World News

PM should make statement in Parliament on bank scams

PM should make statement in Parliament on bank scams

Nirav Modi's firm, Firestar Diamond, today moved the Delhi High Court against a money laundering case lodged by the Enforcement Directorate in connection with the over Rs 11,000 crore Punjab National Bank (PNB) fraud case. The investigation agency made the claim after attaching 21 properties, including a penthouse and a farmhouse of Nirav Modi and his group worth over Rs 523 crore on February 24.

India's federal police, the Central Bureau of Investigation (CBI), has told a Mumbai court that the amount involving Modi's companies was likely to go up, according to the source and court filings, copies of which have been reviewed by Reuters.

Kapil Khandelwal, CFO, Nakshatra group and Gitanjali group and Niten Shahi, manager, Gitanjali group, were arrested in the case related to Choksi's firms.

The extent of the unravelling fraud at India's state-run Punjab National Bank could rise beyond the almost US$2 billion (S$2.6 billion) mark so far outlined by the lender, according to a source involved in the probe and court documents reviewed by Reuters.

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Nirav Modi is accused of availing loans which are estimated to top Rs 12,000 crore via fraudulent Letters of Undertaking (LoU) by PNB's Brady House branch in Mumbai.

Several applications submitted to the bank seeking letters of undertaking and letters of credit to take short-term loans overseas had the signature of Nair. BSE has also sought clarification from both Axis Bank and ICICI Bank on their top brass being probed by SFIO.

ICICI Bank is the lead banker in the consortium of 31 banks which have a collective exposure of over Rs 6,800 crore to Gitanjali Gems.

The CBI lawyer said that the agency needed their custody for interrogation and further probe.


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