Monday, 23 July, 2018

Will be out of Nirav mess in 6 months, says PNB MD

The development comes just a day after the CBI questioned four senior RBI officials in connection with the PNB fraud involving jewellers Nirav Modi and Mehul Choksi PNB scam: CBI questions former Dy Governor of RBI, Harun Rashid Khan
Ginger Lawrence | 09 April, 2018, 00:44

The CBI is also questioning the officers of overseas branches of Indian banks that extended alleged credit facilities on the basis of LoUs issued by the PNB to firms related to Nirav Modi and Mehul Choksi. Different investigating agencies, including CBI and Enforcement Directorate, are probing the fraud, dubbed as the biggest banking scam in the country.

"The layers of companies appear to be shell structures".

The chargesheet will be filed by the end of this month, an ED source said. And with loans not being refunded, such fund flow suggests mala fide intent.

Mehul Choksi is the uncle of billionaire diamond merchant Nirav Modi and promoter of Gitanjali Gems. The duo also failed to present themselves for questioning despite repeated CBI requests. A provisional arrest is made when a formal extradition request is pending.

Puigdemont urges Spain to open negotiations over Catalonia
Barley said it was now up to Spain to prove their embezzlement charges against Puigdemont , which she said "won't be easy". Katarina Barley told daily Sueddeutsche on Saturday the judges' decision was "absolutely right" and what she'd expected.

According to the first person cited earlier, the bulk of these so-called shell structures have been traced back to Hong Kong and Dubai. These officers had dealt with Forex transactions in Allahabad Bank in Hong Kong branch after the tainted Punjab National Bank's (PNB) Brady House branch issued Letter of Undertakings (LoUs) to them.

Reports quoting sources familiar with the developments said CBI had sought background information from the former senior RBI official on the "80:20 scheme" and that it was "not a grilling exercise".

Meanwhile, PNB managing director Sunil Mehta said the lender will emerge from the mess created by the Nirav Modi fraud case in six months. "So worst is behind us". "We have just engaged lawyers to represent our bank in the U.S. bankruptcy petition as part of recovery process".