Who Saved Nirav Modi, Asks Congress

PNB shares tank over 7.3% on Rs 11,300-crore fraudulent transactions

The Congress today christened nirav Modi as "Chhota Modi (Little Modi)", alleging that he used clout with the government to slip out of the country.

The state-owned bank said it had detected Dollars 1.77 billion fraud in which billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from one its branches for overseas credit from other Indian lenders.

Mr. Prasad said not a single loan has been given by the NDA government during its rule, which turned into Non-Performing Asset (NPA). The photo was issued by the Press Information Bureau, at the World Economic Forum on 23 January, six days before a nationalised bank sent its first complaint against him to the CBI.

Nirav Modi, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and business partner Choksi on January 31, for allegedly cheating the state-run Punjab National Bank to the tune of Rs 281 crore.

Modi, who has been enviably taciturn, is now at the centre of a massive United States dollars 1.7 billion PNB scam case and wanted by the CBI.

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Technically, the bank could have stopped payment - these were actually short term loans, called buyer's credit - at any time on the "letters of undertaking" (LoUs) that it and Modi had signed, allowing Modi to pick up raw diamond from sellers overseas.

The bank said the fraudulent transactions appeared to benefit a handful of customers.

Punjab National Bank (PNB), owned by the Union government, has admitted that fraud of Rs 114 billion has occurred within a Mumbai branch.

It was obvious that the fraud was undertaken to avoid immediate detection, and all the conmen needed was time, to get out of India with their treasure. "The money has been credited to the nostro account of PNB", said the chief executive officer of a public sector bank who did not want to be named.

Indian investigators on Thursday raided the premises of a billionaire jeweller accused of defrauding one of the country's biggest banks amid reports he and his family have left the country.

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The fraud has all the elements of a thriller movie: Corrupt bank officials, greedy officials from a diamond merchant, and technical glitches which were fully exploited.

"We have issued advisory as well to them. So all these things are as per our clean banking agenda", Mehta added.

"PNB has the capability and capacity to overcome this crisis".

He asserted that action will be taken against all those involved, irrespective of their seniority.

PNB tanked for the second day in a row, ending 12.07% lower, as further details regarding the fraud came to light.

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