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PNB Scam or shall we say the Escape Clause of the Billionaire !


·         Who is Nirav Modi ?
Nirav Modi is an Indian billionaire businessman ranked No.85 in the Forbes list , and the founder of Nirav Modi global Jewellery house is the man who is in the middle of this controversy .

·         Who brought the scam to notice ?
 A set of partnership firms – Diamond R US, Solar Exports and Stellar Diamonds – approached the bank on January 16th with a set of import documents and requested for Buyer’s Credit to make payments to overseas suppliers. The firms have Nirav Modi, his brother Nishal Modi, Mr. Nirav’s wife Ami Nirav Modi, and Mehul Chinubhai Chokshi as partners.
The PNB scam reveals the big loophole in our banking industry . The culprit is no one man either . It is a combined effort of too many influential people who managed to pull of the scam of approximately 11,000 Crores .
It all began on the morning of 28th February , when PNB informed Bombay Stock Exchange that it had detected “ some fraudulent and unauthorised transactions “ in one of its Mumbai Branches .
Meanwhile , the CBI received complaints from PNB against Nirav Modi for the fraud of 11,400 Crore .

Image result for pnb nirav modi scam

·          How did they pull off the scam of such huge amount ?
According to the complaint filed by PNB with the CBI on January 28th, the fraudulent issuance of Letters of Undertakings (LOU) was detected at the Mid Corporate branch, Brady House in Mumbai.
Shetty, a former deputy manager at the Punjab National Bank, and Manoj Kharat, have been described as the “single window operators” of the scam that is now being billed as the biggest in India’s banking history.
  On digging further, the bank officials discovered that two of its employees had fraudulently issues LOUs in the past without following prescribed procedures and approvals. The employees had then transmitted SWIFT instructions to the overseas branches of Indian Banks for raising Buyer’s Credit without making entries in the banking system to avoid detection.

·         Few questions still remain unanswered !
1)           A whistle blower named Hari       Prasad Yadav wrote a detailed letter to PMO regarding a million dollar scam but the PMO reverted to the letter saying the case has been closed now .
2)           A close connection is being established between Narendra Modi and Nirav Modi .
3)           If the government can stop a “ Greenpeace Activist from travelling to UK “ . They must be having enough power to stop a million dollar fraud from escaping the country !?
4)           According to the reports the Enforcement Directorate has recovered 5,100 Crore in one day .
The question arises that while RBI has still been counting the demonetized money since 15 months , the ED managed to count 5,100 crores in one single day ?


                                                   
By Ritika Wadhwa

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