India's Punjab National Bank Loses $1.70 billion In Scam Involving SWIFT

Nirav-Modi1

India's Punjab National Bank Loses $1.70 billion In Scam Involving SWIFT

Though MEA denied knowing Modi's whereabouts, reports claim he was seen at New York's luxurious JW Marriott's Essex House. In a freaky coincidence, the name of the villain is Nirav Choksi - an amalgamation of the two main accused in the present CBI case: Nirav Modi and Mehul Choksi.

Nirav Modi was born into a diamond trading dynasty, based in the industry capital Antwerp, and later established Firestar Diamond - his own diamond making operation in India nearly 20 years ago.

Addressing a press conference with the party's chief spokesperson, Randeep Singh Surjewala, he said, "Is this the kind of "Ease of Doing Business" PM Modi talks about?"

Asked about possible quid pro quo involved in the alleged scam perpetrated in collusion with Choksi, Nirav Modi and PNB officials, the CBI officials said it was yet to be decided and that it can not be clearly said if there were regular payments or not.

"He took out all the money from people's pockets and put it in the banking system.and now his friends and cronies are stealing it from the banking sector and the Prime Minister is not saying anything", Rahul said.

Without authorization, PNB employees issued so-called letters of undertaking, or LoUs (essentially guarantees) to Modi's companies.

In the Nirav Modi-Punjab National Bank scam whose root have been traced back to 2011, the chickens have come home to roost, however, the tragic part of the scams like these is that by the time they are unearthed, the culprits manage to find safe havens in other countries.

Russian Federation church shooting leaves 4 dead after gunman opens fire after service
According to a local official, the assailant was a local man in his early twenties, the Interfax news agency reported. Initial reports suggested all five victims were women, Tass said, citing the local branch of the interior ministry.

The arrests, late on Friday, came two days after India's second-largest state-run lender said it had been hit by massive fraud, sending its share price tumbling.

Meanwhile, BJP and Congress blamed each other for the PNB scam involving Nirav Modi and Mehul Choksi.

Indian investigators on Friday contacted Interpol for help in arresting two jewellery tycoons being investigated in connection with a 1.8-billion-dollar scandal at a leading Indian bank.

The BJP, while attacking the Congress said that it they who indulge in scandalous affairs and then cover it up.

Adwait Holdings, he said, owned a commercial property at Parel which was rented by Firestone many years ago.

Threatening civil and criminal defamation against Ms Sitharaman and her colleagues for making "ill-considered, ignorant and patently false allegations", Mr Singhvi said, "sensationalism, ignorance and falsehood has exceeded all limits in this irresponsible charge". "This tenancy ended in December 2017", he said.

The party also asked why Modi was silent on the issue and how did the agencies permit billionaire diamond merchant Nirav Modi, his uncle Mehul Choksi and others to leave India.

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