Started on 2018-05-18 07:23:15 by FactHunt Admin
The Nirav Modi - Punjab National Bank Fraud Case is related fraudulent Letter of Undertaking worth ?11,600 crore (USD 1.77 billion dollars) that took place at its branch in Brady House, Mumbai. The fraudulent transactions are linked to designer and jeweler Nirav Modi of Firestar Diamonds, against whom a complaint has been filed with the Central Bureau of Investigation. The transactions were first noticed by a new employee in the bank.
The bank said that two of its employees at the branch were involved in the scam, when the bank's core banking system was bypassed to raise to overseas branches of other Indian banks, including Allahabad Bank, Axis Bank, and Union Bank of India, using the international financial communication system, SWIFT.
PNB had suspended 10 officers over the Rs 11,400 crore scam and referred the matter to CBI for investigation. According to media reports, Nirav Modi left the country on January 1 2018 weeks before the CBI received complaint from PNB on January 29.
His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6.
BJP and Congress are blaming each other for the fraud.