New Delhi, Feb 15: Assuring no loss to the taxpayers' money, Union Minister Ravi Shankar Prasad said those who duped the Punjab National Bank (PNB) of Rs 11,300 crore would not be spared. Diamond jeweler Nirav Modi, whose three firms were found to be the beneficiaries in the PNB scandal, would also be cracked down, the Law and IT Minister claimed.

Addressing the press today, Prasad said the government switched into action immediately after being alerted about the fraudulent transactions. The Enforcement Directorate, the Central Bureau of Investigation and the Income Tax department have been directed to look into the case, he added.

"I wish to make it very clear that those who sought to derail the ordinary banking system to help Nirav Modi shall not be spared. This is regardless of the stature and status of the official concerned," the Minister was reported as saying.

Earlier in the day, PNB MD Sunil Mehta said the scam, dating back to 2011, was detected by them in January this year. A complaint was lodged with the CBI on January 29, with the agency subsequently filing the first FIR in the case.

"The bank at its full capacity will take every action to book wrongdoers. This fraud had started in 2011. Our own bank detected first and told the law enforcement agencies about this. PNB is fully committed to its clean banking policy. That is why we are the first one to detect and report this to the various law enforcement agencies," Mehta said.

Modi, who is at the centre of the Rs 11,300-crore scandal, left the nation on January 6 - days before the first FIR was filed. His brother Nishal Modi, a Belgian citizen, left India on January 1. The CBI had issued look out circulars against all the accused on January 31.

In the raids conducted by ED at 12 locations linked to Nirav Modi today, news agency PTI said gold, diamonds and jewellery worth Rs 5,100 crore were seized.

(The above story first appeared on LatestLY on Feb 15, 2018 07:38 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).