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PNB issued 150 LoUs to Nirav Modi firms

15 February 2018

Punjab National Bank Managing Director Sunil Mehta was asked by media on Thursday on why it took so long for his bank to detect a fraud of such magnitude - Rs 11,400 crores - looted by jewellers, including billionaire Nirav Nodi, since 2011. ED sources have told the news portal that Modi is in Switzerland. Modi's rise has been phenomenal and clearly protected as the huge fraud involving taxpapers money in PNB demonstrates.

In a stinging attack, Congress dubbed Nirav Modi as the "Chhota Modi' and flashed a group photograph of him and other Indian businessmen with the prime minister during the recent World Economic Forum meeting in Davos in January".

It is learnt Nirav Modi left the country on January 1.

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Nirav Modi was booked by the CBI, along with wife, brother and business partner Mehul Choksi on 31 January, for allegedly cheating the state-run Punjab National Bank to the tune of Rs280 crore. The second most active stock having traded hands of 16.36 Lakh times is Bank of Baroda.

However, PNB has not revealed the name of the people who are involved but said it had reported the deals to law enforcement agencies and would evaluate later whether it faces any liability arising out of the transactions. "The bank initiated criminal action against our staff member". That was in January 29, by which time Modi had fled the country with his entire family. He met PM and posed for photographs with him in Davos a week before the FIR and now the subsequent raids. The primary name is that of Nirav Modi who is listed as a partner in M/s Diamond R USA, M/s Solar Exports and M/s Stellar Diamonds. He has offered to return Rs 5000 crores it is learnt.

The Enforcement Directorate has conducted raid in celebrity jeweller Nirav Modi's Mumbai Office on Thursday.

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If he doesn't though, PNB is ultimately on the hook as the issuer bank - with other banks like Allahabad Bank having raised a repayment demand through the fraudulently-issued guarantees issued by former PNB officials. iI is now unclear how much Nirav Modi plans on paying back. The employees, to avoid detection made no entries in the banking system transmitted SWIFT instructions to the overseas branches to raise buyer's credit.

Indian banks, including PNB, have been stung by a surge in bad loans in the past four years, choking lending growth vital to accelerate the pace of expansion in Asia's third-largest economy.

He added that rest of the details will be given after the investigation is completed. The stock has lost entire gains that it incurred post recapitalisation plan announced in October past year. With not a penny recovered since.

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On this 15 February, the Central Bureau of Investigation had received two fresh complaints from PNB against Modi when jewelry company alleging fraudulent transactions worth of the Rs 11,400 crore.

PNB issued 150 LoUs to Nirav Modi firms