CBI has arrested Gokulnath Shetty, the then Deputy Manager (now Retired) of Punjab National Bank (PNB) and Manoj Kharat, SWO (Single Window Operator) PNB, and Hemant Bhat Authorised Signatory of the Nirav Modi Group of Firms. They will be produced before CBI special court in Mumbai on Saturday.
Even as the verbal duel between the BJP and the Congress is going on incessantly over the issuance of loans to diamond merchant Nirav Modi, the Central Bureau of Investigation (CBI) on Friday said that a majority of the Letters of Understanding (LoUs) in the Rs 11,400-crore scam were either issued or renewed by the Punjab National Bank (PNB) during 2017-18.
The CBI had on Thursday claimed that Nirav Modi and his uncle Mehul Choksi had ripped off PNB to the tune of Rs 4,886.72 crore during 2017-18 by getting 143 LoUs issued through the bank.
The FIR registered against Choksi on Thursday reads, “Accused Bank officials Gokulnath Shetty and Manoj Kharat in connivance with accused companies and directors during 2017-18 defrauded PNB to the tune of Rs 4886.72 crore in issuance of fraudulent and unauthorised LoUs in favour of foreign branches of different India-based banks and purported LCs (Letters of Credit) in favour of foreign suppliers of the accused companies.”
“Funds raised were meant to be used for payment of import bills of accused companies whereas it was dishonestly and fraudulently utilised for discharging the earlier liabilities on account of buyer’s credit facility by overseas branches of Indian banks,” said the FIR.
CBI sources said that many old LoUs were renewed in 2017 and they were investigating the dealings that took place between 2014 and 2017.
Also Read | Congress or BJP, who is responsible for the PNB scam?
PNB Fraud Case LIVE UPDATES:
# The finance ministry is working with the Prime Minister’s Office to resolve the Rs 11,400 crore Punjab National Bank scam and the government will try to extradite and punish Nirav Modi—alleged to be behind the fraud—Minister of State for Finance Shiv Pratap Shukla said on Saturday. (PTI)
# Meanwhile, raids by the ED in connection with its money laundering probe against diamond czar Nirav Modi and others in the alleged Rs 11,400-crore bank fraud continued for the third day today with the agency saying it seized Rs 25 crore worth diamonds and jewellery, taking the total seizure value to Rs 5,674 crore, the agency said.
# PNB's investigation reports revealed that logs in swift were used by many officials including Gokulnath Shetty by using passwords in the capacity of authoriser enabling fraudulent Swift messages.Involvement&connivance of more staff members & outsiders can't be ruled out: CBI
# Kapil Sibal challenges BJP to debate on the issue of PNB scam.
# BREAKING: Special CBI Court sends all three PNB Officials in police custody till 3rd March
# In between all the political slugfest, ED conducted further searches at 21 locations across India in #NiravModi case & seized diamonds, gold, precious stones/ metals & jewellery worth Rs 25 crore (Book Value). Total seizure till now is Rs 5674 Crore: Enforcement Directorate
# This Rs 22,000 Crore scam cannot have been done without a high-level protection. It must have been known by the people in government beforehand otherwise it is not possible. PM will have to come forward and answer questions: Rahul Gandhi
# I intend to file a civil and defamation case against the Defence Minister Nirmala Sitharaman and her colleagues who are spreading the defamatory allegations, I also intend to take action against the sections of media who are spreading the same: Abhishek Singhvi, Congress
# BJP is spreading a false, defamatory, distasteful news through its Defence Minister & other ministers. What the Defence Minister said is false. Neither I, nor my wife or my children have any relation with Mehul Choksi or Nirav Modi: Abhishek Singhvi, Congress
# In its remand application, CBI claims that the fraud is estimated at Rs 6000 crores, much more than Rs 280 crores reported by the bank. CBI also mentioned that Nirav Modi firm's authorised signatory Hemant Bhatt is not co-operating in the investigation.
# Meanwhile, CBI to seek the custody of 3 Punjab National Bank for 14 days for further investigation on the grounds that some important documents are yet to be recovered, CBI wants to find the modus operandi of crime & ascertain the exact magnitude of crime PNB Scam.
# PNB scam: BJP hits back at Congress, says opposition party spreading lies. Sitharaman also alleged that it was Congress leader Rahul Gandhi who attended a promotional event hosted by Nirav Modi. Read full story here
# Madhya Pradesh: Enforcement Directorate (ED) conducting raids at a Nakshatra jewellers showroom of Gitanjali Group in Bhopal.
# Three Punjab National Bank officials arrested by CBI today produced before Special CBI Court in Mumbai.
# Congress has made few more shocking claims about the big banking scam that questions directly to Prime Minister Narendra Modi. Watch what the party has to say about Nirav Modi and Mehul Bhai, both key accused in the PNB Scam:
# Central Vigilance Commission (CVC) summons the PNB management and Finance Ministry officials to appear before it.
# Indian Banking Association will hold meeting with Chiefs of all the PSU banks through video conferencing from its headquarters in Mumbai later today: Sources
# CBI arrests three in connection with issuance of Letters of Understanding
# Why is PM Modi refusing to disclose who all travel with him on official tours? Is this the kind of 'Ease of Doing Business' the PM talks about?: Kapil Sibal, Congress
# Humaare desh ke jo chowkidar hain, woh pakode banaane ki salah de rahe hain. Aaj ki paristithi yeh hai ki chowkidar so raha hai aur chor bhaag gaya hai (The custodian of our country is asking people to make fritters. The situation has stooped to such a level that while the custodian sleeps the thief has absconded): Kapil Sibal, Congress.
# Raid underway by ED officials at a Gitanjali Gems store in Durgapur, West Bengal
# CBI arrests Gokulnath Shetty, Ex-Deputy Manager of Punjab National Bank
# Gitanjali Gems store in Patna was raided by ED officials late Friday night
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