Nirav Modi-PNB scam: Latest developments | Swarajlive
The
CBI on Tuesday arrested five senior executives in connection with the
multi-crore PNB
fraud including Vipul Ambani (President, Finance,
Firestar International/Diamonds group), Kavita Mankikar
(executive assistant and authorised signatory of 3 accused firms),
Arjun Patil (senior executive, Firestar group), Kapil
Khandelwal (CFO, Nakshatra and Gitanjali group) and Niten
Shahi (Manager, Gitanjali).
The
Reserve Bank of India (RBI) said it had alerted banks about the need
to prevent any "potential malicious use of the SWIFT
infrastructure" at least three times since August 2016.
The
Income Tax Department raided 20 premises linked to Gitanjali Gems
promoter Mehul Choksi and associated firms in connection with a tax
evasion case, official sources said. The searches were being
conducted in Mumbai, Pune, Surat, Hyderabad, Bengaluru and few other
cities against 13 companies linked to Choksi and Gitanjali Gems.
Finance
minister Arun Jaitley broke his silence over the fraud saying the
government will chase down cheaters till the end. Jaitley also took
the management of the lender to task for its failure to check the
delinquents.
The
CBI examined 10 PNB officials, including present Executive
Director-level officers. Eight executives of Nirav Modi's company and
10 Gitanjali group officials were also questioned. CBI said that they
have found a new farmhouse of Nirav Modi in Alibagh near Mumbai where
searches are under way.
News
agency Reuters reported that CBI counsel has said to the court that
Punjab National Bank fraud conspiracy may have been going on
since 2008.
The
Supreme Court (SC) agreed to hear a plea seeking an independent
inquiry into the scam. A bench led by Chief Justice of India Dipak
Misra will hear the plea filed by lawyer Vineet Dhanda.
Ratings
agency Fitch on Tuesday placed Punjab National Bank's (PNB) Viability
Rating of 'bb' on Rating Watch Negative. The decision means that the
country's second largest lender may see a rating downgrade. Moody's
has also placed the lender under review for downgrade. Currently, PNB
has an overall Baa2 rating with a stable outlook from Moody's.
Prime
accused Nirav Modi, in a letter, hit back at the Punjab
National Bank, saying its 'overzealousness' has shut the doors on his
ability to clear his dues, which he claims are much lower than the
amount of Rs 11,400 declared by the bank.
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