The billion-dollar fraud

Posted February 17, 2018

His brother, Nishal, a Belgian citizen who is married to the daughter of Mukesh Ambani's sister, left India on January 1.

"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.

Addressing a press conference, Prasad said that the scam started in 2011 when the Congress-led United Progressive Alliance (UPA) government was in power and is the "latest in line in the legacy of corruption and fraudulence left by the Congress Party". "Now, we are told that Nirav Modi has also escaped (from) India".

It has been reported in the media, which have quoted government sources as saying that Modi and his family fled the country in the first week of January much before the CBI received a complaint from PNB. PNB has suspended 10 of its officials involved in this case.

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"The stock worth Rs 5100 crore including gold & diamond jewellery, precious stones etc recovered during the searches were seized under PMLA", the agency said in a statement.

Shares of Punjab National Bank continued to reel under pressure for the third consecutive day after the detection of Rs 11,400-crore fraud, slipping over 3 per cent in morning trade on bourses.

Mehta further said he has not come to the bank "personally" and "we have requested to him to come and give us a written plan and how he is going to make a repayment".

The premises raided by the ED here include Modi's residence in Kurla, his jewellery boutique in Kala Ghoda area, three company locations in Bandra and Lower Parel, three premises in Surat in Gujarat and Modi's showrooms in Chanakyapuri and Defence Colony in Delhi.

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"Yet, the Modi government would have us believe that this entire fraud was being perpetrated by two employees", he said.

They suspected that the scam would not be confined to the PNB alone.

Axis Bank said on Thursday that it had dealt in transactions that had been guaranteed with letters of undertaking from Punjab National Bank, but that it had since sold those transactions.

Indian investigators are probing a $1.8 billion bank fraud, an official said Thursday, with a wealthy jeweler reportedly using fake bank documents to obtain overseas loans. "Nirav Modi had arrived in Davos on his own and was present at CII group photo event", claimed Prasad. According to Mehta, the fraud was detected by a new team at the branch after Modi's companies came in for a renewal of the letter of credit on January 25, 2018. Forbes now ranks him as India's 85th richest man with a net worth of $1.74 billion. PNB shares closed down nearly 12% on Thursday.

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