The CBI sent a request to the Interpol to issue a RCN against Nirav Modi and his uncle Mehul Choksi of the Gitanjali Group. On 13 June 2018, the CBI approached the Interpol to issue a red corner notice (RCN) against Nirav Modi's brother Nishal and one of his executives in connection with its probe into the Punjab National Bank (PNB) fraud. Īs of, the scam has ballooned ₹14,356.84 crore (US$2.1 billion) and Nirav Modi is said to be hiding in London, allegedly travelling on a fake passport. “The public servants committed abuse of official position to cause pecuniary advantage to Diamonds R US, Solar Exports and Stellar Diamonds and wrongful loss of Rs 280.70 crore to PNB during 2017,” said the first information report (FIR) filed by CBI. The PNB official in his complaint informed the agency that at the Bank's branch office at Brady House in Fort, Mumbai, two of its employees, Gokulnath Shetty, retired Deputy Manager of PNB and another bank official, issued fraudulent LoUs to Hong Kong based creditors on behalf of three firms associated with Nirav Modi and the Gitanjali Group. On 29 January 2018, PNB filed a complaint with the CBI, wherein it was alleged that Nirav, Ami Modi, Nishal Modi and Mehul Choksi, all partners of M/s Diamond R US, M/s Solar Exports and M/s Stellar Diamonds, in collusion with two bank officials committed the offence of cheating against PNB and caused a wrongful loss. Branch records did not show any such facility having been granted to the firms, PNB suspected fraud and began digging into transaction history. The bank demanded at least a 100 percent cash margin for issuing LoUs, but the firms contested that they had received LoUs without any such guarantee in the past. ![]() Punjab National Bank (PNB) alleges associates of three firms - Diamond R US, M/s Solar Exports and M/s Stellar Diamonds- approached PNB on 16 January 2018, with a request for LoUs to make payment to its overseas suppliers. The bank then complained to the CBI, who is currently investigating the scam apart from ED and Reserve Bank of India.CBI named key officials Usha Ananthasubramanian, former CEO of PNB, executive directors KV Brahmaji Rao and Sanjiv Sharan in a chargesheet holding them responsible for failure to implement several circular and caution notices issued by the RBI regarding the reconciliation of SWIFT messages and core banking systems. The transactions were noticed by a new employee of the bank. The bank initially said that two of its employees at the branch were involved in the scam, as the bank's core banking system was bypassed when the corrupt employees issued LOUs to overseas branches of other Indian banks, including Allahabad Bank, Axis Bank, and Union Bank of India, using the international financial communication system, SWIFT. In March 2019, Nirav was arrested in central London by UK authorities. Nirav is on the Interpol's wanted list for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering since February 2018. India's Enforcement Directorate has begun attaching assets of the accused and is seeking to immediate confiscation under the Fugitive Economic Offenders Ordinance. Nirav Modi and his family absconded in early 2018, days before the news of the scam broke in India. Nirav, his wife Ami Modi, brother Nishal Modi and uncle Mehul Choksi, all partners of the firms, M/s Diamond R US, M/s Solar Exports and M/s Stellar Diamonds along with PNB officials and employees, and directors of Nirav Modi and Mehul Choksi's firms have all been named in a charge sheet by the CBI. The fraud was allegedly organized by jeweller and designer Nirav Modi. The Punjab National Bank Fraud Case relates to fraudulent letter of undertaking worth ₹11,356.84 crore (US$1.4 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai making Punjab National Bank liable for the amount. Please help update this article to reflect recent events or newly available information. To subscribe to it, you will need a RSS Reader.This article needs to be updated. This RSS feeds allow you to stay up to date with the latest SENSEX values on continuous basis. ![]() This is an RSS feed from the Bombay Stock Exchange website. Download any online RSS reader of your choice.If you have RSS reader, Please Cut and Paste the URL in your RSS Reader.You can subscribe to this feed by using any of the following options: This RSS feed allows you to stay up to date with the latest Notices updated on the site. It will show you what's new since the last time you checked the feed, without having to visit the website. RSS feed is a XML file that provides summaries, including links to the full versions of the content.It is available through RSS feed reader or through some browsers. RSS stands for Really Simple Syndication.
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