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  1. #1
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    PNB's Rs 11,300 crore fraud: Nirav Modi raided and other developments


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    Since the Rs 11,300 crore fraud in Punjab National Bank's (PNB) MC Brady House branch in Mumbai broke out on Wednesday, a string of developments has taken place. Here is a rundown of how the scam has unfolded so far:


    * News agency ANI reported quoting official sources that
    Nirav Modi's wife, an American citizen, left India on January 6, Mehul Choksi left the country on January 4. Also, Nirav Modi's brother Nishal Modi, a Belgian citizen, left India on January 1. CBI had issued look out circulars against all accused on January 31.


    * The scam started in 2011. We ourselves found out about the fraud and reported it to the concerned agencies, Punjab National Bank (PNB) MD Sunil Mehta said in a presser on Thursday.



    * We detected the fraud on January 3. We got to know that 2 of our employees did some un-authorised transactions. The bank initiated criminal action against our staff members, the PNB MD said. This is a standalone incident. It has taken place only in one of our branches, Mehta said.



    * We have lodged FIRs and complaints. PNB has capability and capacity to come out of this, Mehta said. We have not shirked in our responsibility, he added.



    * On Thursday, the Enforcement Directorate (ED) registered a money laundering case against diamond merchant Nirav Modi and his relatives along with others and raided over dozen premises across the country connected to them.



    * The premises raided by the ED includes Modi's residence in Kurla, his jewellery boutique in Kala Ghoda area, three company locations in Bandra and Lower Parel, three premises in Surat in Gujarat and Modi's showrooms in Chanakyapuri and Defence Colony in Delhi.

    https://timesofindia.indiatimes.com/business/india-business/pnbs-rs-11300-crore-fraud-nirav-modi-raided-and-other-developments/articleshow/62928522.cms
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    Billionaire jewellery designer Nirav Modi had left the country on January 1 much before the CBI received a complaint from Punjab National Bank on January 29 about a Rs 280 crore fraud, officials said.


    His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of
    Gitanjali jewellery chain, departed on January 6, the officials said.




    https://timesofindia.indiatimes.com/...w/62929543.cms
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    The $1.8 billion fraud at the government-owned Punjab National Bank (PNB) shows the failure of various kinds of audits in the bank, including the RBI's inspection, said a senior chartered accountant.

    According to him, the Reserve Bank of India has to carry out a deep investigation, forensic audit of the accounts involved in the alleged fraud and also make it compulsory for the banks to carry out forensic audit.

    "Every fraud is a lesson for those who want to take it as a lesson.

    "Broadly the kinds of audits or inspections that are carried out in Indian banks are statutory audit (carried out by auditors appointed by banks), concurrent audit (carried out by outside auditors at the bank branches), internal audit (carried out by bank staff) and the inspection by RBI," P.S.Prabhakar, Partner in Rajagopal and Badrinarayanan, a chartered accountancy firm, told IANS.

    He said the statutory auditor is mainly a test check auditor or an audit where transactions are checked at random.

    "The internal audit is done by bank staff. Then there is also inspection by RBI officials. It is strange how the fraudulent transactions that have been carried out since 2011 were not detected," Prabhakar said.

    Normally large value transactions should be checked and SWIFT system transactions should be carefully checked, he added.

    According to the PNB, the alleged fraud was carried out by two staffers by not entering the transactions in the bank's core banking solution but in SWIFT signalling another bank's overseas branch that the transaction is valid.


    Read more at: http://www.sify.com/finance/pnb-s-1-...Ehjgaiajb.html
    Last edited by prasad1; 15-02-2018 at 05:17 PM.
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    How come 2 staff are able to swindle the bank of such a large amount without support of senior brass! Unbelievable!!
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    hi

    SAB KUCH CHALTA HAI BHAI...MERA BHARAT MAHAAN...
    asato maa sadh gamayaa, tamaso maa jyotir
    gamayaa, mrityor maa amritham gamayaaa..
    om shanti, om shanti, om shanti...upanishad
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    Quote Originally Posted by vgane View Post
    How come 2 staff are able to swindle the bank of such a large amount without support of senior brass! Unbelievable!!

    hi

    SAB KUCH CHALTA HAI BHAI...MERA BHARAT MAHAAN...if it is in USA...sometimes more than 150yrs in jail....recently a doctor got for his case...
    Last edited by tbs; 16-02-2018 at 12:52 AM.
    asato maa sadh gamayaa, tamaso maa jyotir
    gamayaa, mrityor maa amritham gamayaaa..
    om shanti, om shanti, om shanti...upanishad
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    Accusing the government of doing nothing doing nothing to stop "independent India's biggest bank fraud" despite being informed of it.
    A released copy of a complaint by a Bangalore resident Hari Prasad, seeking early action against Nirav Modi and his business partner Mehul Choksi, that it said was acknowledged by the Prime Minister's Office on July 26, 2016.
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    The question of Chartered accountants is valid. How ever we have not seen the full audit report. Also we do not know whether PNB had their own representative in the Board of the Company to take care of their interest. From what we understand from News reports, the whole case is on allegations against a Company of cheating a PSB. This is an economic offence and will take years to file a case in the Courts.
    Brahmanyan
    Bangalore.
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    Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller, Nirav Modi had deposited cash worth Rs 90 crore at one of the branches of the scam-hit Punjab National Bank (PNB), hours before the announcement of demonetisation.

    "When Nirav Modi left India, at that time it was reported that some hours prior to Prime Minister's announcement of demonetisation in 2016, Nirav Modi deposited 90 crore rupees of cash in one branch of PNB, and he probably exchanged it for bullion or something," Memon said, and added, "I think that there should be proper investigation to see if there is any element of truth to it."


    Memon also took to Twitter to convey the same, and hinted on suspicion of connivance between the accused and the BJP-led government at the Centre, by adding, "What does it suggest?"

    http://www.deccanchronicle.com/natio...-notifications
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    The disgraced diamond czar Nirav Modi and his family have moved to his new hideout, Sylvan St Kitts, located in the eastern Caribbean, according to a report in Mumbai Mirror.

    Sources in the diamond trading communities of Mumbai and Surat said that the 48-year-old diamantaire has also bought a villa at St Kitts, which is helping him in acquiring citizenship of the Caribbean island nation.


    “He has been planning this for a while now. In fact, he visited St Kitts along with his family last week,” a source revealed to Mumbai Mirror.

    St Kitts has become the perfect place for Nirav Modi to stay as it does not have an extradition treaty with India, despite being part of the Commonwealth.

    While India’s treaty partners have treaty obligations to consider India’s requests, in the absence of a treaty, it is a matter for the foreign country to consider, in accordance with its domestic laws and procedures, whether the country can agree to India’s extradition request on the basis of an assurance of reciprocity.

    According to the St Kitts and Nevis government’s website, applicants can win citizenship through an investment program.

    Applicants may qualify for citizenship through a contribution to the Sugar Industry Diversification Foundation (SIDF). For a single applicant, a non-refundable contribution of Rs 1.6 crore (USD 250,000) is required.

    Applicants may also qualify for citizenship through an investment in a pre-approved real estate project, which may include hotel shares, villas, and condominium units. The minimum real estate investment required by law is Rs 2.6 crore (USD 400,000) for each main applicant.

    “Now that his passport has been revoked by the MEA, he will set up another diamond trading unit in either Singapore or Hong Kong," another source said.

    “He can do this and continue to evade Indian authorities because neither of these countries will extradite him since he will be an St Kitts citizen soon,” he added.

    http://www.deccanchronicle.com/natio...ought-vil.html
    Last edited by prasad1; 27-02-2018 at 05:33 AM.
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