Monday, 18 June, 2018

PNB SCAM: "Nirav Modi was not part of PM's delegation at Davos"

Not all that glitters is gold Not all that glitters is gold
Preston Stone | 16 February, 2018, 06:58

For now, it seems so.

The scam started in the year 2011.

"The exposure of our bank is to PNB and not to Nirav Modi".

PNB officials reportedly reverted saying "very well, you need to give us 100% cash margin".

He is the chairman of Firestar International and runs a chain of Nirav Modi diamond jewellery retail stores across the globe including Mumbai, New York and London.

That set the alarm bells ringing. He wanted to become a music conductor as a young man, and going by the recently made allegations (pdf) regarding his involvement in the Punjab National Bank (PNB) fraud, it looks like he made at least some bankers dance to his tunes. The bank alleged that the bank officials had fraudulently issued eight Letters of Understanding (LoUs) totalling United States $ 4.42 crore (equivalent to Rs 280.70 crore) for Hong Kong-based Allahabad Bank and Axis Bank.

Law minister Ravi Shankar Prasad said on Thursday that the government has revoked the passport of Nirav Modi, the billionaire jeweller and diamond merchant accused of defrauding Punjab National Bank (PNB) of $1.77 billion. The delay in filing of complaint by the bank left limited options for the agency with one of them being revocation of proceedings, they said.

Are Analysts Bullish Capita plc (LON:CPI) After Last Week?
It turned negative, as 73 investors sold AMZN shares while 549 reduced holdings. 25 funds opened positions while 42 raised stakes. Scopus Asset Mgmt Limited Partnership holds 0.14% or 1.50M shares in its portfolio. (NASDAQ:HAS) or 109,766 shares.

However, there are more questions than answers. In what could be the largest banking fraud in the country's history, Modi allegedly acquired illegal letters of undertaking from PNB through a junior ranking official, who did not route them through the Core Banking System in order to avoid detection. When will they make provisions for this?

Among the places raided today were Nirav Modi's residence in Kurla, jewellery boutique in Kala Ghoda area, three company offices in Bandra and Lower Parel in Mumbai, three premises in Gujarat's Surat and Nirav Modi's showrooms in Chanakyapuri and Defence Colony in Delhi.

Modi, who has been enviably taciturn, is now at the centre of a massive Dollars 1.7 billion PNB scam case and wanted by the CBI.

"How did the risk management system of the banking sector not work?" asked Surjewala.?" Nostro account here refers to PNB's foreign currency account held in another bank overseas.

But Narendra Modi and the BJP - who have placed themselves at the pinnacle of propriety and hanged many a corruption accused even before courtroom trials - found it hard to digest the fact that the Prime Minister was probably one of the last Indians to meet Nirav before the scam blew up.

"Everything escaped the eyes of auditors and investigators". The government says that this is a one off case and it will be resolved and there is no need to worry.

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