Tuesday, 22 January, 2019

Rahul Gandhi slams Nirav Modi, and also targets Modi Government

Nirav Modi- PNB Rahul Gandhi slams Nirav Modi, and also targets Modi Government
Nellie Chapman | 16 February, 2018, 05:32

These transactions, reportedly, involved a few firms promoted by billionaire diamond jeweller Nirav Modi who was initially booked by the CBI in an alleged Rs 280-crore cheating case after it received a complaint from the PNB on January 29.

India's Enforcement Directorate Thursday raided several places following the detection of fraudulent transitions worth about 1.77 billion US dollars at state-owned multinational banking and financial services company, Punjab National Bank (PNB).

Assuring no loss to the taxpayers' money, Union Minister Ravi Shankar Prasad said those who duped the Punjab National Bank (PNB) of Rs 11,300 crore would not be spared.

No meeting took place between Prime Minister Narendra Modi and Nirav Modi in Davos, said sources on Thursday.

Alleging that over 30 banks have been affected by a series of bank frauds, the Congress said, "Under Modi government, entire banking sector;s risk management system, fraud detection ability, and the regulatory mechanisms have been severely compromised". Allegations that billionaire jeweler businessman Neerav Modi (46) got a foreign loan from other Indian lenders, allegedly receiving a fraudulent guarantee letter (LOU) from the bank's Mumbai branch.

In the wake of a recent scam involving jewellery designer Nirav Modi, Bollywood actress Priyanka Chopra has sought legal opinion to terminate her contract with the designer's company. This is related to the two complaints that PNB has already filed against Nirav Modi, a prominent diamond merchant. Last month, the bank officials reported the matter to the CBI and Enforcement Directorate (ED). Reportedly, a full-scale probe has been launched into the case after fraudulent transactions worth at least Rs 11,000 crore in PNB surfaced and caught the nationwide attention.

The scam started in the year 2011.

His brand, "Nirav Modi", aims to open 100 stores globally by 2025 and gained huge popularity in a short period. We will honour all our bonafide commitments.

A look out circular was issued against the four soon after registering the complaint filed by PNB officials. "Action has been taken to initiate revocation of his passport", Prasad said. "After having capitalised, we will ensure that all banks are cleaned up", Department of Financial Services Secretary Rajiv Kumar told ANI. LOU is a form issued on behalf of a bank branch to another bank branch on which the second branch of the bank provides the loan facility to that customer. PNB shares closed down nearly 12% on Thursday. "That is why we are the first one to detect and report this to the various law enforcement agencies", Mehta said.