Saturday, 21 April, 2018

Six arrests in £1.2bn fraud case in India

PNB Branch Close in India Goldman cuts PSBs' earnings forecasts
Preston Stone | 22 February, 2018, 09:53

The CBI also sealed Nirav Modi's bungalow in Alibag, a seaside town in Maharashtra's Raigadh district, as part of its probe after Punjab National Bank (PNB) accused the fugitive diamond merchant of a Rs 11,400-crore fraud.

After entering the transactions on the SWIFT messaging system, the official, who worked at the same branch from 2010 to 2017, did not record them on PNB's internal system, according to the bank's complaint.

The ED official said that Hemant Bhatt, already arrested by the CBI, was a Director or partner in 28 companies. He is presently posted as GM, Credit, PNB Head Office in New Delhi.

Rajesh Jindal, who was holding the charge of Mumbai-based PNB's Brady House branch between August 2009 and May 2011, was arrested on Tuesday night after daylong questioning in Mumbai.

The official also said that they have seized documents during searches at the office of Firestar at Peninsula Business Park in Mumbai's Lower Parel that "prove" that Mr Ambani knew what was being done. "The core strengths of the bank is the brand image with rich 123 years of existence, strong CASA base, stable asset quality and increased pace of digitisation", PNB said. It is alleged that the issuance of Letters of Undertaking (LOUs) to Modi group firms without sanctioned limits started during his tenure.

The CBI had arrested Vipul Ambani, president (finance) of Fire Star Diamond, executive assistant Kavita Mankikar and senior executive Arjun Patil (all of Nirav Modi's companies).

People noticed about PNB closed
Nirav fails to appear before ED

The CBI also arrested Bechhu B. Tiwari, the PNB's Chief Manager who was in-charge of the Forex Department, Yashwant Joshi, a Scale II Manager in the same department and Praful Sawant, a Scale I Officer in the Exports section.

Three companies of the Gitanjali Group were also named in the second CBI FIR for allegedly defrauding PNB of Rs 4,886 crore.

He said the agency is examining if the money taken from banks was diverted to these shell companies.

A lawyer for Modi has denied his client was involved in any fraud.

The CBI has arrested a dozen bank officials and employees linked to the high-profile jewellers since the PNB announced last week it had detected fraud of nearly US$1.8 billion at the Mumbai branch. After sealing the Mumbai's Brady House branch of PNB, CBI has pulled up several of its current and former employees.

BoJack Horseman's Lisa Hanawalt Lands New Animated Series at Netflix
Last year, she also hosted Saturday Night Live , published her first book and released a stand-up special on Showtime. The series will be produced by Michael Eisner's The Tornante Company with animation done by ShadowMachine .

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