News Punjab National Bank reports major fraud - of Rs. 11,360 crore - in its Breach Candy branch in #Mumbai #PNB

Scam worth Rs 110 bn: PNB detects fraud transactions; stock price drops 7%
In what may turn out to be one of the biggest scams in Indian corporate history, Punjab National Bank has detected fraudulent transactions worth around Rs 110 billion from one of its Mumbai branch allegedly by diamond merchant Nirav Modi, his relatives and business partner Mehul Choksi during this year.

PNB share prices fell around 7% in the early trade on Wednesday morning after the bank reported fraudulent transactions worth $1.77 billion to Bombay Stock Exchange.

“The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad," Delhi-based public sector bank said in its BSE filing.

The bank said that the transactions are contingent in nature and liability arising out of these on the bank will be decided based on the law and genuineness of underlying transactions. “The matter was already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank is committed to clean and transparent banking," PNB said.

On February 5, the PNB had said in a statement that its preliminary investigations showed that it had come across suspected fraud amounting to Rs 2.8 billion.

“Punjab National Bank has come across certain fraudulent Letter of Undertakings issued by two of its employees namely Gokulnath Shetty and Manoj Hanument Kharat at Brady House Branch Mumbai in connivance with firm belonging to Nirav Modi, Nishal Modi, Ami Nirav Modi and Mehul Chinubhai Choksi partners of M/S Diamond R US, M/S Solar Exports and M/S Stellar Diamond,” the bank had said in a statement.

The bank immediately referred the case to Central Bureau of Investigation. “On unearthing these fraudulent activities, the bank rejected the request for roll-over and decided to inform the regulator and CBI for investigation,” the bank had said.

Acting on the complaint, the CBI filed an FIR against businessmen Nirav Modi, his wife Ami, his brother Nishal and Mehul Choksi.

“The public servants committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and wrongful loss of Rs 2.8 billion to Punjab National Bank during 2017," the FIR by CBI has alleged. The CBI registered the FIR under the Indian Penal Code (IPC) sections related to criminal conspiracy, cheating and provisions of Prevention of Corruption Act against the four.

The firms, however, contested this saying that they availed this facility in the past also, the complaint, now a part of the FIR, has alleged. However, branch records did not reveal details of any such facility granted to the said firm, it said. Mehul Choksi had said in a statement said he retired from Diamond R US as partner in 1999.

Scam worth Rs 110 bn: PNB detects fraud transactions; stock price drops 7%
 
Yeah. PNB has capabilities and capacity to come out of this. They have poor savings account holders who would be subjected to various financial charges and will be made to pay through their noses. PNB could also increase lending charges and bring down savings account interest to earn more by fleecing middle class people so that they can recover this losses and then again make some more rich assholes like Modi more richer by doling out more fraudulent credits........ CHOR Bankers.
 
Yeah. PNB has capabilities and capacity to come out of this. They have poor savings account holders who would be subjected to various financial charges and will be made to pay through their noses. PNB could also increase lending charges and bring down savings account interest to earn more by fleecing middle class people so that they can recover this losses and then again make some more rich assholes like Modi more richer by doling out more fraudulent credits........ CHOR Bankers.

I'm surprised the blood sucking demon called icici has not been implicated in scams yet
 
Any idea why CBI always issues lookout notice after the suspect safely leaves India? Same happened with Mallya, it was even better, the first look out circular was quashed to provide safe passage to him as far as I remember.


I am seeing a pattern here, as usual blame game will continue while in next cabinet meeting or budget some bail out package will be issued quietly and if someone questions it will all be done in for greater good.

Expect grandstanding, pompous speeches of not letting anyone escape from indian law while they will laugh at us privately saying see these dumb indians, we fooled them again.

Govt again walks scot-free of any responsibility at all and the blind supporters will twist and justify even this.
 
Yeah. PNB has capabilities and capacity to come out of this. They have poor savings account holders who would be subjected to various financial charges and will be made to pay through their noses. PNB could also increase lending charges and bring down savings account interest to earn more by fleecing middle class people so that they can recover this losses and then again make some more rich assholes like Modi more richer by doling out more fraudulent credits........ CHOR Bankers.

You've sumed it aptly!(y)

Priyanka Chopra sues Nirav Modi for non-payment of dues, Sidharth Malhotra also explores legal options


Priyanka Chopra, who was appointed as the global ambassador by luxury diamond jeweller Nirav Modi, has dragged the diamantaire to court for non-payment of dues. The Quantico actor has accused Modi of not paying her for the diamond ad campaign. Modi, who ventured late into the business, gained a reputation as India’s top jeweller to the Bollywood A-listers and even to Hollywood biggies including Kate Winslet and Dakota Johnson who walked the red carpet in diamonds from his eponymous brand.

Priyanka Chopra has already cut off ties with Nirav Modi. She and her team have blamed him for non-payments for their endorsement deals.

"My association with Nirav Modi is like a meeting of minds in many ways. We are both fiercely proud of our heritage and are united by the idea of bringing a modern India to the global forefront. His jewels are one of a kind and effortless, with an understated elegance," the actress had said in a statement, back in January 2017, at the time of the appointment as an ambassador.

Priyanka Chopra had shot for several ad campaigns for Nirav Modi Jewels including one with Bollywood hunk Sidharth Malhotra. Actor Siddharth Malhotra who was a brand ambassador is exploring legal options to get out of his endorsement deal with Nirav Modi. Actress Lisa Haydon was also seen as the face of the brand before Priyanka.

The news came in after India's second largest state-owned Punjab National Bank (PNB) discovered a $1.77 billion (Rs 11,400 crore) fraud at a single Mumbai branch. PNB named three diamond firms who have benefitted from the fraud -- Diamonds R Us, Solar Exports, and Stellar Diamonds. It may be noted that Nirav Modi and his family members are partners in all the aforementioned companies. (Also read: PNB Fraud Case: ED raids Nirav Modi's Mumbai office)

The Enforcement Directorate on Thursday conducted multiple searches in connection with a Rs 280 crore money laundering case against billionaire jewellery designer Nirav Modi and others following a complaint by Punjab National Bank.

More information on the development is awaited.
Priyanka Chopra sues Nirav Modi for non-payment of dues, Sidharth Malhotra also explores legal options
 
Either the Central Government is helping accused like Mallya & Modi's to Escape Or, the Corrupt Babus, CBI officer's et al are helping them, so that their Political Master's are Protected & Modi Government can be held accountable for it.


Any idea why CBI always issues lookout notice after the suspect safely leaves India? Same happened with Mallya, it was even better, the first look out circular was quashed to provide safe passage to him as far as I remember.


I am seeing a pattern here, as usual blame game will continue while in next cabinet meeting or budget some bail out package will be issued quietly and if someone questions it will all be done in for greater good.

Expect grandstanding, pompous speeches of not letting anyone escape from indian law while they will laugh at us privately saying see these dumb indians, we fooled them again.

Govt again walks scot-free of any responsibility at all and the blind supporters will twist and justify even this.
 
Non cash transactions have the possibility of not being recorded in the core recording systems. This is what happened in this case. The transaction was never discovered by the bank as it was not recorded in the system.

Another congress time scam that shameless rahul pappu will blame on Modi.

Any idea why CBI always issues lookout notice after the suspect safely leaves India?

No they do not always issue a lookout after a person has left India. They issue a notice when one is on the run, which in case of people out of the country is always the case. Hence the observation bias in your case.

And yes, a fraud perp knows when his fraud is about to be exposed. So he is pre warned.
 
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