Recent Banking Frauds In India

Nirav Modi

Modi, among others, allegedly acquired fraudulent letters from PNB to secure overseas credit from other Indian banks. "Modi ji, take action, otherwise, Chote Modi (Nirav Modi) will run away".

Other bank that touched its 52-week low is Oriental Bank of Commerce falling 0.29% but conversely closed with the highest gain in PSU Banking Index of 1.35%.

When pointed out that several BJP leaders claimed that the scam was going on since 2011 when the United Progressive Alliance was in power, the Congress chief spokesperson said, "The complaint of PNB to CBI mentions that Letters of Understanding were between February 9 and 14, 2017". The revelation has become a major embarrassment for the Prime Minister and the BJP government.

As per the CBI sources, Ami, an American citizen, left India on January 6 while Nirav left on January 1, days before CBI issued a lookout circulars against all accused in the scam.

Back in India, billboards above the traffic jams of New Delhi bear the image of Priyanka Chopra, a Bollywood star and former Miss World who is fast becoming a household name in the United States, also draped in Modi's jewels.

Television news channels reported that investigators also raided Modi's home in Mumbai on Thursday.

The bank staff issued these LoUs on hahalf of companies belonging to Nirav Modi without routing them through PNB's core banking solution (CBS) system which tracks all bank transactions.

On Wednesday, PNB said in its statement that the figure has reached a whopping Rs 11,360 crore. Speaking to Asia Times over the phone, he detailed how he came to know of the supposed financial misconduct.

He said Modi had sent a formal message last week. A spokesman for the ED refused to comment when contacted by AFP. He waited two years in hope of recovering his investment before he filed a complaint with Bengaluru police.

PNB has already suspended 10 employees. Incidentally, the Prime Minister is in charge of the Ministry of Personnel, Public Grievances and Training, which in turn has administrative control over the CBI.

The agency is analysing the fresh complaints and will take a call whether to register fresh FIRs or expand the ambit of the existing FIR related to fraudulent transactions of worth Rs280 crore, they said. "Nirav Modi had arrived in Davos on his own and was present at CII group photo event". "The Prime Minister's Office acknowledged the complaints and even asked the Registrar of Companies to take action". Surjewala asked in a press conference later.

The secretary said the moment it came to notice that "it has to be rolled over, it was not rolled over".

"What criteria does the Prime Minister use to select the CEOs accompanying him on foreign trips? Under no circumstances could this have been a coincidence".

Indian news reports say the alleged $43 million scam is a part of the larger fraud.

Nishal Modi, younger brother of Nirav Modi, is also named in the money laundering case. Dipti is one of Mukesh Ambani's sisters.

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