1. Nirav Modi PNB scam: PM Narendra Modi breaks silence; here is what he said

Nirav Modi PNB scam: PM Narendra Modi breaks silence; here is what he said

PM Narendra Modi breaks silence over the Rs 11,400-crore fraud at India's second-biggest public sector bank PNB.

By: | New Delhi | Published: February 23, 2018 9:48 PM
pm narendra modi, narendra modi, Global Business Summit, nirav modi case, pnb case, nirav modi fraud case PM was speaking at Global Business Summit. (ANI photo)

Breaking his silence over the Rs 11,400-crore fraud at India’s second-biggest public sector bank PNB, Prime Minister Narendra Modi today said his government will take stringent action against financial irregularities and not tolerate loot of public money. Days after the fraud allegedly masterminded by diamantaire Nirav Modi came to light, the prime minister asked the management of financial institutions as well as the supervisory bodies to do their job diligently to check such frauds.

“I want to make it clear that this government has been taking strict action against financial irregularities and will continue to take strict action,” he said at Global Business Summit organised by Economic Times. “System will not tolerate loot of public money,” Modi said.

Nirav Modi, whose diamond creations have draped Hollywood stars such as Kate Winslet and Dakota Johnson, and firms linked to him are alleged to have acquired fraudulent letters of undertaking (LoUs) from one PNB branch in Mumbai between 2011 and 2017 to obtain loans from Indian banks overseas. Investigative agencies have raided Modi’s properties and arrested bank employees.

Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, the prime minister said the management of financial institutions, auditors and regulators should perform their duty with full dedication.

“I want to make an appeal to those who have been entrusted with the job of framing rules and policies and maintaining ethics to do their job diligently and with dedication,” he said, adding this should specially be followed by those who have been entrusted with the responsibility of supervision and monitoring.

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  1. Manicklal Chakraborty
    Feb 24, 2018 at 6:15 am
    dear prime minister modi ji -with greate respect and confident majority of the people with you but the scam and the financial reform are worrisome all emmerging in your term media this side says some thing other side something diffe - Congress President and leaders openly blamming your government, and CBI arresting all Bank manager on day today basis but not the real culprits in this junture your party spokes person comes and gives long lecture some concteate evidence the SCAMS are held during congress government in power, Sir, if so, what a proplem to arrest them, but you are not doing it, these at ude is not cheating the poor tax payer it not that both the CONGRESS and BJP PARTY and POLITICIAN are flotting in a same DRAIN ? is it not a Chalta hai at ude ? No,,,No,,,, BJP is not like other party ...Then arrest the Culprite or Bring the white papper reports after 2014 your government comes in power who are all taken a bank LOAN more tham 1 crore by state wise and publish it
    1. Prabhakar Kaza
      Feb 24, 2018 at 1:32 am
      Can somebody tell us how much Nirav Modi owes foreign Banks ? Doesnt seem to owe any bank in UK.
      1. Shahid Ullah
        Feb 23, 2018 at 11:00 pm
        POLICY bundled to address global summit.. Reality is far from satisfaction..
        1. Kanchan K. Mukhopadhyay
          Feb 23, 2018 at 10:47 pm
          Would it not have been more prudent to prevent Nirav and others from escaping than taking strict action for recovery especially because the fraud was noticed before his escape? We fret the government will recover much less than what he fled with. Did the Prime Minister contemplate any action against those who dealt with the matter with negligence so much so that it is suspected as collusion?
          1. Rajesh Kumar Singh
            Feb 24, 2018 at 6:08 am
            : sirfnews /namo-saved-banks-hereishow/

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