Global News

Rahul Gandhi questions PNB scam accused Nirav Modi's links with PM Modi

Rahul Gandhi questions PNB scam accused Nirav Modi's links with PM Modi

State-owned lender Punjab National Bank (PNB) is embroiled in a Rs 11,400 crore fraudulent transactions that are allegedly linked to designer and jeweler Nirav Modi.

PNB is in the midst of a Rs 11,300 crore fraud which has been going on since 2010 at the Brady House branch of the bank in Mumbai.

On Wednesday, PNB bank reported that $1.8 billion or over Rs 11,000 crore of taxpayers' money had been illegally transferred overseas to select customers from a single branch in Mumbai. Based on these transactions, said PNB, "other banks appear to have advanced money to these customers abroad".

PNB declaration resulted in its shares plunging around 8% - the stock opened at Rs 160 on the BSE and soon fell as much as 7.82% to hit the day's low of Rs 149.

A few foreign banks and at least three top jewellery firms are under the CBI and the Enforcement Directorate (ED) scanner. The jeweller, according to sources, has asked for six months' time and said the money will be returned through Firestar Diamonds whose net worth is more than Rs 6,400 crore. "How can Nirav Modi and Mehul Choksi dupe the entire banking system through forged Letters of Understanding under the nose of Modi govt?" he said and released a picture of the PM and Nirav Modi at the World Economic Forum in Davos a year ago.

Axis Bank on Thursday said it "sold down all the buyers" credit transactions' undertaken by its Hong Kong branch with Punjab National Bank.




The agency has not revealed the details of the complaint, making it unclear if the bank's disclosure of fraudulent transactions to the Bombay Stock Exchange on Wednesday is related to this case.

On February 14, PNB suspended 10 of its officials in this connection.

As for other banks, he said overseas branches of other Indian banks were affected by the transactions, except in one case. In India, Mr Modi has stores in Mumbai and Delhi.

The case against Modi was filed under the Prevention of Money Laundering Act (PMLA) after the CBI FIR filed earlier.

The allegations mentioned in the complaint prima facie disclose that Nirav Modi, Nishal Modi, Ami Modi, Mehul Choksi, all partners of Diamonds R US, Solar Exports and Stellar Diamonds in conspiracy with two officials of the bank and other unknown persons committed the offence of cheating against PNB and caused a wrongful loss.

After having recapitalised, we will ensure all banks are cleaned up. The proposal has been put off apparently due to reservations expressed by the banking industry.


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