Priyanka Chopra allegedly sues Nirav Modi for defrauding her

PNB detects fraudulent transactions worth over Rs 11,000 crore at a Mumbai branch amount 49 times higher than net profit for Q3

Investigators launched raids across Mumbai and New Delhi, targeting offices and homes linked to Nirav Modi, a billionaire jeweller and diamond merchant the bank has accused of being at the centre of the fraud. As many as 9 properties raided, stocks of Gold, Diamond & precious Stones worth Rs 5100 crore seized.

"Asset quality review (AQR) was initiated in 2015 which since has resulted in NPAs of banks rising to Rs 7.33 lakh crore in March 2017, as against Rs 2.78 lakh crore in March 2015", the official added. Based on these transactions, done by his brother Nishal, wife Ami and Mehul Chinubhai Choksi, other banks appear to have advanced money to these customers overseas.

The Enforcement Directorate today conducted multiple searches in connection with a Rs 280 crore money laundering case against the designer and others following a complaint by PNB.

Punjab National Bank, India's second-largest state-run lender, said on Thursday it has the capability and capacity to recover after uncovering a staggering $1.77 billion fraud at one of its branches that went undetected for years. When banks issue LoUs for a client (Nirav Modi in this case), they agree to repay the principal and interest on the client's loan unconditionally.

Led by Rahul Gandhi, the Congress accused the Modi Government of facilitating the escape of Nirav Modi and his family members out of the country. It has also asked the Enforcement Directorate (ED), which investigates frauds involving foreign currency and transactions, to probe the matter.

State-owned Punjab National Bank said in a Wednesday statement that the "fraudulent and unauthorized transactions" had been discovered in January in a single Mumbai bank branch "for the benefit of a few select account holders with their apparent connivance".

The employees are under investigation, CEO Sunil Mehta said at a press conference.

"I wish to make it very clear and this I can also convey on the behalf of the govt that no shall be spared in the banking system who has sought to derail ordinary banking system to help Nirav Modi", Prasad told media. Forbes now ranks him as India's 85th richest man with a net worth of $1.74 billion.

PNB also said it had requested Hong Kong branches of two other Indian banks - Allahabad Bank and Axis Bank to provide it with documents and communications with the borrowers.

The bank records showed there was no such arrangement between the three firms and PNB.

The banks had been forced to relax norms for big borrowers, who had been exempted from scrutinies. According to Mehta, the fraud was detected by a new team at the branch after Modi's companies came in for a renewal of the letter of credit on January 25, 2018. "Nirav Modi had arrived in Davos on his own and was present at CII group photo event", claimed Prasad.



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