Punjab National Bank Scam, PNB Fraud
PNB Fraud: The Punjab National Bank Fraud Case is
about a fraud which took place at the Punjab National Bank. It is a
bank that operates in India but has currently been making headlines due
to all the wrong reasons. At the Brady House branch in the happening
city of Mumbai, the fraud took which place shook the nation overnight as
it came to light and innumerable unimaginable facts were revealed to
the masses. According to reports and investigation, the mastermind
behind this fraud of 14,356.84 crores INR is none other than a diamond
and jewellery dealer, Nirav Modi. What made the case even more spiced up
for the media reporters and the masses just the same was the fact that
Nirav is closely related to the Ambanis, the richest people in India.
And, just some time back. Nirav Modi had been spotted with the
honourable Prime Minster of the country, Narendra Modi.
 |
| PNB Scam Poster |
As
per records, Nirav Modi, his wife, his brother in law and his uncle are
all partners in firms, namely, M/s Diamond R US, M/s Solar Exports and
M/s Stellar Diamonds. They have all been booked by the CBI under charges
of fraud. This implies that they have taken the stated amount of loan
and then failed to return it.
While there were several question raised
regarding how can Punjab National Bank actually give away such a big
amount as loan, the questions of the common man have remained unanswered
by the authorities.
This
news became the highlight for every channel in early 2018. However, by
the time the scam was reported, Nirav Modi and his allies had already
left India.
In fact, they are all presently living in the United
Kingdom. On part of the Indian government, they have asked for the
culprit’s extradition.
May refer also: Aadhaar or SCAM by Financial Institutions and Govt.?
Some
faith has been restored in the legal system of the nation because the
Enforcement Directorate has already started taking steps so as to
confiscate their assets as soon as possible, under the Fugitive Economic
Offenders Ordinance.
 |
| Bank Fraud |
When
the officials of the Punjab National Bank were questioned regarding
this scam and fraud and how it took place without their knowledge, it
chose to take an easier way out and stated that two of their officials
from the particular branch were involved in the entire act. This
is so because the core system of the Punjab National Bank had been
breached.
The employees who were being pointed fingers at, were the ones
who had issue LOUs to other branches of Indian banks that lie in other
nations.
Reportedly, some of these banks are the Allahabad Bank, the
Axis Bank and the Union Bank of India (UBI).
All of this was made possible through the use of SWIFT. SWIFT is an international
financial communication system.
The most important medium through which
is all came to be noticed was when a new employee made note of the
issue.
 |
| Scam Alert |
Though it was late by then and the matter had already gone out of the
hand of the bank officials, they complained about it to the CBI.
At
the present moment, three parties investigating the scene are the CBI,
the Reserve Bank of India (RBI) and the Enforcement Directorate.
With
such increased involvement, it was obvious that no one would be spared.
Thus, the CBI then named important authority members and charged them
for failure to follow the circulars and caution noticed that has been
sent out by the Reserve Bank of India regarding SWIFT messages and core
systems. Namely, these officials are Usha Ananthasubramaniam (the former
chief executive officer of the Punjab National Bank), and two executive
directors who are KV Brahmaji Rao and Sanjiv Sharan.
How did the PNB scam come to light?
According
to claims of the Punjab National Bank which are apparently clearly
bogus, the firms has made their way to the bank on 16th January this year. They wishes for LoUs so that they would be able to pay their suppliers that were overseas.
However,
the bank said that they would not be able to extend any help until and
unless there was a guarantee of one hundred percent cash margin. It was
then that the firms argued that they had received such aid in the past
as well without the need to present any guarantee. This was mind
rattling and the officials opted for checking all history of the bank.
When they saw that no such aid had been provided from their end, they
suspected that something was definitely fishy.
Within
a span of less than 14 days, the bank filed a complaint with the CBI
and stated that the above stated parties along with two officials had
committed a fraud and causes losses to the bank.
