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Rs 11,400-crore fraud of PnB

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Rs 11,400-crore fraud of PnB

CBI has questioned Vipul Ambani on Monday in a fraud case of 11,356 crore in Mumbai. He has been Chief Finance Officer (CFO) of diamond trader Neerav Modi's company Fire Star in last 4 years. Vipul is being said to be a relative of Reliance Group Founder Dhirubhai Ambani. Furthermore 10 Suspended officers of PNB are also being questioned. At the same time, the CBI sealed the PNB Brady House Branch in Mumbai, through which this was the biggest fraud in the banking industry in the country. Explain that the CBI has named accused Nirav Modi and Geetanjali James Mehul in the money laundering case, including others.

CBI has seized service records and files of Gokulnath Shetty, the former deputy manager at PNB's Brady House branch, who is believed to be the mastermind behind the alleged Rs 11,400-crore fraud.Investigating agencies are digging deeper into the alleged Rs 11,400-crore Punjab National Bank (PNB) fraud. The Enforcement Directorate (ED) has now summoned PNB officials and directors of subsidiaries linked to diamantaires Nirav Modi and the Gitanjali Group, owned by Mehul Choksi.

Nirav's team had PNB password

  • Former deputy manager of PNB arrested in the scandal, Gokulanath Shetty, CWO Manoj Kharat and Neerav's Authorized Signatory Hemant Bhatt have made many revealing disclosures before the CBI in the interrogation.
  • The accused said that the account details and password for logging in swift system were with Neerav's team. Which is essential for the Letter of Undertaking (LOU). Nirav's legally used to log in to the system illegally as a PNB officer.
  • According to the sources, the accused got a commission in return. There was a fixed percentage on the illegal access of every LOU and SWIFT system. This amount divides between employees involved in the scam. Nearly half a dozen bank employees and outsiders are also scams.

10 hours suspension of PNB staff inquiry

CBI has Rs 11,394 crore in PNB The scam of the scam is expected to be higher. On Sunday, the investigating agency asked all the banks to report the allegation made in Loo here.
According to sources, many LOUs will be maturing in May 2018. In such a case, the scam amounted to Rs 11,394 crore Can be more than that. Meanwhile, the CBI questioned more than 8 hours from the 10 suspended employees of PNB.

200 Shell Companies Under Investigation

  • - More than 200 shell companies affiliated to Neerav Modi and Mehul Vigilance are under investigation They were used for the routing of scams.
  • The CBI is also investigating the balance sheet of 18 associate companies of Gitanjali Group. Bank officials have received information about the amount of money laundering in these companies.

45 raid on Nirav-Mehul

  • On the fourth day on Sunday, ED raids continue on the locations of Neerav-Mehul. 45 hideouts were discovered in 15 cities
  • During the action taken in Bengaluru, Delhi, Kolkata, Mumbai, Chandigarh, Hyderabad, Patna, Lucknow, Ahmedabad, Srinagar and Jalandhar, Rs 20 crore Diamonds and gold were seized. So far, Rs 5,694 crore Diamonds, gold and jewelery have been seized.
  • ED confiscated Gitanjali James's assets worth Rs 10.44 crores in Jaipur. A bank account of the company was also freezed. There is more than one crore rupees deposited in it. A total of Rs 1.63 crore jewelery seized from two showrooms of Shoppers Stop.

What is the whole matter?
- Punjab National Bank gave information about the Rs 11,356 crore scam to Sebi and Bombay Stock Exchange last week. The scam was executed at PNB's Brady House Branch in Mumbai. Beginning since 2011 In 7 years, thousands of crores of rupees were transferred to foreign accounts through false letter of undertakings (LoUs).


CBI has seized service records and files of Gokulnath Shetty, the former deputy manager at PNB's Brady House branch, who is believed to be the mastermind behind the alleged Rs 11,400-crore fraud.

CBI is looking into the possible role of senior PNB officials who ensured that Shetty is not transferred from the branch.

During questioning, Shetty revealed that he would first send SWIFT messages of small amounts, which were uploaded on the bank's system so that no one would suspect any wrongdoing.

Later, these messages were modified and bigger financial transactions were carried out. The modifications made in the SWIFT messages were not updated on the bank's system. This is one of the reasons why the alleged fraud at PNB went undetected for such a long time.

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