Punjab National Bank case LIVE Updates: The Enforcement Directorate on Thursday morning conducted multiple raids in connection with a Rs 280 crore money laundering case against billionaire jewellery designer Nirav Modi and others. These searches were conducted after a complaint by the Punjab National Bank. ED reportedly raided Modi’s residence in Kurla, his jewellery boutique in Kala Ghoda area, three company locations in Bandra and Lower Parel, three premises in Surat in Gujarat. His showrooms in Chanakyapuri and Defence Colony in Delhi were also raided by the agency. In its complaint, the Punjab National Bank had alleged that Nirav Modi, his brother, wife and Mehul Chinubhai Choksi (partner) entered into a criminal conspiracy with the officials of the bank and cheated it, causing loss. The bank also alleged that a fraudulent issuance of Letters of Undertakings (LOU) took place on January 16, 2018, for and on behalf of the accused firms. The shares of PNB fell this morning by 9 percent. The company suspended at least 10 employees in connection with the fraud.
Here are Punjab National Bank case LIVE Updates:
4:42 PM: It started in 2011, we detected it in the third week of January (2018) & we promptly investigated it for 3-4 days, we went to CBI on 29 Jan & FIR was booked on 30: PNB MD.
4:02 PM: Modi, who is believed to be in Switzerland, was also present in a group photo of Indian CEOs with Prime Minister Narendra Modi, issued by the Press Information Bureau, in World Economic Forum on January 23, six days before the bank sent its first complaint against him to the CBI, according to the officials.
3:44 PM: PNB has capability & capacity to come out of this. In response to our registered FIR, raids are being conducted on involved groups establishments; documents & records are being seized. Steps are being taken to protect financial interest of banks: Sunil Mehta, MD PNB
3:18 PM: Nirmala Sitharaman said Whatever is coming out is the result of the previous UPA govt, action will be certainly taken on it.
3:10 PM: Nirav Modi’s wife, an American citizen, left India on 6 Jan 2018, Mehul Choksi left the country on 4 Jan 2018, Nirav Modi’s brother Nishal Modi, a Belgian citizen, left India on 1 Jan 2018. CBI had issued look out circulars against all accused on 31 Jan 2018: Official Sources
2:46 PM: How can Nirav Modi and Mehul Choksi dupe the entire banking system through forged Letters of Understanding under the nose of Modi govt? Who is responsible for biggest bank loot scam unleashed by chhota Modi?: Randeep Surjewala, Congress
2:43 PM: On 26 July 2016, PM was handed with all papers regarding Nirav Modi & one of his relative. It was said that complaint had 42 FIRs. PMO acknowledged the complaint, they also sent registrar of companies to take some action. But in the end the govt couldn’t do anything: R.Surjewala
2:40 PM: Silence of PM says a lot, says Congress Leader Randeep Surjewala
2:37 PM: This is classic BJP of diverting the truth, says Randeep Surjewala
2:35 PM: The Prime Minister was informed on the scam in July, why did the Modi government not take any action?: Congress press briefing
2:34 PM: “Who is responsible for robbing the country’s biggest bank under the nose of the Modi government?”: Congress briefing
2:32 PM: Randeep Surjewala asks “what was Nirav Modi doing in Davos?”: Congress briefing
2:28 PM: This is the country’s largest banking scandal in 70 years, says Randeep Surjewala.
2: 27 PM: This is the biggest bank scam since independence, says Congress Leader Randeep Surjewala.
2:27 PM: Fraud detection system of this country’s banking sector has gone awry under the Modi government: Congress press briefing
2:26 PM: This is a standalone incident. It has taken place only in one of our branches: Sunil Mehta, MD PNB.
2:20 PM: Getting away after looting the country’s money, this has become this government’s trick, face and character, says Congress Spokesperson Randeep Surjewala.
2:19 PM: We detected the fraud on January 3. We got to know that 2 of our employees did some un-authorised transactions. The bank intiated criminal action against our staff members: Sunil Mehta, MD PNB.
2:15 PM: Wherever we found the other party liable, we informed the concerned authorities: PNB
2:14 PM: We are pursuing clean banking, says Sunil Mehta, MD PNB.
2:10 PM: Nirav Modi left the country on 1st of January. CBI received complaint from PNB on 29th Jan 2018. CBI registered the case on 31st January. Lookout notice has also been issued against Nirav Modi: Official Sources
2:08 PM: We have taken the necessary action against the respective parties: PNB MD.
2:06 PM: The scam was first detected by our officials at first in 2011 & we had reported it to the concerned agencies: Punjab National Bank (PNB) MD Sunil Mehta
2:05 PM: “PNB informed first about the fraud,” Says PNB MD Sunil Mehta.
2:04 PM: PNBScam: Enforcement Directorate (ED) raids Nirav Modi’s showroom in Surat, Gujarat.
2:00 PM: Congress president Rahul Gandhi too has posted a tweet on the matter, hitting out at PM Narendra Modi. Here is what he said:
Guide to Looting India
by Nirav MODI
1. Hug PM Modi
2. Be seen with him in DAVOS
Use that clout to:
A. Steal 12,000Cr
B. Slip out of the country like Mallya, while the Govt looks the other way.
— Office of RG (@OfficeOfRG) February 15, 2018
1:57 PM: Meanwhile, CPI (M) leader Sitaram Yechury has also lashed out at BJP, PM Narendra Modi for the scam:
There is a pattern in how people who have defrauded Banks in India, are allowed to escape by the Modi govt http://t.co/f3rEXk3lfS
— Sitaram Yechury (@SitaramYechury) February 15, 2018
1:47 PM: The Punjab National Bank is set to brief media shortly. Stay tuned!
— News18 (@CNNnews18) February 15, 2018
1:38 PM: Nirav Modi expanded his market place in the recent years, becoming one of the youngest Indians in the Forbes Billionaires List 2017. Though he went to Wharton Business School, he dropped out and moved to India to train in the diamond trade under his uncle.
1:25 PM: Nirav Modi who was born in a Gujarati family had founded Firestar Diamond and has a booming retail business across top cities of the world including Delhi, Mumbai, New York, London, Hong Kong and Macau.
1:12 PM: Here are the latest visuals from Punjab National Banks’s MCB Brady House branch in Mumbai, from where transactions related to PNB Scam were reportedly carried out:
1:05 PM: Meanwhile, Delhi chief minister Arvind Kejriwal has hit out at the Bharatiya Janata Party over the issue:
Is it possible to believe that he or vijay mallya left the country without active connivance of BJP govt? http://t.co/6iMFf9VAkF
— Arvind Kejriwal (@ArvindKejriwal) February 15, 2018
12:55 PM: 46-year-old Nirav Modi had figured in the Forbes’ list of richest Indians. There is no official information on where Modi is right now. It is believed that this could be the biggest scam to hit India, bigger than and estimated Rs 9,000 crore scam at erstwhile Satyam computers.
12:45 PM: Talking about the matter, Financial Services Secretary Rajiv Kumar said that it is an isolated case and will not impact other lenders. “The finance ministry has taken proactive steps by asking the lender to report the matter to CBI and Enforcement Directorate (ED) so that action can be taken quickly,” he said on Wednesday.
12:35 PM: “The public servants committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and a wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017,” the CBI FIR has alleged.
12:25 PM: The Punjab National Bank will hold a press conference at 1:30 PM on Thursday. On Wednesday, CBI had filed two fresh complaints against Modi and a jewellery company alleging fraudulent transactions worth about Rs 11,400 crore.