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PNB: PNB’s Rs 11,300 crore fraud: Nirav Modi raided and other developments

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NEW DELHI: Since the Rs 11,300 crore fraud in Punjab National Bank’s (PNB) MC Brady House branch in Mumbai broke out on Wednesday, a string of developments has taken place. Here is a rundown of how the scam has unfolded so far:

1) On Thursday, the Enforcement Directorate (ED) registered a money laundering case against diamond merchant Nirav Modi and his relatives along with others and raided over dozen premises across the country connected to them.

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2) The premises raided by the ED includes Modi’s residence in Kurla, his jewellery boutique in Kala Ghoda area, three company locations in Bandra and Lower Parel, three premises in Surat in Gujarat and Modi’s showrooms in Chanakyapuri and Defence Colony in Delhi.

Read: Hollywood stars glittered in Modi’s gems

3) ED would probe if the allegedly defrauded bank funds were laundered and these proceeds of crime were subsequently used by the accused to create illegal assets and black money.

4) The CBI also booked a retired PNB officer and a clerk for helping the businesspersons. Last year, deputy manager (retired) Gokulnath Setty and single window operator Manoj Kharat had issued eight letters of understanding (LoU) worth over Rs 280 crore to Nirav’s company just three months before the former’s retirement.

Read: How Rs 11,300 crore vanished from one account

5) Actress Priyanka Chopra has sued Nirav Modi for not paying her for a diamond advertisement. Priyanka is the global brand ambassador for Modi’s jewellery brand.

6) Concerned about the fraud, the finance ministry has asked all banks to send reports involving this case or other such incidents latest by the end of this week.

7) PNB has cautioned other banks about the modus operandi of the scam.

8) Major jewellers Gitanjali, Ginni and Nakshatra have also come under the scanner of various investigating agencies following PNB’s declaration of the fraud.

9) PNB’s stock cracked again on Thursday as at 1.15 pm, the scrip was trading 7 per cent below previous closing mark. The stock had lost 10 per cent on yesterday. The group’s subsidiary stocks, PNB Gilts and PNB housing Finance were also in the red.

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10) Jewellery stocks were also bleeding. In mid-day trade, Gitanjali Gems was down 19 per cent. Other scrips in the sector like PC Jeweller, Rajesh Exports, Asian Star, Tribhovandas etc were also losing.

Updated: February 15, 2018 — 7:38 am

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