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Bank vulnerabilities: PNB fraud exposes failure of systems and oversight

16 February 2018

Government has clarified that Nirav Modi, the main accused in the PNB scam, was not part of the Prime Minister's delegation at World Economic Forum in Davos and there was no meeting between them. Be seen with him in Davos. Use that clout to: A. Steal 12,000Cr B. Slip out of the country like Mallya, while the Govt looks the other way. It has put the Narendra Modi government on the back foot.

Nirav Modi's name is a stamp of corporate India's growing global prestige. 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.

The investigations surfaced that almost Rs 6,000 crore was sent from India to Hong Kong for import of cashew nuts, pulses and rice, but nothing was imported.

A family portrait at summits is commonplace.

Prasad also slammed the Congress for referring to Nirav Modi as "chhota Modi".

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Congress leader Randeep Surjewala added: "The prime minister should break his silence and stop misleading the people". A banking consortium led by Standard Chartered Bank extended Rs 6800 worth gold to the Winsome Group, and PNB had lost Rs 1600 crore in that fraud. It put the cumulative loan amount at Rs 9,872 crore. After dropping out of college, Nirav came to Mumbai as a 19-year-old for an apprenticeship under Choksi, who himself had taken over reins at Gitanjali Gems at a young age.

Although Choksi has tried to distance himself from Nirav, PNB has directly linked the alleged activities of the uncle and the nephew.

The letter to the PMO was written by S.V. Hari Prasad, based in Bangalore.

Former chairman and managing director of Indian Bank abused his position and entered into criminal conspiracy in the matter of availing and sanctioning letters of bank guarantees, overdraft facilities and term loan facilities in favour of PJ Pipes.

The Forbes had described Nirav Modi as one of the youngest billionaires of India.

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Prasad, however, said: Nirav Modi did not meet PM Modi at Davos. Nothing. What does the Finance Ministry do?

The scam turned out to be much bigger as earlier this week, the PNB flagged fraudulent transactions worth over Rs 11,500 crore in its Mumbai branch in the case.

The PNB CMD further said the bank has informed all its lenders about case.

The scam caused a loss of Rs 13.77 crore to the erstwhile State Bank of Mysore, which has now been merged with SBI. Is it not a fact that a letter of understanding (LoU) has to be encashed within 90 days? What were they doing for four years?

In a press conference held in Delhi on Thursday, Sunil Mehta, MD and CEO, PNB, said that the enforcement agencies are initiating measures to seize the assets of the accused.

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Bank vulnerabilities: PNB fraud exposes failure of systems and oversight