PNB fraud case: Will Priyanka Chopra sue jewellery czar Nirav Modi?

PNB fraud case: Will Priyanka Chopra sue jewellery czar Nirav Modi?

Firms related to Nirav Modi have approached PNB and presented a set of important documents with a request to allow buyers' credit for making payment to overseas suppliers. "This is regardless of stature and status of concerned official".

His statement comes after Congress President Rahul Gandhi claimed that Nirav Modi was in Davis with the Prime Minister.

The Union minister for Electronics and IT also took on the Congress for using words like "Chotta Modi" to refer to the billionaire. BJP takes strong offence to the kind of language being used by describing someone like that.

The promise to repay is worth the paper it is written on as it dangles the brand as the most valuable asset which anyway stands eroded substantially after the scandal broke out, said bankers.

Enforcement Directorate (ED) officers searched the Mumbai offices of Nirav Modi after he was accused of cheating state-owned Punjab National Bank (PNB) of 2.8bn rupees ($43.8mn).

Four big jewellers - Gitanjali Gems, Ginni, Nakshatra and Nirav Modi - are under the scanner of various investigative agencies following the bank's declaration of a $1.8 billion fraud. The bank, India's second-largest state-owned lender, announced on Wednesday that it had also detected fraud of nearly $1.8bn at a single branch in Mumbai, sending its shares plummeting. It was said that complaint had 42 FIRs.

The Congress accused the Prime Minister's Office and other authorities of not taking action even after a complaint was filed to the PMO in July 2016. But in the end the government couldn't do anything.

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"How did the entire banking sector's Risk Management Systems and Fraud Detection Ability come to naught?" asked Surjewala.

He said, the Bank is taking efforts to protect the financial interest.

Addressing a press conference, Law and Justice Minister Ravi Shankar Prasad said no loans have been given in the Narendra Modi government's tenure which can become NPAs and the loan to Nirav Modi was given during the tenure of the United Progressive Alliance (UPA).

Nirav Modi is a global diamond jewellery house, founded by Nirav Modi in 2010. Though the scam occurred in 2011, was detected in 2018.

Mehta further said that the government of India is monitoring the situation and the bank is getting full support in nabbing the culprits. It followed PNB's complaint last month to India's Central Bureau of Investigation (CBI) that it had been defrauded of 2.8bn rupees.

In 2015, two Indian businessmen - Manmohan Singh Sehgal and his son Gagandeep Singh Sehgal - were arrested for illegally laundering money worth Rs 245 crore from Bank of Baroda to entities in Hong Kong through shell companies.

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