PNB fraud case LIVE Updates: Four of the nine cars seized by the ED on Thursday
Punjab National Bank issued a clarification to the stock exchanges on Thursday assuring that the bank had pursued all legal options available to recover the money that was due. The bank’s response came after Nirav Modi wrote a letter to the bank saying that since the matter has become public all available options to recover the dues are now closed.
The Enforcement Directorate on Thursday froze shares and mutual funds worth Rs 100 crore of millionaire diamond jeweller Nirav Modi and promoter of Gitanjali Group Mehul Choksi in connection with the Rs 11,400 crore Punjab National Bank fraud case. At least nine luxury cars, belonging to Modi, were also seized as part of the investigation under the Prevention of Money Laundering Act (PMLA).
The cars seized include a Rolls Royce Ghost, a Mercedes Benz, a Porsche Panamera, three Honda variants, a Toyota Fortuner and an Innova. READ MORE
Earlier on Wednesday, the Income Tax (IT) department attached Rs. 145.74 crore found in several bank accounts belonging to Modi. Till date, the IT department has attached a total of 141 bank accounts / Fixed Deposits of the group.
DILIPFeb 22, 2018 at 4:19 pmAbe CON GIT kuttas including that smooth talking incompetent Rajan must now come forward and explain of their involvement in the Mega Ponzi Scams which started in 2008 on wards. The fact is this type of scams were possible under Con Git because neither the politicians, nor con man Rjan had any commercial or banking experience. Rajan was only a pen pushing glorified chaparasi, full of book knowledge. CON GIT goons must now come out and start to sing of their mal practices.Reply- Feb 22, 2018 at 3:17 pmन्यूज़ : ARRESTED BANK OFFICERS ने CBI को बताया की 2008 से PNB का फ्रॉड चल रहा था। ठीक है लेकिन 40 दिन बीतने के बाद रिकॉर्ड से क्या पता चल रहा है ? रिपोर्टिंग यदि रिकार्ड्स पर आधारित होगी तब मजा अलग होगा।Reply
BLK Super Speciality HospitalFeb 22, 2018 at 1:20 pmMy name are Dr Mohan from BLK Super Speciality Hospital ,we are informing the general public we are in need of for a reward sum of $450,000 USD terested should kindly contact via our help line: 919971948936?, whatapp 919971948936 email:drmohan801Reply
Nirav Modi informs about his inability to depose before Enforcement Directorate; fresh summons served to him, reports PTI.
Questioning underway of 12 accused who were arrested by CBI, a number of Punjab National Bank officials including seniors officers are also being questioned by the CBI, reports ANI.
PNB top management said it will pursue recovery of repayment of money and have received some “vague offers” from jewellery designer Nirav Modi whose companies are embroiled in conducting fraudulent transactions worth $1,771.7 million (Rs 11,400 crore).
Nirav Modi had said in his letter to PNB that the lender’s “anxiety to recover dues immediately”, despite repayment offer, has destroyed his business and restricted the bank’s ability to recover all the dues leaving a trail of unpaid debts.
“We have followed lawful avenues available to us as per law of land to recover our dues,” Punjab National Bank said in a clarification to exchanges, in reponse to Nirav Modi's letter.
Punjab National Bank asks Nirav Modi to come up with concrete and implementable plan to repay dues, reports PTI.
Shares of Gitanjali Gems, owned by Mehul Choksi, continued to face selling pressure for the seventh straight session falling 58.5 per cent in the past one week.Meanwhile, US-based credit rating agency Fitch placed PNB on 'Rating Watch Negative' with possibility of future downgrade, as reported by PTI.
The practice of illegally issuing LoUs and Foreign Letter of Credits (FLCs) and then rolling them over to favour Nirav Modi and Mehul Choksi groups started in 2008 and continued till these were discovered in January this year, according to CBI officials.
The illicit activities resulting in fraud of Rs 11,300 crore occurred under the nose of top Punjab National Bank officials but they claimed to be unaware of the scam.
IANS
Vipul Ambani, President Finance of Fire Star Group of Companies of Nirav Modi, was fully aware of fraudulent and illegal LoUs, which were issued by Gokulnath Shetty retired Dy. Manager of PNB, Brady House, Mumbai, in conspiracy and guidance of Nirav Modi and other employees, says CBI.
Ambani, in his aforesaid capacity as the President Finance, was also visiting, meeting not only officials of Brady House PNB Mumbai, but also the officials of PNB Circle, Zonal office at Mumbai and Head Office, New Delhi, the agency adds.
ANI
"On Feb. 5, we, on the basis of a preliminary investigation report, informed simultaneously to our board as well as to BSE and NSE of initial fraud case of Rs. 280.70 crores. Upon receiving further investigation report enhancing the fraud amount to Rs. 11394.02 crores FMR with RBI, FIR with CBI were filed on the evening of Feb. 13 and information with BSE and NSE on 14th February," ANI quotes PNB as saying in a statement.
"Agencies were assigned to probe matter, any news in public would've alerted fraudster affecting recovery. We've enough assets/capital to meet liability as per law. We've followed lawful avenues as per law to recover dues and awaiting written reply from Disciplinary Authority," the statement added.
Shares of Gitanjali Gems continue to face selling pressure for the seventh straight session today, falling 58.5 per cent in the past one week.
The stock tanked 4.92 per cent to Rs 26.10 -- its lowest trading permissible limit for the day -- on BSE today. On NSE, shares of the company lost 4.92 per cent to hit a low of Rs 26.05. In seven days, the stock has plunged 58.5 per cent, eroding Rs 435.41 crore from its market capitalisation.
PTI
The agency has also carried out searches at four firms in Mumbai. It is probing 120 companies on suspicion of being shell firms linked to Modi and Choksi, reports IANS.
The Enforcement Directorate also seized precious paintings owned by Nirav Modi which include works of Francis Souza, Amrita Sher-Gil, VS Gaitonde, Akbar Padamsee, Bharti Kher and MF Husain. The evaluation of these paintings is on.
The Enforcement Directorate today seized nine cars including Rolls Royce Ghost, Porsche Panamera, two Mercedes Benz, three Honda, one Toyota Fortuner and an Innova of Nirav Modi and his companies.
Yesterday, the CBI had sealed Nirav Modi’s Alibaug farmhouse. The bungalow, called Roapanya, is spread over 1.5 acres and has the market value of Rs 32 crore. It was reportedly bought in 2004 in his name.