While the Indian Banks have still not recovered from heavy losses of Vijay Mallya a new sensation of Nirav Modi scamming 11,300 Crores have immensely shocked the Bank Industry as well as the Government of the India.
Here’s all you need to know about the Nirav Modi Scam Case
- On 29th of January an official from PNB launched a criminal complaint in Central Bureau of Investigation (CBI) against three companies, Solar Exports, Stellar Diamonds and Diamond R US, and four other people, including the billionaire jeweller Nirav Modi saying they had fraud the bank with the value worth of 280 Crores
- Based on the complaint, the Central Bureau of Investigation (CBI) registered a preliminary case against the companies as well as against all the people named on January 31 and PNB bank authorities gave all the necessary information and revealed the statement of the official investigation.
- On February 14, PNB said that it had discovered that the fraud and the unauthorized transaction was not of 280 Crores but was amounting to a whopping amount of 11,300 Crores with the majority under the strake of Nirav Modi.
- The court on 17th of February ordered three people arrested by the federal police on suspicion of involvement in a $1.77 billion fraud at state-run Punjab National Bank and they had to remain under custody till March 3.
- Raids were also carried out by the CBI on the offices of jewellery retailer Gitanjali, whose chief executive has been accused along with Nirav Modi of collaborating with PNB employees to fraud of illegal transactions and payments.
- The Income Tax department has also warned in an internal note that domestic banks could take a hit of more than $3 billion from loans and corporate guarantees provided to Modi and Choksi. A tax department spokeswoman officially said that the Income Tax Department has seized over 29 properties and 105 bank accounts which has been linked to Nirav Modi.