Rahul questions PM's silence on massive bank fraud

Rahul questions PM's silence on massive bank fraud

"A decision with regard to his return will be taken in due course".

"The outstanding exposure involved in the transactions is approximately Dollars 411.82 Million and the Bank is fully confident to receive the payment from Punjab National Bank" the statement concludes.

Calcutta-based UCO Bank's Hong Kong branch accepted 146 fake FLCs that were valued at $247.49 million by all three Choksi-owned companies.

While authorities said they did not know their whereabouts, broadcaster NDTV had tracked Modi to a hotel in NY. He clarified that it was a group photo and Nirav came there on his own.

The bank said it was working with the Ministry of External Affairs and officials in Turkey and China to repatriate the funds.

In a note, the I-T Department said banks gave Rs. 17,632cr-worth loans and guarantees to high-profile jewelers Nirav Modi and his uncle Mehul Choksi as of Mar'17.

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"During our reconciliation process on February 7, it was found out that 3 fraudulent remittances had gone through our SWIFT system to our corespondent banks which were not initiated from our bank's end".

The Central Bureau of Investigation (CBI) detained two employees of Punjab National Bank and an employee Nirav Modi's company.

They said the agency is also analysing records recovered from a huge server seized during searches after registration of the second FIR specially against Choksi for his involvement in Rs 4,886.72 crore fraud.

Gandhi said that the scam committed by Nirav Modi may not have been possible without the protection of some 'top people.' "PM Modi had asked people to deposit their hard-earned money into the banks".

The country's largest lender, SBI, said it has an exposure of Dollars 212 million (about Rs 1,360 crore) in respect to LoU issued by PNB to Nirav Modi, but does not have any direct exposure to the jeweller. "It doesn't suit the party to cry foul over the fraud because it started in 2011 under the UPA's nose". They then manually enhanced the value of the FLCs and issued amendments to these via SWIFT messages without recording them into the CBS system, sources said. Taking a dig at Modi's earlier claim that he will work as the country's watchman stopping anyone from committing any scam, Congress leader Kapil Sibal said, "This watchman was sleeping as thieves fled India with thousands of crores of rupees".

Refuting allegations by Defence Minister Nirmala Sitharaman of his and his family's links with Nirav Modi's company, senior Congress leader and AICC spokesperson Abhishek Manu Singhvi on Saturday said neither he and his wife nor his sons had anything to do with Gitanjali Gems or Nirav Modi.

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