The
names of the two employees have also been clearly stated. They are
Gokulnath Shetty (the retired Deputy Manager of Punjab National Bank)
and Manoj Kharat. They were the ones who had played a vital and pivotal
role in issuing incorrect LoUs to creditors based in Hong Kong. All of
this was done of the behalf of the enterprises that had initially
approached the bank.
 |
| Nirav Modi Only Had Right to Seek not to Get Loan, so Bank babus are Real Culprits |
Current status of the PNB scam and Nirav Modi’s involvement
What
is even more shocking now is the fact that such frauds are allowed to
leave the nation so easily without any strict action being taken against
them. This is what leads the masses to believe that the Indian Prime
Minister had tried his best to eradicate corruption but the system is so
flawed that he cannot do anything alone until and unless every
individual joins him in his endeavours.
But who to join? Who can spring up and go to Nirav Modi?
This is why he is there as the elected representative and commander of
all powerful machinery. But public is hopeless as no scam can take place
like this alone.
There is always a nexus of all machinery and that is
how it succeeds and real culprits who are there in machinery who are the
actual organizers of such scams escape away with pride and people are
habitual of 'nothing happens to the corrupt'.
Of
course, when nothing is made to happen then nothing will happen, as
those responsible to make things happen do not want to make it happen as
simian sharing the filthy cream.
A
clear example of this is that in ICICI bank scam all officials
including the CEO Chanda Kochhar and her husband are being charge
sheeted and office bearers are being accused, not outsiders, as its a
private sector bank.
But
in Indian public sector bank scams only outsiders are named as if they
have the right to take away loans from bank, despite we know they have
only right to seek and not the right to get. This proves extremely
dismal nexus of babus and their enroped netas.
This all is based on genuine interest, as in State led banks there is no genuine interest of government in state coffers while in private sector banks they have private individuals as owners who have their genuine interest in their state in bank.
If statements are to be believed, then Nirav Modi is actually travelling and residing in another nation with a fake Indian passport. However, that is not surprising at all. This is not the first time that such an incident has taken place in the nation.
The most known similar case is that of Vijay Mallya, the owner of Kingfisher Airlines. On 13th
June, the CBI requested the Interpol to issue a Red Corner Notice (RCN)
so that it would receive aid in its investigation against the other
family members of Nirav Modi, such as his brother and his uncle.
Latest Updates in Punjab National Bank Scams
Attorney General Tushar Mehta informed the Supreme Court that 18 million rupees had been recovered from refugees Vijay Mally, Nirav Modi and Mehul Choksi.
Mehta told the Supreme Court that the number of cases registered under the Money Laundering Prevention Act (PMLA) against Mallya, Modi and Choksi is now Rs 67 million.
The court heard a number of petitions questioning ED's powers to locate, prosecute, investigate and link the proceeds of crime.
"The Law Enforcement Directorate (ED) in the cases of Vijay Mallya, Nirav Modi and Mehul Choksi has been able to seize more than £ 18 million worth of assets due to PMLA court orders," Mehta was quoted as saying. it is said in the report.v Hindustan Times.
Latest Update on Mehul Choksi
Choksi is wanted in a Rs 13,500 million fraud case involving the Punjab National Bank. He is now on the Caribbean island of Antigua after being released on bail from Dominica, where he was arrested while trying to escape to prevent extradition to India. Nirav Modi, Choksi's cousin, is also wanted in a PNB fraud case. He is also in London and awaiting extradition to India.
See also:
Ponzi Scam
Ponzi Scam
Tags:
Bank Fraud, Bank Loan, Corruption in Banks, Economy, Finance, Fraud,
Indian Bank Fraud, NPA, PNB Fraud, PNB Scam, Punjab National Bank Scam,
Scam, Scam Alert
Review based on Overall Media information.
Follow Blog for Breaking always!!! !
[SHARE THIS ARTICLE>>
Post a Comment