Nirav Modi, family left India in first week of January, say officials

Alicia Cross
February 16, 2018

Separately, PNB has made a fraud complaint against prominent Mumbai jeweller, Nirav Modi.

Delhi's CM Kejriwal says that this scam can not be without the approval of the central government.

SEBI is likely to probe possible disclosure lapses by banks and other listed companies, including several jewellery firms, that have come under the scanner in connection with the whopping Rs 11,000 crore fraud detected at state-owned PNB.

The bank claimed that some of its staff members from a branch in Mumbai had issued fraudulently prepared Letters of Undertakings (LOUs) on behalf of Nirav Modi's firms, allowing them to raise short-term funds through overseas branches of Indian banks for the goal of importing unpolished diamonds and precious stones.

Now the opposition has become vocal on this issue. "From1MODI2another", tweeted Mr. Gandhi moments before the Congress held a press conference on the issue.

Back in India, billboards above the traffic jams of New Delhi bear the image of Priyanka Chopra, a Bollywood star and former Miss World who is fast becoming a household name in the United States, also draped in Modi's jewels.

Posing a series of questions to the prime minister and his government, the Congress accused the PMO of not taking any action even after a complaint was filed with the prime minister's Office as early as July 26, 2016.

The Union minister also stressed that the Narendra Modi-government has given autonomy to the banking sector.

As jokes began to fly about "NiMo" (Nirav Modi) and "NaMo" (Narendra Modi) as well as "Finding NiMo" (Nirav has left the country), the BJP scrambled to seek solace in the timeline, pointing out that when the picture was taken, there was no complaint against Nirav.

Aam Aadmi Party chief Arvind Kejriwal, who escaped from attacking the central government, has sent a message to this attack that he will now be vocal and will attack the BJP central government.

Numerous banks receiving huge capital infusions are exposed to companies that have entered bankruptcy proceedings.

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PNB has said that two junior officials at one of its branches in Mumbai had illegally issued "letters of undertaking" to get overseas branches of other lenders to extend credit to "a few select account holders", most notably companies with ties to Modi, who runs a global diamond jewellery business.

The CBI has not yet said yet if the case is connected to the $1.8bn fraud.

PNB briefed the stock market about the rigging that took place in one of its branches on Wednesday morning.

Punjab National Bank said earlier on Thursday that some of its employees had helped perform "unauthorized and fraudulent transactions" for some customers.

The size of this whole case is $ 1.77 billion.

The PNB CMD further said the bank has informed all other lenders about the case. Nothing. What does the Financial Intelligence Unit of the Finance Ministry do?

The premises of a senior bank official was also searched.

"How can Nirav Modi and Mehul Choksi dupe the entire banking system through forged Letters of Understanding under the nose of the Modi government?".

The Bank has asked the accused to come up with a formal repayment plan.

The banking system is in for a prolonged legal battle as other banks will start suing PNB over non-payment of dues and refusal to honour commitments.

One of Modi's many career highlights was when one of his Golconda diamond necklaces sold for US$3 million (12 million) at a Christie's auction.

Other reports by Free-Prsite

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