PNB Scan: CBI arrests PNB's ex-Deputy Manager Gokulnath Shetty

Sunday, 18 Feb, 2018

On Saturday evening, the apex body of bankers met in Mumbai to discuss the scam.

This Rs 22,000 crore scam could not have been done without a high level protection. "The odd thing is that Nirav Modi takes away Rs 22,000 crore and the prime minister has time to teach students on how to take exams but not to tell the country who is responsible for the Rs 22,000 crore of public money that the jeweller has snatched away", Gandhi said.

PNB on Friday said it will honour its "bonafide commitments" and entire liability will be known after the investigation. The PNB has lodged two financial fraud complaints of Rs. 11400 crore and Rs. 280 crore against Nirav Modi, his family members and Mehul Choksi.

The CBI had reached his residence in Malad on Friday but could not find him, following which the agency had said, "he was untraceable since few days".

Investigators are looking into allegations that Nirav Modi and his business partner Mehul Choksi were involved in defrauding India's second-largest state-run lender the Punjab National Bank (PNB) of 2.8 billion rupees (US$43.8 million). He was just a clerk and typed the letters due to pressure from Gokulnath Shetty.

Meanwhile, the Enforcement Directorate continued raiding locations related to Modi in its money laundering probe.

The raids that began on February 15 are expected to continue on Sunday, ED officials said.

Earlier yesterday, eight PNB employees were suspended in regards to the same case.

Modi and his family members left the country in early January and are believed to be in NY. In the new FIR, it has mentioned 143 Letters of Understanding - bank guarantees issued for overseas import payments - and 224 foreign letters of credit.

As per the CBI FIR, a total of 143 LoUs were issued in favour of companies under Gitanjali Group - Gitanjali Gems, Nakshatra Brands and Gili India - amounting to Rs 3,032 crore. Out of these 36 companies, 17 are in Mumbai, one in Hyderabad and the rest are based overseas.

"The property of Adwait Holdings Private Limited whose directors are wife and son of Congress leader Abhishek Manu Singhvi is rented to Nirav Modi's jewellery company in Mumbai".

She had said: "Fire Star Diamond I'nal Pvt Ltd is one of the companies that #NiravModi runs".

However, now his friends and cronies are stealing it from the banking sector and the PM is maintaining a silence in the matter."Mr Gandhi said that all the Union Ministers, including the Social Justice Minister, the HRD Minister, the Law Minister and the Defence Minister had responded on the issue but the PM and Finance Minister Arun jaitley continued to maintain a silence in the matter".