Economy

PNB-scam: CBI arrests three employees, including 'man who revealed fraud'

PNB-scam: CBI arrests three employees, including 'man who revealed fraud'

The ministry is also planning to seek the Bank Board Bureau's opinion on whether a reshuffle in the top echelons of the PNB could help the probe.

Global sensation Priyanka Chopra has been maintaining eerie silence over the entire Nirav Modi fiasco but the actress has now confirmed the speculations of terminating her contract as the brand ambassador of Nirav Modi jewels.

Earlier, the PNB had lodged two financial fraud complaints of Rs 11400 crore and Rs 280 crore against Nirav Modi, his wife Ami, brother Nishal and relative Mehul Choksi, owner of Gitanjali Gems.

Punjab National Bank (PNB) appointed Price Waterhouse Coopers (PwC) to audit the Rs 11,600 crore scam allegedly committed by Mehul Choksi and Nirav Modi and their string of companies, reported Economic Times. Both Nirav Modi and Chowksi had actually gotten away India prior to they could be charged for the scams.

On Thursday, the agency seized bank deposits, shares and luxury cars worth over Rs 100 crore.

The vehicles taken included 1 Rolls-Royce Ghost, 2 Mercedes GL Class cars, 3 high-end Hondas, 1 Toyota Fortuner and 1 Porsche Panamera.

More news: Pres. Trump announces more economic warfare against North Korea

The bank decision to transfer these officials came soon after Rs 11,300 crore fraud was detected in its Brady House branch, in which bank officials were also involved.

The Enforcement Directorate (ED), an Indian agency focused on foreign exchange and money laundering offences, has been conducting separate searches at homes and offices of Modi.

"Your commitment and undertaking for sparing of the total liability were not backed by providing upfront amounts and timelines". However, should you have any concrete and implementable plan, do revert back,"A the mail said".

In a letter to banks, RBI also reiterated that they must strictly comply with the principle of "four eyes"-that each SWIFT message must be processed by four bank officials: a maker, a checker, a verifier and an authorizer-two people who have seen the letter said on condition of anonymity".

Separately, PNB said it has followed lawful avenues to recover its dues following the alleged swindling of funds in the fraud case.

RBI further said it "had, therefore, confidentially cautioned and alerted banks of such possible misuse, at least on three occasions since August 2016, advising them to implement the safeguards detailed in the RBI's communications, for pre-empting such occurrences". The bank also purchased some Buyers' Credit assets from Axis Bank extended against PNB LoU through risk participation.


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