The Supreme Court will hear petition filed by a lawyer seeking SIT investigation into the alleged Rs 13,000 crore Punjab National Bank (PNB) scam on Monday.
The Supreme Court will hear petition filed by a lawyer seeking SIT investigation into the alleged Rs 13,000 crore Punjab National Bank (PNB) scam on Monday, ANI reported. Already, non-bailable warrants (NBW) have been issued against prime accused billionaire diamond merchant Nirav Modi and his uncle and co-accused Mehul Choksi by the Central Bureau of Investigation on Sunday. A special court in Mumbai had issued warrants against the two yesterday.
It was in the month of February that PNB informed the bourses that a Rs 11,700 crore has occured at its Brady House branch in Mumbai. The bank informed the bourses that a few of its former employees in connivance with billionaire diamond merchant Nirav Modi’s firms have generated faKe letters of undertakings (LoUs) which were used by them to seek loans from a few foreign branches of the Indian banks.
Thereafter, the government appointed both CBI and ED on the case. The scam actually began in the year 2011. The Enforcement Directorate thereafter registered a case of money laundering against Nirav Modi and others on the basis of a Central Bureau of Investigation’s FIR. Various properties associated with Nirav Modi and his firms have been seized by the investigative agencies since the probe began.
Both Nirav Modi and Mehul Choksi are absconding since the day the scam came out in public light. However, both have said time and again that due to their cancellation of passports, it’s difficult for them to return to India.
Meanwhile, PNB along with country’s largest lender State Bank of India (SBI) has put its non-performing assets on sale. Both banks have put their 15 non-performing assets worth Rs 1,063 crore for sale, PTI reported. The public lenders have informed that they will conduct e-auction on 20th of this month. SBI alone has put 12 of the accounts with total outstanding of Rs 848.54 crore for sale.