PNB Fraud:Countries’s Biggest Fraud in Banking History
A total of four agencies have been set up against the Nirav Modi and Mehul Choksi on charges of lapping of Rs 114,000 crore to Punjab National Bank. The ED’s strong action against jewelry trader Neerav Modi, who emerged as the main accused in the country’s biggest banking scam, is under active pressure. There have been raid on many places of Nirav Modi all over the country.
The raids are going on in a showroom in Mumbai yesterday. It is being told that ED officials are still there. With the seizure of diamonds, jewelry and gold, the ED has sealed the six bases of the accused in Mumbai. At the same time, the ED has taken possession of a fixed deposit of Rs 3.9 crore from the office of Neerav Modi.
The MEA (Ministry of External Affairs) suspended passports of Nirav Modi and Mehul Choksi’s on Friday. BJP and Congress blame to each other for the Nirav Modi fraud in the Punjab National Bank scam. Nirmala Sitharaman (Defense Minister ) today told a strong-worded attack on the government over the Nirav Modi-Punjab National Bank fraud case. Both are the prime accused in the Rs 11,300-crore PNB fraud case.ED Given a week to present their case against passport revocation.
There is a raid on more than a dozen locations of Mehul Choksi. Please tell you that within a day of disclosure of the PNB scam, ED has succeeded in seizing half the amount of 11,400 crore rupees scam. By Thursday late evening, the property worth Rs. 5100 crores had been seized. The ED tried to seize more and more assets of the accused to recover the amount of the scam.
About PNB:- PNB is an India’s Multinational and Financial service Company.PNB was founded in 19 May 1894 under the Indian Companies Act.The present CEO of Punjab Nation Bank Sunil Mehta(MD & CEO). Govefrnment of India is a Owner of Punjab National Bank. In 31 March 2017 bank has over 6,937 branches, 80 million customers, and 10681 ATM’s across 764 cities.
