PNB Fraud Expands: 8 More Employees Suspended; Interpol's Diffusion Notice Issued to Nirav Modi, Family
With the suspension of eight employees, the total number of employees has risen to 18. The suspended employees also include General Manager level officers.
New Delhi, February 16: Eight more employees of state-run lender Punjab National Bank (PNB) have been suspended in connection with the recent Rs 11,500 crore mega scam involving billionaire jeweller Nirav Modi. With the suspension of eight employees, the total number of employees has risen to 18. The suspended employees also include General Manager level officers. As per reports, the internal investigation of the bank is still underway.
The Central Bureau of Investigation (CBI) on Friday registered FIR against Mehul Choksi's Gitanjali Group of companies on the complaint of Punjab National Bank (PNB) dated 13 February 2018. As per reports, the CBI is conducting searches in Maharashtra's Mumbai and Pune, Gujarat's Surat, Rajasthan's Jaipur, Telangana's Hyderabad & Tamil Nadu's Coimbatore in connection. Meanwhile, the Interpol issued a diffusion notice against billionaire jeweller Nirav Modi, wife Ami, brother Nishal and business partner Mehul Choksi.
The PNB scam is believed to be one of the biggest frauds in the Indian banking system with unauthorised transactions worth ₹11,500 crore in one of its branches in south Mumbai. Recapitalisation of PNB will not be impacted by fraud case, the bank will get its recapitalisation share of Rs 5000 crore, as allocated earlier, Finance Ministry sources told ANI. The CBI and the Enforcement Directorate have approached the government seeking revocation of passports of Nirav Modi and Choksi.
Nirav, who was alleged to have carried out fraudulent transactions worth over Rs 11,400 crore in Punjab National Bank, had left the country in the first week of January. As per reports, Nirav's wife Ami, a US citizen, left on January 6 and his uncle and business partner Mehul Choksi, the promoter of Gitanjali jewellery chain, left on January 4, 2018.
As per reports, the Enforcement Directorate (ED) on Friday had issued summons for appearance to billionaire diamond merchant Nirav Modi and his business partner Mehul Choksi in connection with its money laundering probe. They said both Modi and Choksi were summoned under the Prevention of Money Laundering Act (PMLA) and asked to depose within a week’s time.
(The above story first appeared on LatestLY on Feb 16, 2018 12:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).