The PNB fraud pertains to issuance of fake Letters of Understanding (LoUs) to companies associated with billionaire jeweller Nirav Modi by errant PNB employees which enabled these companies to raise buyers credit from worldwide branches of other Indian lenders. "Firestone Diamond International is one of the companies that Nirav Modi runs".
LIC, the single-largest institutional investor in PNB, UBI, Allahabad Bank and Gitanjali, lost Rs. 1,400cr on its investments in the last three trading sessions.
In a mandatory filing to the Securities and Exchange Board of India (SEBI) the state-owned bank's statement reads, "Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we hereby disclose the following information for your perusal and dissemination".
The ruling party BJP on Saturday claimed that the "original sin" regarding the Punjab National Bank lone fraud was committed during the UPA regime in 2011.
Meanwhile, the tax department has estimated that Indian banks could take a hit of more than US$3 billion from the alleged fraud at Punjab National Bank.
The CBI told the court that beneficiaries of the Rs 280.70 crore fraud (mentioned initially in its FIR), namely, Nirav Modi, his wife Ami, Neeshai Modi, Mehul Choksi (all partners of M/s Diamond R US, Stellar Diamonds and Solar Exports), fled the country in the first week of January before the bank could lodge a complaint.
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"It can't be possible without getting a green flag from the top". "Over last 45 months, BJP Government has shown "zero action" and "zero result" on bringing back black money stashed overseas as promised by Prime Minister or taking action against accused in multiple corruption scams that have been exposed". Axis Bank, a private sector lender, has said it has sold all its exposure related to the fraud. Mr Jaitley is in hiding. "His friends and cronies are stealing money and he is silent". "But he can't tell the nation that Rs. 22,000 crore, the people's money which Nirav Modiji snatched away, who is responsible for this", he told PTI.
"The PM should come out and say what has happened (on Nirav Modi) and why?"
Interestingly, the PNB in a statement on 16 February, claimed it made a decision to come down heavily on everyone involved in fraudulent activities to "pursue clean banking and reform agenda of the government".
Indian investigators on Friday contacted Interpol for help in arresting two jewellery tycoons being investigated in connection with a 1.8-billion-dollar scandal at a leading Indian bank. Firestone vacated Parel Kamla Mills premises in December 2017, ' he added.
'Nirmala Sitharaman and her colleagues are liable to civil and criminal defamation for making ignorant and patently false allegations, ' he said. The Congress chief rejected the BJP charge that he had personal ties with Nirav Modi and had attended his promotional event, saying "they are trying to divert the issue". Mocking the prime minister, Gandhi said, "Modi ji (Nirav Modi) withdraws Rs 22,000 crore and runs away, the prime minister spent almost one-and-half-hour teaching students how to appear for exams, but he did not tell us who's responsible for the loot of ordinary public's Rs 22,000 crore that Nirav Modi ran away with".