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Government did nothing despite Nirav alert in 2016: Congress

Government did nothing despite Nirav alert in 2016: Congress

A Press Trust of India report, issued by India's largest press agency on January 14 states that the union finance minister, Arun Jaitley, was traveling to Davos for the WEF with a "100-strong Indian delegation" with prominent businessmen.

Most involved letters of understanding sent to overseas offices of Indian banks, which made the actual loans, said Sunil Mehta, Punjab National Bank's managing director.

"If the entire onus is on us, we will take responsibility", Mehta said, adding the bank has taken action to book culprits and protect its financial interests.

PNB filed a complaint with the Central Bureau of Investigation late last month alleging that Mr Modi and companies linked to him fraudulently acquired PNB guarantees worth 100 billion rupees (S$2 billion) that they later used to obtain loans from overseas, said a source who asked not to be identified.

Though the scam, mainly involving the PNB, is about Rs 11,000 crore, the Congress said it would be around Rs 30,000 crore if banking experts are to be believed, as more banks were exposed to companies owned by Chokshi and Nirav Modi.

They searched Modi's residence in Kurla, jewellery boutique in Kala Ghoda area, three company offices in Bandra and Lower Parel in Mumbai, three premises in Surat in Gujarat and Modi's showrooms in Chanakyapuri and Defence Colony in Delhi.

Modi has not commented on the case. His flagship company Firestar Diamond has said it had no involvement in the case.

PNB has already suspended 10 officers and referred the matter to CBI for investigation.

The case is raising concerns about the possible impact across the banking sector at a time when the country is struggling to meet its economic growth targets.

Former USA Swim Team Coach Faces Sexual Abuse Allegations
He once put a paper ring on my ring finger that read, 'My handsome Ari, ' and told me he wanted to spend his life with me. Kukors once held the world record for the 200m individual medley and was a world champion in that event in 2009.

The PNB chief said the fraud was detected on January 25 and was reported to the investigative agencies, including the Central Bureau of Investigation (CBI) on January 29.

This was after the $1.8 billion (Rs 11,000 crore) fraud was detected at one of the Mumbai branches of PNB recently.

Indian federal agents last week said they were investigating the jeweller and others over accusations that they defrauded PNB of $44 million.

The Congress on Thursday lambasted Prime Minister Narendra Modi on Nirav Modi's fraud case asserting that the "government couldn't do anything" despite the tip-off in 2016 of the loot. The fall had wiped 68.6 billion rupees, or 21 per cent, off PNB's market value.

Numerous banks receiving huge capital infusions are exposed to companies that have entered bankruptcy proceedings. He said this is a standalone incident as it has taken place only in one of the bank's branches.

But while the complaint was filed by the bank in the last week of January this year, the Prime Minister's Office was alerted to the alleged fraud almost two years ago.

Axis shares were down less than one percent in mid-afternoon trading.

PNB realised the scam after Nirav Modi and Gitanjali firms sought for fresh LoUs.

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