iss (<a href="https://twitter.com/hashtag/PNBScam?src=hash&amp;ref_src=twsrc%5Etfw">#PNBScam</a>) cheez ko surface pe lekar aaye: Sunil Mehta, MD PNB <a href="https://t.co/miWOwaWSO0">pic.twitter.com/miWOwaWSO0</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964058313582432257?ref_src=twsrc%5Etfw">February 15, 2018</a></blockquote>
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He added that &quot;In response to our registered FIR, raids are being conducted on involved groups establishments; documents and records are being seized. Steps are being taken to protect financial interest of banks.&quot;

'We promptly investigated it for 3-4 days, we went to CBI on 29 Jan and FIR was booked on (Jan) 30,' Sunil Mehta said

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." "We got to know that two of our employees did some un-authorised transactions. The bank intiated criminal action against our staff members," Mehta said. "This is a standalone incident. It has taken place only in one of our branches," Mehta added. Also read: For India's banks, worst of their bad-loan troubles may be still to come PNB has the "capability and the capacity to come out of this", Mehta said. Hum kisi bhi galat kaam ko badhaava nahi denge. Hum log iss (#PNBScam) cheez ko surface pe lekar aaye: Sunil Mehta, MD PNB pic.twitter.com/miWOwaWSO0 — ANI (@ANI) February 15, 2018 × He added that "In response to our registered FIR, raids are being conducted on involved groups establishments; documents and records are being seized. Steps are being taken to protect financial interest of banks."

Scam began in 2011, bank discovered it in January 2018: PNB MD

Punjab and <a href="http://www.wionews.com/india-news/enforcement-directorate-raids-billionaire-jeweller-nirav-modis-office-showrooms-32941">National Bank(PNB) managing director&nbsp;Sunil Mehta </a>said Nirav Modi&#39;s 280 crore&nbsp;scam&nbsp;started in 2011.

&quot;We exposed <a href="http://www.wionews.com/india-news/pnb-scam-did-nirav-modi-flee-the-country-before-fir-32948">the scam first and informed the</a> CBI this month,&quot; the managing director said, adding,&quot;the bank will honour all bona fide commitments.&quot;

Speaking to reporters at a press conference, Mehta said the bank detected the fraud in January.

&quot;The bank has named an ex-employee in the case,&quot; he said.

&quot;We will find all the guilty, we believe in clean banking,&quot; the PNB MD&nbsp;added.

Meanwhile, the scam took a political turn as the Congress attacked the BJP with spokesperson Randeep Surjewala declaring that it was the biggest bank loot in the last 70 years.

&quot;Another fraudster fled the nation,&quot; Surjewala said referring to Vijay Mallya who fled the country two years ago.

Speaking to reporters at a press conference, Mehta said the bank detected the fraud in January.

Punjab and National Bank(PNB) managing director Sunil Mehta said Nirav Modi's 280 crore scam started in 2011. "We exposed the scam first and informed the CBI this month," the managing director said, adding,"the bank will honour all bona fide commitments." Speaking to reporters at a press conference, Mehta said the bank detected the fraud in January. "The bank has named an ex-employee in the case," he said. "We will find all the guilty, we believe in clean banking," the PNB MD added. Meanwhile, the scam took a political turn as the Congress attacked the BJP with spokesperson Randeep Surjewala declaring that it was the biggest bank loot in the last 70 years. "Another fraudster fled the nation," Surjewala said referring to Vijay Mallya who fled the country two years ago.

'We exposed the scam first and informed CBI', says PNB managing director

Billionaire jeweller <a href="http://www.wionews.com/india-news/enforcement-directorate-raids-billionaire-jeweller-nirav-modis-office-showrooms-32941">Nirav Modi who is suspected </a>of cheating in Punjab National Bank may have fled the country days before the Enforcement Directorate filed an FIR against him.

The police are <a href="http://www.wionews.com/india-news/sensex-sheds-144-points-as-banking-stocks-tumble-32856">trying to track down the billionaire </a>even as media reports say he may be in Switzerland.

As the police and ED officials try to track Nirav, raids are being conducted in Delhi and Mumbai on his glitzy showrooms.

Union Bank reportedly gave a loan of Rs 2,300 crore to the billionaire jeweller with Allahabad Bank forwarding Rs 2,000 loan.

SBI&#39;s foreign arm lent Nirav Modi Rs 9,60 crore, reports said.&nbsp;

Nirav Modi has apparently written to banks promising to repay the &quot;loans&quot; and is reportedly&nbsp;ready to pay up Rs 5,000 crore.

Meanwhile, Delhi CM Arvind Kejriwal waded into the controversy accusing the BJP government of collusion.

In his tweet, the Delhi CM asked: &quot;Is it possible to believe that he(Nirav Modi )or Vijay Mallya left the country without active connivance of BJP govt?&quot;

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Is it possible to believe that he or vijay mallya left the country without active connivance of BJP govt? <a href="https://t.co/6iMFf9VAkF">https://t.co/6iMFf9VAkF</a>
&mdash; Arvind Kejriwal (@ArvindKejriwal) <a href="https://twitter.com/ArvindKejriwal/status/964023902753128448?ref_src=twsrc%5Etfw">February 15, 2018</a></blockquote>
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As the scam&nbsp;gets bigger, PNB officials are hardpressed to explain the scam which has reportedly gone undetected for several years.

