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Govt looked other way when Nirav Modi slipped out of India: Congress
16 Febrero 2018, 07:17 | Benedicto Grullon
Source Google Finance
The AAP also alleged that the Bhartiya Janta Party (BJP) was "benefiting big businessmen and defrauders like Lalit Modi, Vijay Mallya and Nirav Modi and its leaders were involved in the scams done by these people".
While refusing to answer several questions, citing ongoing investigations, he said the bank had been going through the records of branches across the country over the last few days and had estimated the fraud at Rs 11,300 crore, which was limited to a branch in Mumbai.
He said Nirav Modi'spassport has been revoked and Look Out Circular issued against him.
While ED officials stated that Mehta could not be blamed for the fraud, they nevertheless, punched holes in the "victim" card that Mehta was playing, stating that the bank highlighted forgery and avoiding entries into the bank system as the plausible modus operandi of Shetty and Kharat. It may be valued far less than the Rs 6,000 crore that he has indicated. And that this occurred at a public sector bank makes matters worse.
The premises of a senior bank official was also searched.
Diamond, jewellery and gold worth Rs 5,100 crore have been seized in searches conducted in Mumbai, Delhi and Gujarat, news agency PTI reported.
In the aftermath, the PNB shares have tumbled by 20 percent this week. "If we find any loopholes, we will plug them". PNB's managing director said the bank will honour every payment owed to these banks.
"If the investigations reveal that the onus is ours, we won't shirk our responsibility".
India's banks have been coping with a surge of bad loans, or non-performing assets, and the government recently announced a $14 billion recapitalization plan.
India's Central Bureau of Investigation began its probe soon after the bank made the discovery, said Abhishek Dayal, an agency spokesman. Since there was no sanctioned limit in the name of Modi's companies, PNB said it asked for Rs100% cash margin to issue the letters of understanding. One fraud LoU was issued on January 16, 2018, for Nirav Modi's firms. The two junior level staffers moved money out of the bank using SWIFT, the global financial messaging service network used by the banks to quickly move money across borders, and bypassed the core system which processes daily bankingtransactions and posts updates. He also said all other branches of the bank have been scanned to check any fraudulent activity. "This is an isolated incident", he said. The Ministry of Finance has summoned the report on the whole issue. "This is not likely to escalate to other banks".
Rajiv Kumar, India's top banking bureaucrat, told BloombergQuint that the case is an isolated one that dates back to 2011.
Accusing the NDA government of trampling upon the entire banking system, Surjewala said risk management system, fraud detection ability' and the regulatory mechanism of banks have been severally compromised under the Modi government. To his credit, the fraud was unearthed internally and 10 employees from the Brady House Branch have already been suspended.
It has been that Modi - whose operations are spread across Europe, the U.S., Middle East and Far East, as well as India - has written to PNB and other banks saying he would return thee outstanding money.
Winter Olympics: Slovenian men's ice hockey team beat the US
The level of chippiness that was displayed at the Kwandong Hockey Centre though, gave the game a gold medal matchup type feel. Schuler wasn't overly concerned about giving up over 40 shots. "Obviously you always want to eliminate shots against".
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Moon's spokesman told a briefing. "This is about sport and this the International Olympic Committee made very clear", Bach said. Tensions have escalated as Mr Trump and dictator Kim Jong-Un sabre-rattle with threats of nuclear action and missile strikes.