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PNB scam now worth Rs 12636 crore as CBI detects another fraud of Rs 1251 crore

The Central Bureau of Investigation (CBI) on Tuesday said that PNB has informed the Bureau about a further scam involving Rs 1,251 crores.

MUMBAI: In the wake of the alleged multi-million Punjab National Bank (PNB) scam involving celebrity jeweller Nirav Modi and his family, another fraud of Rs 1,251 crores has been detected in respect to Gitanjali Gems.

The Central Bureau of Investigation (CBI) on Tuesday said that PNB has informed the Bureau about a further scam involving Rs 1,251 crores.

“Punjab National Bank (PNB) has informed us that further scam of Rs 1,251 crores has been detected in respect to Gitanjali Gems. CBI is now probing Rs 12,636 crore which is (Nirav and Gitanjali) PNB scam, up from Rs 11,421 crore,” said CBI.

Meanwhile, PNB’s former Managing Director of Usha Ananth is being questioned in Mumbai. Two serving General Managers have also been called for questioning.

In a related development, executive director of ICICI bank NS Kannan has been called for questioning. He is the leader of consortium of the bank that lent money of Gitanjali Group.

Earlier this month, it had emerged that the fraudulently issued Letters of Undertaking (LoUs) from the Mumbai branch of PNB were issued in favour of Hong Kong branches of Allahabad Bank and Axis Bank. These letters helped facilitate Rs 280.7 crore fraud by jewellery designer Nirav Modi among others.

As per the FIR lodged with the CBI, Shetty and Kharat had transmitted SWIFT instructions to the above-mentioned banks for raising buyers credit and for funding the Nostro accounts of PNB, without due procedure. The LoUs were issued on behalf of Diamond R US, Solar Exports, Stellar Diamonds.

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