Biggest Scam Of 2018 In Punjab National Bank By Neerav Modi

PNB has admitted that it has been a scandal to benefit some account holders

Biggest Scam Of 2018 In Punjab National Bank By Neerav Modi

A Big Scam Has Been Initiated

on Thursday in the fraud case of Punjab National Bank in a Mumbai-based fraud case involving Rs 11360 crore. In this case, an FIR has been lodged against billionaire jewelry designer Neerav Modi. ED has raided the case in 10-12 locations in the country. These FIRs were registered on January 31. ED has raided Nirav Modi's showroom and house too. Meanwhile, the bank has declared the accused Nirav Modi and Mehul account fraud.

The bank has urged the CBI to investigate and investigate this fraud by the CBI against billionaire diamond trader Neerav Modi. Modi fraudulently obtained a letter of credit from a branch of Mumbai and obtained credit from other Indian banks abroad. The bank has suspended its 10 officers.

Neerav Modi's diamond-studded jewelry is popular with celebrities from around the world. The CBI can file a fresh FIR against them. CBI officials said that on Tuesday, two complaints were received from PNB. They are accused of fraudulent transactions of Rs 11,400 crore ($ 1.77 billion). Financial Services Secretary Rajiv Kumar said in the Finance Ministry that this is the only case, its impact is not expected on other banks. The Ministry has taken the case promptly to the CBI and ED, so that the matter may be taken promptly.

Since the disclosure on Wednesday, investigating agencies have come into action. In this matter, billionaire jewelry trader Neerav Modi (46), who allegedly obtained a fraudulent guarantee letter (LOU) from the Mumbai branch of the bank, obtained a foreign loan from other Indian lenders. PNB has suspended ten officers in this case. Also, the matter has been sent to the CBI for investigation. The PNB has suspended 10 officials. PNB pointed out that transactions were done to benefit some account holders. On the basis of transactions, the other banks have given loans to foreign banks. After this news, shares of Punjab National Bank were broken by 10 percent.

Let's Learn Some Important Things

PNB has admitted that it has been a scandal to benefit some account holders from the collusion of some people. The bank also says that on the basis of this transaction, it seems that other banks have advised these customers abroad also, that is, the other banks may have an impact on them. This news came at a time when India's banking sector is already going through a crisis.

In less than ten days this second case of bank fraud has emerged. Earlier on February 5, the CBI had registered a fraud case involving Rs 280.70 crore with PNB in 2017 against billionaire diamond trader Neerav Modi, his wife, brother, and a business partner.

On the complaint of PNB, the CBI has registered a case against Modi, his brother Nishal, wife Ami and Mehul Chinubhai Vakasi with the bank officials for allegedly cheating and misusing the bank in the conspiracy.

CBI has also raided the residence of Modi, his brother Nishal, wife Amy and Mehul Chinubhai. All these diamonds are partners in the US, Solar Exports, and Stellar Diamonds. The raid on the residence of two bank officials has also been conducted.

Enforcement Directorate (ED) has registered a case of money laundering against Neerav Modi and others in connection with fraud of Rs 280 crore in Punjab National Bank (PNB). This case has been registered on the basis of the FIR of the Central Bureau of Investigation (CBI).

The Finance Ministry dismissed the fears of PNB's Rs 11,300 crore scam and said that the matter is not 'out of control' and proper action is being taken about it.

The Finance Ministry has asked all the banks to report the matter to this matter or to report such incidents by the end of this week.

Four big jewelry companies are in the grip of Gitanjali, Guinea, Nakshatra and Neerav Modi investigations. CBI and Enforcement Directorate are investigating the last use of money and money from their various banks. "The immediate response from these companies was not met.

Neerav was also included in Forbes list of Forbes' Indian Rich List.

In the Bank of Baroda in 2015, there was a case of fraud of Rs 6,000 crore by two Delhi businessmen.