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Feb 19, 2018 10:18 PM IST | Source: Moneycontrol.com
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highlights
CBI sources have said that 17 others are being questioned in connection to the scam.
Nirav Modi helped high profile clients exchange unaccounted cash after demonetisation, says report
ED team reaches residence of former Allahabad Bank director Dinesh Dubey who had alleged that loan was given to Gitanjali Gems in 2013 despite his dissent note: ANI
The government has written to the RBI asking if lapses have been noticed in 5 counts. The RBI's response is expected after due diligence with banks: Government sources to CNBC-TV18
Finance Ministry sources told CNBC-TV18 that the Ministry may ask RBI to direct banks to tighten credit rules for overseas loans." The sources added that they may also ask the central bank "to direct banks to cut credit exposure to select companies."
Recap of the case
CBI seals PNB's Brady House branch in Mumbai where the transactions took place, according to ANI.
PNB closed all options to recover dues by going public: Nirav Modi
Nirav Modi, the kingpin behind the largest banking scam in the country's history, has virtually wrung his arms in the air saying PNB's overzealousness has shut the doors on his ability to clear the dues, which he claimed is much lower than the bank has gone public with.
In a letter Modi wrote on February 15/16 to the PNB management, a copy of which PTI has seen, he pegged the amount his companies owes to the bank under Rs 5,000 crore.
"The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns.
"This thereby jeopardised our ability to discharge the dues of the group to the banks," Modi, who left the country along with his family in the first week of January, wrote in the letter.
"In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15,) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts,"he said.
The letter also refers to the extended discussions between him, and between his representatives and the bank officers and also his emails on February 13 and 15, 2018. (PTI)
Did you know? Ravi Subramanian's financial thriller had crooked diamond merchant named 'Nirav Choksi'
Seven months after its publication, 'In the Name of God' by Ravi Subramanian is suddenly Amazon Bestsellers No 3 and topping the chart in its crime, thriller & mystery category.
The Income Tax Department has attached 7 more properties of Gitanjali Group, out of which 4 are registered in the name of Gitanjali Gems, 2 properties belong to Mehul Choksi and 1 is registered in Gili India's name. All the attached properties are in Mumbai, sources in the department have said according to reports.
Diamond tycoons and controversies around them: How did they happen?
Recently, one of India's biggest fraud cases was unearthed. If we look at some cases in the past there is a trend of how top diamond-dealing businessmen have been involved in money laundering cases.
Exclusive | Former Gitanjali Gems MD claims Mehul Choksi sold overpriced and fake diamonds
After allegations that Mehul Choksi's Gitanjali Gems forged letters of undertakings (LoU) issued by Punjab National Bank, a senior ex-employee has now alleged the company would falsify the quality of its diamonds and even pass off fake diamonds as real ones.
The CBI has said that 13 PNB officials, including the then GM level officers were questioned today along with four of Nirav Modi group's employees were also quizzed.
CBI sources have said that 17 others are being questioned in connection to the scam.
An Enforcement Directorate (ED) official who wished not to be named has said that they are taking stock value at the time of seized assets.
'We have started valuation of these (seized) assets... We hired liquidators for checking the value of these assets,' the ED official has said, adding that the first LoU was issued in March 2011 and has been issued every year since.
'We have asked audit report from 2011 and we have asked to RBI to submit statutory report,' the official has said.
The ED official has said that 39 raids are going as of now and total seized amount is worth Rs 5,716 and has said that auditors' report has been sought from the bank.
The ED has seized properties worth Rs 22 crore according to CNBC-TV18. ED has carried out searches in 39 more properties belonging to Nirav Modi and Mehul Choksi.
Nirav Modi helped high profile clients exchange unaccounted cash after demonetisation, says report
Sources say that Nirav Modi helped high profile clients exchange unaccounted cash worth Rs 90 crore on a single day after November 8, 2016.
Dubious sales were made to 5,200 persons on a single day after demonetisation. They had backdated sales vouchers to duck sales during that period, sources have told CNN-News18.
Around 2012-13 I observed there were huge discrepancies in the books of accounts & physical things, I raised these with Mehul Choksi but I was told to shut up & do my job, in fact, the language was 'Tu apna kaam kar salary le aur nikal' (Do your work, take your salary and get out (sic.)): Santosh Srivastava, Choksi's former employee told reporters
ED begins attachment of properties, bank accounts of Nirav Modi, Mehul Choksi, reports CNN-News18
ED begins attachment of properties, bank accounts of Nirav Modi, Mehul Choksi, reports CNN-News18
Role of internal auditors under the scanner. Large-scale transfers have gone undetected & not even a single report by internal auditors. CBI wants to examine to understand why it has gone undetected or the internal auditors are also part of the conspiracy, reports CNN-News18.
ED team reaches residence of former Allahabad Bank director Dinesh Dubey who had alleged that loan was given to Gitanjali Gems in 2013 despite his dissent note: ANI
The government has written to the RBI asking if lapses have been noticed in 5 counts. The RBI's response is expected after due diligence with banks: Government sources to CNBC-TV18
Exclusive | Former Gitanjali Gems MD claims Mehul Choksi sold overpriced and fake diamonds
The fraud by Mehul Choksi's Gitanjali Gems no longer appears to be limited to forged letters of undertakings (LoU) issued by Punjab National Bank.
FICCI recommends privatisation of public sector banks, reports CNN-News18
CVC not satisfied with the information given by top brass of PNB. Wants vigilance officer of PNB to step in and report back on lapses. CVC to issue fresh guidelines to all banks, reports CNN-News18.
Finance Ministry sources told CNBC-TV18 that the Ministry may ask RBI to direct banks to tighten credit rules for overseas loans." The sources added that they may also ask the central bank "to direct banks to cut credit exposure to select companies."
ED raids Gitanjali Gems outlet in Pacific Mall in Pune. Simultaneously, a Nakshatra Showroom in Salt Lake area in Kolkata is being raided by the ED and it is believed to be in connection with the case: ANI
Lalit Modi ho ya Nirav Modi jo bhi aisa sharmnaak kaam karta hai, woh desh ko sharmsaar karne waali baat hai. Log ghotaale karke desh ko badnaam karte hain. Modi sarkaar iss Nirav Modi ko uske asli thikaane tak pahonchayegi.Uske paapon ka phal usko milega: Baba Ramdev tells reporters.
(Whether its Nirav Modi or Lalit Modi, whoever brings down the reputation of the country, can be taught a lesson and put to place by the Modi government. The scamsters will pay for their sins. [sic.])
Meeting between Central Vigilance Commission & RBI, PNB officials ends at CVC headquarters, reports ANI. More details awaited.
ED raids underway at 5 locations; 3 locations in Surat, 1 in Delhi and Nirav Modi's Mumbai residence, 2 locations in Pune, 3 in Thane and 1 in Aurangabad: ANI