PNB fraud going on since 2010, CBI tells court: Top 10 development

Last month, Punjab National Bank (PNB)detected a Rs 126 billion scam, in which diamond trader Nirav Modi acquired fraudulent letters of undertaking from one of its Mumbai branches for overseas credit from other Indian lenders.

The scam started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies. On Sunday, CBI arrested four officials of Nirav Modi, Mehul Choksi's companies. Today, Vipul Ambani and five others were sent to 14-day judicial custody.
Here are top 10 developments

1. Violation of norms for issuance of Letters of Undertaking (LoUs) to benefit billionaire jeweller Nirav Modi and his uncle Mehul Choksi had been going on since 2010, the CBI told a court here today.
The agency, which secured a 12-day remand of four accused arrested yesterday, explained the modus operandi involved in the alleged Rs 12,636-crore Punjab National Bank (PNB) fraud before the special CBI court here.

An LoU would be issued to one of the firms of Modi and Choksi, and after the money was credited to the applicants' account, a new LoU would be obtained to "adjust" the earlier one, the CBI lawyer said.
This had been going on since 2010, the lawyer said, while seeking remand of four accused including Aniyath Shiv Raman Nair, Director of Gitanjali Group of Companies of Choksi.

2. CBI questions PNB general manager in Nirav Modi fraud case
The CBI today questioned a general manager of Punjab National Bank, who handles the treasury section, in connection with the alleged Rs 12,636-crore fraud perpetrated by billionaire jeweller Nirav Modi and his uncle Mehul Choksi. "PNB General Manager (Treasury) S K Chand is being questioned by the CBI in the bank fraud case," an agency official said.

  1. Disgruntled BJP MP Shatrughan Sinha today attacked the Narendra Modi government over issues such as demonetization, the PNB scam and the escape of its key accused to foreign countries.

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