The police are trying to track down the billionaire even as media reports say he may be Switzerland.

Billionaire jeweller Nirav Modi who is suspected of cheating in Punjab National Bank may have fled the country days before the Enforcement Directorate filed an FIR against him. The police are trying to track down the billionaire even as media reports say he may be in Switzerland. As the police and ED officials try to track Nirav, raids are being conducted in Delhi and Mumbai on his glitzy showrooms. Union Bank reportedly gave a loan of Rs 2,300 crore to the billionaire jeweller with Allahabad Bank forwarding Rs 2,000 loan. SBI's foreign arm lent Nirav Modi Rs 9,60 crore, reports said. Nirav Modi has apparently written to banks promising to repay the "loans" and is reportedly ready to pay up Rs 5,000 crore. Meanwhile, Delhi CM Arvind Kejriwal waded into the controversy accusing the BJP government of collusion. In his tweet, the Delhi CM asked: "Is it possible to believe that he(Nirav Modi )or Vijay Mallya left the country without active connivance of BJP govt?" Is it possible to believe that he or vijay mallya left the country without active connivance of BJP govt? https://t.co/6iMFf9VAkF — Arvind Kejriwal (@ArvindKejriwal) February 15, 2018 × As the scam gets bigger, PNB officials are hardpressed to explain the scam which has reportedly gone undetected for several years.

PNB scam: Did Nirav Modi flee the country before FIR?

The Enforcement<a href="http://www.wionews.com/india-news/pnb-scam-enforcement-directorate-registers-money-laundering-case-against-billionaire-nirav-modi-32924"> Directorate(ED) today raided billionaire jeweller </a>Nirav Modi&#39;s properties across the country after filing money laundering case for cheating the Punjab National Bank (PNB) of Rs 280 crores.&nbsp;

The ED raided the showroom and office in Mumbai&#39;s Kala Ghoda as reports indicated Nirav Modi had fled India before an&nbsp;FIR was lodged by Indian officials.

Raids are also being conducted in Mumbai&#39;s Peddar road where Nirav Modi&#39;s residence is located and Opera house which is the location of one of his partners.

Another office at Kamla Mills was also raided by ED officials.

In Delhi, ED conducted raids in upmarket Defence Colony area where Nirav Modi&#39;s showroom is located.

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PNB Fraud Case: ED team at Nirav Modi&#39;s showroom &amp; office in Mumbai&#39;s Kala Ghoda. <a href="https://t.co/3YQq4lyKNj">pic.twitter.com/3YQq4lyKNj</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964014597593337856?ref_src=twsrc%5Etfw">February 15, 2018</a></blockquote>
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As a result of the scam, PNB stocks today nosedived 10 per cent in opening trade.

Punjab National Bank (PNB) has cautioned other banks about the &quot;modus operandi of the scam&quot;. Reports say&nbsp;Union Bank, SBI Overseas Bank, Axis Bank and Allahabad Bank have lent money to Nirav Modi.

&quot;It has been reported through a preliminary investigation that the suspected fraud has been carried out by the perpetrators in collusion with the staff of one of&nbsp;our branches in Mumbai,&quot; PNB said.

The Reserve Bank of India(RBI) and the Securities and Exchange Board of India(SEBI) are likely to meet Hong Kong officials relating to the over Rs 11,000 crore fraud at the state-run bank.

SEBI would also be getting in touch with the Securities and Futures Commission (SFC).

According to the officials, the LoUs were mostly used for availing credit at Hong Kong-based branches of some other Indian banks, PTI reported.

Punjab National Bank (PNB) has cautioned other banks about the "modus operandi of the scam".

The Enforcement Directorate(ED) today raided billionaire jeweller Nirav Modi's properties across the country after filing money laundering case for cheating the Punjab National Bank (PNB) of Rs 280 crores. The ED raided the showroom and office in Mumbai's Kala Ghoda as reports indicated Nirav Modi had fled India before an FIR was lodged by Indian officials. Raids are also being conducted in Mumbai's Peddar road where Nirav Modi's residence is located and Opera house which is the location of one of his partners. Another office at Kamla Mills was also raided by ED officials. In Delhi, ED conducted raids in upmarket Defence Colony area where Nirav Modi's showroom is located. PNB Fraud Case: ED team at Nirav Modi's showroom & office in Mumbai's Kala Ghoda. pic.twitter.com/3YQq4lyKNj — ANI (@ANI) February 15, 2018 × As a result of the scam, PNB stocks today nosedived 10 per cent in opening trade. Punjab National Bank (PNB) has cautioned other banks about the "modus operandi of the scam". Reports say Union Bank, SBI Overseas Bank, Axis Bank and Allahabad Bank have lent money to Nirav Modi. "It has been reported through a preliminary investigation that the suspected fraud has been carried out by the perpetrators in collusion with the staff of one of our branches in Mumbai," PNB said. The Reserve Bank of India(RBI) and the Securities and Exchange Board of India(SEBI) are likely to meet Hong Kong officials relating to the over Rs 11,000 crore fraud at the state-run bank. SEBI would also be getting in touch with the Securities and Futures Commission (SFC). According to the officials, the LoUs were mostly used for availing credit at Hong Kong-based branches of some other Indian banks, PTI reported.

Watch: Enforcement Directorate raids billionaire jeweller Nirav Modi's office & showrooms

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