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

NEW DELHI: Major jewellers Gitanjali, Ginni and Nakshatra have additionally come under the scanner of more than a few investigating businesses following PNB's declaration of Rs 11,400 crore fraud, committed allegedly by way of Nirav Modi.


Punjab National Bank (PNB) disclosed this morning that it has detected some fraudulent transactions with monetary implication of $1.77 billion (about Rs 11,346 crore) and the subject has been referred to regulation enforcement businesses for the restoration.

"Four big jewellers -- Gitanjali, Ginni, Nakshatra and Nirav Modi -- are under scanner. The CBI and Enforcement Directorate is looking at their arrangements with various banks and end use of money," a senior reliable of a public sector bank informed PTI.

Read Also | PNB's $1.8 billion fraud may impact other banks too

No immediate comments have been to be had from these corporations.

There is strict instruction from the finance ministry to all banks that no large fish should move scot loose and no fair borrower is harassed, the reliable said.

Banks at the moment are looking at their programs and processes in order that such frauds aren't repeated, the reliable said.

All banks have been asked to present a standing document once conceivable, he added.

In 2015, Bank of Baroda -- every other public sector bank -- had delivered to light a rip-off wherein two Delhi businessmen cheated it of Rs 6,000 crore which reasonably less than $1 billion at the moment.

Read Also | PNB detects Rs 11,500 crore fraud: All you want to know

Investigations published major irregularities, for the reason that foreign exchange transactions have been done principally by way of advance remittances for import, via newly-opened present accounts. Heavy money transactions -- occasionally four or 5 times a day -- have been additionally spotted.

The Enforcement Directorate, under the earnings department of the finance ministry, had arrested the businessman duo under cash laundering provisions.

PNB said in a commentary that fraudulent transactions happened in certainly one of its branches in Mumbai for the good thing about a couple of make a selection account holders with their apparent connivance.

Based on these transactions, done by way of his brother Nishal, spouse Ami and Mehul Chinubhai Choksi, other banks seem to have complex cash to these customers out of the country.


All this used to be being carried out in connivance with officials as prime as Deputy General Manager since 2011.


The CBI has gained two complaints from the PNB towards billionaire diamantaire Nirav Modi and a jewellery corporate alleging fraudulent transactions.


NIrav Modi, whose jewelry creations are well-liked amongst world celebrities, may face a recent CBI probe as the company is looking at appropriate prison motion to be taken within the case.


He is already being investigated by way of the CBI for alleged dishonest and fraud involving Rs 280 crore at a PNB department.
PNB fraud: After Nirav Modi, 3 more big jewellers come under scanner PNB fraud: After Nirav Modi, 3 more big jewellers come under scanner Reviewed by kailash soni on February 15, 2018 Rating: 5
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