Curious case of Nirav Modi and PNB fraud case

16 February, 2018, 07:00 | Author: Salvatore Jensen
  • PNB detects fraudulent transactions worth over Rs 11,000 crore at a Mumbai branch amount 49 times higher than net profit for Q3

As jokes began to fly about "NiMo" (Nirav Modi) and "NaMo" (Narendra Modi) as well as "Finding NiMo" (Nirav has left the country), the BJP scrambled to seek solace in the timeline, pointing out that when the picture was taken, there was no complaint against Nirav. Yet the PM chose to look the other way giving Nirav Modi ample time to leave the country. "Was he tipped off like Lalit Modi and Vijay Mallya to escape by someone within the government?"

The Central Bureau of Investigation (CBI) has sealed the residence of Ami Modi, wife of Nirav Modi in Mumbai's Worli in connection with Punjab National Bank (PNB) fraud case involving her husband and businessman Nirav Modi. "It is derogatory, scandalous and demeaning", the law minister said.

Acccusing the government authorities of "sleeping" on a July 26, 2016 complaint, the principal Opposition party called it the "biggest bank loot in the past 70 years" and referred to the celebrity designer as "chhota Modi". BJP takes strong offence to the kind of language being used by describing someone like that.

The showroom of Nirav Modi in Fort Mumbai. "Nirav Modi had arrived in Davos on his own and was present at CII group photo event", he clarified.

The PNB bank said it detected "fraudulent and unauthorised transactions" worth Dollars 1.7 billion (approx) in one of its Mumbai branches.




Yesterday, the entire banking sector of India was stunned, when PNB announced that they have been hit by a banking fraud to the tune of Rs 11,400 crore.

In the recent $1.77 billion scam, Modi and another unnamed jewelry company have been alleged as masterminds.

Enforcement Directorate investigators yesterday raided around half a dozen of billionaire jeweller Nirav Modi's premises in Mumbai, including his home, as well as stores in New Delhi and Surat, the Press Trust of India reported. These LoUs were signed by PNB and three diamond firms belonging to the Modi Group and some other firms owned by Gitanjali Gems. The bank, India's second-largest state-owned lender, announced on Wednesday that it had also detected fraud of nearly $1.8bn at a single branch in Mumbai, sending its shares plummeting. The 47-year-old is the founder of jewellery giant Firestar Diamond.

Meanwhile, Congress President Rahul Gandhi took Twitter Thursday afternoon and linked Nirav with the prime minister, accusing the former of using the latter's clout for "looting public money".

The setback in Modi's climb to fame and fortune was abrupt, even by the rough-and-tumble standards of one of the world's fastest growing major economies. Hug PM Modi 2.

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