PNB issued 150 LoUs to Nirav Modi firms

16 February, 2018, 06:59 | Author: Lora Ball
  • PNB issued 150 LoUs to Nirav Modi firms

The Aam Aadmi Party (AAP) leader tweeted, "Is it possible to believe that he or Vijay Mallya left the country without active connivance of the Bharatiya Janata Party (Government)?"

Discredited billionaire Nirav Modi's assurance to bankers in a letter recently that he would repay all the money he owes them has no takers. "Has it become the norm for letting people run away with public money?"

Posing five questions to the government, the Congress said the Prime Minister should speak on the "biggest banking loot of the past 70 years" and explain how the jewellery designer was allowed to flee despite the PNB writing to the CBI on January 29 this year to issue a look-out circular against Nirav Modi. "It is derogatory, scandalous and demeaning", he said while addressing a press conference.

The Opposition party also claimed that the scam clearly indicated the collapse of the banking sector's Risk Management Systems and Fraud Detection Ability.

Prasad also slammed the Congress for referring to Nirav Modi as "chhota Modi". "The Prime Minister's Office acknowledged the complaints and even asked the Registrar of Companies to take action". But in the end the government couldn't do anything.

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The CBI alleged that the agency had received two complaints against Nirav being involved in a fraud worth Rs 10,000 crore. "Those who have tried to derail the banking system will be punished regardless of their position in the institute". His high-end Nirav Modi brand has stores in several of the world's major cities.

He said, a lookout notice has been issued against Nirav Modi and the process of revoking his passport has been initiated. "But we don't want to stoop to that level", he said. BJP takes strong offence to the language used. 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. "This is shameful", he said. "In no way does it show any connection", Prasad told reporters. "They should have probed it".

"They have to bite the bullet and take on bureaucrats and the bank employee unions and actually fix banks' governance or India will struggle to maintain its growth projections".

PNB said other banks appeared to have lent money to customers overseas based on the fraudulent transactions.

Based on a complaint from PNB, the Enforcement Directorate (ED) raided Nirav Modi's home, showrooms and offices in Mumbai, Delhi and Surat. "They have not come to us personally, but have written to us, and we have requested them to come to us and give us a plan for refund", Mehta said, denying the fact that has been any further negotiation in this regard.

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