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  1. #1
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    Another PNB-Like Scam?


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    If a caring parent approaches with all genuineness for an Education for his son/daughter, or a farmer approaches for an agricultural loan to save the dying crops, these bank will cite numerous formalities and make him go from pillar to post.

    How come these businessmen are sanctioned loans to the tune of several crores.....?

    There may be lot of Nirav Modi, Kothari, etc etc wandering freely without settling the Bank loans...
    Another PNB-Like Scam? Rotomac Pens Owner 'Flees' After Taking Rs 800 Crore from Govt-run Banks






    According to sources, Vikram Kothari took a loan of Rs 485 crore from Union Bank of India and a loan of Rs 352 crore from Allahabad Bank. A year later, Kothari has been reported to not have paid back either the interest or the loaned amount.

    Kanpur: Just days after the Punjab National Bank (PNB) Rs 11,360 crore fraud came to light, another state-run bank has reported a million dollar scam. The parent company of Rotomac Pens has been accused of fleeing with loans of more than Rs 800 crore from various government banks in the country.

    According to sources, the owner of the company, Vikram Kothari, had taken a loan of more than Rs 800 crores from five government banks. Sources have confirmed that Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India compromised their rules to render these loans to Kothari.


    Kothari took a loan of Rs 485 crore from Union Bank of India and a loan of Rs 352 crore from Allahabad Bank. A year later, Kothari has been reported to not have paid back either the interest or the loaned amount.


    Kothari's office in Kanpurís City Center road has been locked for the past week. Kothari, too, has been untraceable ever since.

    Meanwhile, Allahabad Bank manager Rajesh Gupta said he hoped the amount would be recovered by selling Kothariís properties.


    Read more at: http://www.news18.com/news/india/ano...s-1664279.html
  2. #2
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    One by one the scams have started to open up now .
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  4. #3
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    This may be the beginning of the end!! Very disappointing!! One news that is floating is that Ambani is involved in the scam as the sister-in-law of NiMo is the daughter of Ambani's sister!! Also how RBI is acting like a holy cow??
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  6. #4
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    Here is the letter sent by Mr Nirav Modi to PNB, published by ET on the alleged scam .
    Quite interesting. We the innocent public of this Country are confused further where the truth lies.

    In the meanwhile Indian Media is doing their best to increase their ratings by adding their own investigative News.
    Please read the letter.

    Dear Sir/Madam,

    1. I refer to the extended discussions between us, and between my representatives and your officers. I also refer to my emails dated 13th and 15th February 2018.

    2. In view of the recent actions by you, the authorities, and the extensive press coverage in the last couple of days, I must state my position to the extent it is relevant at this stage. The media suggests that the liability of the Nirav Modi Group is over Rs 11,000 crores. As you are aware, this is entirely incorrect and the liability of the Nirav Modi Group is substantially less. Even after your complaint was filed, in good faith I wrote to you saying please sell/ allow me to sell Firestar Group, or their valuable assets, and recover the moneys that may be found due not just from Firestar Group, but also from the three firms. The valuation of the business was approximately Rs. 6,500 crores which could have helped reduce/discharge the debt to the banking system.
    3. However, the erroneous liability resulted in a media frenzy led to immediate search and seizure of operations, which has in turn resulted in FirestarInternational Private Limited and Firestar Diamond International Private Limited effectively ceasing to be going concerns. This has thereby jeopardized our ability to discharge the dues of the group to the banks.
    4. In light of this, it is necessary to reinstate some facts:
    I. You have acknowledged that:

    (a) The Buyers Credit Facility has been extended by PNB to the three partnership firms since several years.
    c) Moneys have gone through PNB over all these years for the repayments of the advances given by the overseas branches of banks under the Buyers Credit.

    (d) FIPL and FDIPL have been profitable, enjoyed a high (A-) credit rating, and have never been in default to any bank, and its bankers are fully secured.

    II. You are aware that:

    (a) PNB has over the years been earning bank charges to the tune of crores of rupees on the Buyers Credit Facility extended by PNB to the three partnership firms.

    (b) The banks that have extended the money to the firmís buyers have been receiving payment in full, with interest, in time all these year.

    5. Yesterday, FIPL and FDIPLís inventory has been seized by the authorities. As per press reports the valuation of the is Rs. 5,649 crores. These, and other assets of FIPL/FDIPL and the three firms (including receivables and assets seized) could have settled all the amounts due to banks. However, now that stage appears to have passed, and there is generally panic.

    6. I urge you once again to be fair, and in the interests of transparency, justice, the banking system and India as a whole, support my efforts to make good all the amounts that are found due by my group to all banks.

    7. In your complaint you have wrongly named my brother, who was not at all concerned with the operations of the three firms or FIPL (India) and FDIPL (India). My wife was not connected with any business operations at all and she has been wrongly named. My uncle is also wrongly named in this complaint since he has an independent and unconnected business from mine and none of us are aware or concerned with his dealings with your bank.

    8. The matter is being described as Indiaís largest banking fraud. This is far from the truth. Nirav Modi Group ran a legitimate luxury brand business and the brand had become Indiaís foremost global luxury brand, standing side by side with some of the biggest jewellery brands in the world. In the anxiety to recover your dues immediately, despite my offer, your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts. Whatever may be the consequences I may face for my actions, the haste was, in my humble submission, unwarranted.

    9. I would request you to permit salaries for FIPL and FDIPL to be paid for the 2200 employees from the balance lying in the current accounts. Our HR head will send you a breakup of the monthly salary.

    Yours Sincerely,
    Nirav Modi

    ( ET online | Feb 20, 2018)
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  8. #5
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    As per the latest news Supreme Court has agreed to hear the plea for setting an independent inquiry.

    "The Supreme Court (SC) has agreed to hear a plea seeking an independent inquiry into the scam perpetrated on Punjab National Bank (PNB) scam, allegedly by diamond billionaire Nirav Modi. A bench led by Chief Justice of India Dipak Misra will hear the plea filed by lawyer Vineet Dhanda"
    Brahmanyan
    Bangalore.
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  10. #6
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    * Finance Minister calls for introspection after PNB fraud case
    * Calls on Indian auditors, regulators to improve supervision
    * RBI says had previously warned about misuse of SWIFT systems
    https://www.cnbc.com/2018/02/20/reut...aud-probe.html


    Indian banks could take a hit of more than $3 billion from loans and corporate guarantees provided to diamond companies at the center of a massive alleged fraud at the state-run Punjab National Bank, the tax department has estimated.


    https://www.reuters.com/article/us-g...-idUSKCN1G3040
    Last edited by prasad1; 20-02-2018 at 10:24 PM.
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  12. #7
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    hi

    in election year....more scams will come out....nobody is perfect....all parties/politicians are more same...only the difference....some are having

    power...some are less power...
    asato maa sadh gamayaa, tamaso maa jyotir
    gamayaa, mrityor maa amritham gamayaaa..
    om shanti, om shanti, om shanti...upanishad
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