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PNB scam: Additional Rs 1,300 cr fraud revealed

"The bank has detected some fraudulent and unauthorized transactions (messages) in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance,"

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PNB: No cash shortage in ATMs. Wikimedia Commons
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The fraud-hit Punjab National Bank (PNB) has reported an additional Rs 1,300 crore unauthorized transactions, taking the estimated quantum to Rs 12,600 crore in the scam related to diamond trader Nirav Modi and owner of Gitanjali Gems, Mehul Choksi.

In at 11.22 p.m., late night filing with the stock exchanges on Monday, the bank said: “In continuation to our filing with stock exchanges on February 14, 2018, we have to inform that quantum of reported unauthorized transactions can increase by $204.25 million.”

The Central Bureau of Investigation on Monday said it questioned PNB Executive Director K.V. Brahmaji Rao, two General Managers and a retired official in connection with its probe into the multi-crore fraud.

pnb
Earlier, PNB, the second largest public sector bank in India, had said it had detected a $1.8 billion fraud in the Brady House Branch in Mumbai. Wikimedia Commons

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“The bank has detected some fraudulent and unauthorized transactions (messages) in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance,” the filing by PNB earlier said.

Initially, it had put the quantum of such transactions at around Rs 11,300 crore.

The bank’s shares dropped drastically on Tuesday after this regulatory filing and it was trading at Rs 102.45 per share, down 8.45 percent at 10.46 a.m. (IANS)

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Nirav Modi case: India awaiting response from Hong Kong

Diamond jeweller Nirav Modi and his uncle Mehul Choksi have been accused of defrauding the Punjab National Bank (PNB) of Rs 12,600 crore

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Nirav Modi's stamped his name in India’s top corporates with growing global prestige with his fame and affluence.
Nirav Modi's stamped his name in India’s top corporates with growing global prestige with his fame and affluence. Facebook

India has requested Hong Kong to arrest fugitive jeweller Nirav Modi and is awaiting for a response from the authorities there, a senior official said here on Thursday.

“We have requested the authorities in Hong Kong to surrender Nirav Modi,” External Affairs ministry spokesperson Raveesh Kumar said at a media briefing here.

PNB suffered a great loss due to the fraud.

“There is an agreement between India and Hong Kong about surrender of fugitive offenders,” he said.. “We are still awaiting a response.” Kumar also informed that, according to the Indian mission there, the Department of Justice is examining India’s request for provisional order for Modi’s arrest.

Also Read: ED seizes Nirav Modi valuables worth Rs 36 cr

Diamond jeweller Nirav Modi and his uncle Mehul Choksi have been accused of defrauding the Punjab National Bank (PNB) of Rs 12,600 crore, with Rs 1,300 crore being added to the fraud kitty on February 26. Parliament was earlier informed that Modi is present in Hong Kong. IANS

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