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Feb 15, 2018 09:56 PM IST | Source:

PNB Fraud Highlights: Finance ministry says assets involved in fraud will be recovered, no one will be spared

This blog will keep track of the latest developments in PNB's Rs 11,000 crore scam.

  • Feb 15, 05:41 PM (IST)

    Moneycontrol's Tarun Sharma reports, quoting a source from the Enforcement Directorate, that searches have been conducted at 10 different locations, those that were not raided by CBI earlier. The source also mentioned that the ED had seized gold and jewellery at these locations and that the valuation process is due to begin shortly.

  • Feb 15, 09:56 PM (IST)

    Thanks to all our readers for following us throughout the day on updates about what is easily the biggest banking sector scam in recent times. Please stay tuned for more updates about the scam. 

  • Feb 15, 08:46 PM (IST)

    As a multi-agency probe continues against Nirav Modi for allegedly masterminding India's biggest-ever banking fraud, the stock market dealings of his relative and close associate Mehul Choksi has come under the scanner of markets regulator Sebi and stock exchanges.

    The Securities and Exchange Board of India (Sebi) and the stock exchanges have begun analysing the stock market trade details of all entities associated with Modi including Choksi, who has already been under scanner for various cases including a brokerage default incident, a senior official said.

  • Feb 15, 07:48 PM (IST)

    The Left and the Trinamool Congress today attacked the government on the PNB fraud case and asked it to clarify how was accused Nirav Modi present in a group photo of Indian CEOs with the Prime Minister in Davos.

    CPI(M) general secretary Sitaram Yechury questioned how billionaire jeweller Nirav Modi was allowed to escape the country.

  • Feb 15, 07:31 PM (IST)

    Scam-hit PNB today said Nirav Modi, who allegedly defrauded the bank of about Rs 11,400 crore, has come up with "some vague offers" to repay the amount, even as the Enforcement Directorate continued raids at properties connected with the jewellery designer.

  • Feb 15, 06:40 PM (IST)

    The Aam Aadmi Party today mounted an attack on the Centre over an alleged multi-million dollar scam involving diamantaire Nirav Modi, alleging that he could flee the country because he had access to the Prime Minister's Office.

    Delhi Chief Minister Arvind Kejriwal asked if he had left the country with the backing of the government. In another tweet, senior AAP leader Ashutosh said 42 FIRs against Modi had been sent to the PMO since July 26, 2016. Yet, he was seen with Prime Minister Modi in Davos at the World Economic Forum last month.

  • Feb 15, 06:32 PM (IST)

    The finance ministry today said the assets in the Nirav Modi fraud case involving state-owned Punjab National Bank (PNB) will be recovered and nobody will be spared.

    Talking to reporters on the PNB fraud case, Financial Services Secretary Rajiv Kumar said the bank will make the required provisioning and it has "sufficient" funds for it. "Whole lot of assets will be recovered. Nobody will be spared," Kumar said.

  • Feb 15, 05:57 PM (IST)

    The source from the ED has said that there will be an investigation to determine if there was any round-tripping of funds or if some loopholes might have been exploited by those involved. 

  • Feb 15, 05:47 PM (IST)

    The source from the ED has told Moneycontrol's Tarun Sharma that it would be investigating the senior management of the bank as well in this case because it believed it was impossible for just normal bank officials to pull of a fraud of this magnitude. The source said that it was possible that the bank is making a scapegoat of a retired former employee. 

  • Feb 15, 05:44 PM (IST)

    The source from the ED has also said that some of the locations searched by it were sealed. Among the raided locations 5 were in Mumbai, 3 in Surat and 2 in Delhi. Apart from this, the source said that the ED will also be ascertaining whether the quantum of the fraud was around Rs 11,000 crore, as has come to light, or if it is more than that. 

  • Feb 15, 05:21 PM (IST)
  • Feb 15, 05:20 PM (IST)

    This entire NPA mess is an inherited monster, no NPA loans have been given while this government has been in power, says law and IT minister Ravi Shankar Prasad. 

  • Feb 15, 05:17 PM (IST)

    We have plenty of photographs of Congress leaders with Mehul Choksey but we don't want to stoop to that level, says BJP leader Ravi Shankar Prasad.

  • Feb 15, 04:57 PM (IST)

    During searches, CBI sealed residence of Ami Modi, wife of Nirav Modi in Mumbai's Worli. CBI conducted raid at her residence on 3 & 4 February, reports ANI.

  • Feb 15, 04:45 PM (IST)

    Modus operandi of the $1.8 billion PNB-Nirav Modi scam

    Three diamond firms belonging to the Nirav Modi Group and some other firms owned by Gitanjali Gems held current accounts at a domestic branch of Punjab National Bank (PNB).

    These firms purchased raw gems from overseas firms, and had to make payments to the sellers in foreign currency.

    The sellers of the raw gems held accounts at foreign branches of Indian banks.

    A junior official at PNB fraudulently issued ‘letters of undertaking’ (LoUs), allowing Niravi Modi group companies to get short term loans (buyers’ credit) from overseas bank branches to pay the sellers. Under the terms of the LoU, PNB was the guarantor of these loans.

    Read full story here

  • Feb 15, 04:31 PM (IST)

    According to CNBC-TV18, many bankers have requested the RBI to instruct PNB to pay up the outstanding on the LoUs.Many banks met the central bank complaining about dues from PNB.

  • Feb 15, 04:09 PM (IST)

    Here's something to know about Nirav Modi

      Here's something to know about Nirav Modi
  • Feb 15, 04:07 PM (IST)

    No official business delegation travelled with PM Modi. There was no meeting between Nirav Modi and PM Narendra Modi in Davos, it was just a photo opportunity at an event, reports ANI.

  • Feb 15, 04:02 PM (IST)

    The raids started at 11 am in Nirav Modi's Delhi branch in Defence Colony. Till now, there has been no update.

  • Feb 15, 03:34 PM (IST)

    The complaint letter to PMO regarding the Nirav Modi case was acknowledged in 2016 itself.

  • Feb 15, 03:32 PM (IST)

    All this loot happened during UPA regime. We have brought this out and action will be taken, Defence Minister Nirmala Sitharaman says slamming the Opposition's claims.

  • Feb 15, 03:15 PM (IST)

    CBI had issued a lookout circular against four individuals including Nirav Modi and Mehul Chokshi on February 2. The lookout notices are issued to restrict alleged wrong-doers from leaving the country.

  • Feb 15, 03:09 PM (IST)

    Nirav Modi's wife, an American citizen, left India on 6 Jan 2018, Mehul Choksi left the country on 4 Jan 2018., Nirav Modi's brother Nishal Modi, a Belgian citizen, left India on 1 Jan 2018, reports ANI.

  • Feb 15, 03:01 PM (IST)

    We were not in govt in 2011, if Congress is making allegations, were they sleeping from 2011-14? They should've probed it. This govt is taking cognizance of matters & probing them. Congress' was a govt of scams & they established these scamsters, says MoS Finance SP Shukla

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