PNB-Nirav Modi scam, the story so far

PNB fraud: Explain Nirav Modi’s escape, says Congress

Rahul Gandhi  

New Delhi: Congress president Rahul Gandhi on Thursday said celebrity designer Nirav Modi “used the clout of being seen with Prime Minister Narendra Modi at Davos to slip out.”

Acccusing the government authorities of “sleeping” on a July 26, 2016 complaint, the principal Opposition party called it the “biggest bank loot in the past 70 years” and referred to the celebrity designer as “chhota Modi”.

“Guide to Looting India by Nirav MODI.1. Hug PM Modi. 2. Be seen with him in DAVOS. Use that clout to: A. Steal 12,000Cr B. Slip out of the country like Mallya, while the Govt looks the other way. #From1MODI2another,” tweeted Mr. Gandhi moments before the Congress held a detailed a press conference on the issue.

Releasing a group photograph where Nirav Modi is seen along with other top Indian businessmen and Prime Minister Modi, the Congress claimed that a Bengaluru-based businesssman, Hari Prasad, had complained to the Prime Minister's Office (PMO) as early as July 26, 2016 about the bank fraud involving Mehul Chokshi – owner of Gitanjali Gems and Jewellery Limited – who is also Nirav Modi’s partner and uncle.

The Congress claimed the 42 FIRs (criminal complaints) against companies owned by Mr. Chokshi and Nirav Modi were also known to the PMO.

“Why did the Prime Minister allow such a person to be part of the Indian business delegation?” asked Randeep Surjewala, Congress’s communication head.

Though the scam involving Punjab National Bank is to the tune of ₹11,400 crore, Mr. Surjewala said banking experts believe it will be around ₹30,000 crore once the exposure of other banks to companies owned by Mr. Chokshi and Mr. Modi are known.

Posing five questions to the government, the Congress said the Prime Minister should speak up on the “biggest bank loot scam” and explain how the designer-bsuinessman could flee despite the Punjab National Bank writing to the CBI on January 29 this year to issue a Look Out notice against him.

The Opposition party also claimed that the scam clearly indicated the collapse of the banking sector’s Risk Management Systems and Fraud Detection Ability. “How was the entire system bypassed? How did the fraud escape the eyes of all auditors and investigators? Does it not point to active complicity at the highest level? Who is protecting Nirav Modi/Mehul Chokshi?” asked Mr. Surjewala.

Related Topics
This article is closed for comments.
Please Email the Editor

Printable version | May 9, 2021 2:01:36 AM |

In This Package
PNB fraud: CBI court issues warrants against Nirav Modi, Mehul Choksi
PNB will come out of Nirav Modi mess in six months: MD
Post-scam, RBI stops issue of LoUs
Frauds and scams, throwback to ‘K10’ era?
Congress raises Winsome case of 'non-payment of bank loans worth ₹6,712 crore'
Deconstructing the PNB scam: a graphic story
Loose ends and unanswered questions of the PNB scam
ED attaches 41 properties worth ₹1,217 crore belonging to Mehul Choksi group
RBI conducted annual risk-based audit, clarifies PNB
Nirav Modi refuses to join probe, CBI sends terse reminder
PNB fraud now pegged at ₹12,636 crore, says CBI
Fraud amount can increase by another ₹1330 crore, PNB informs stock exchanges
A SWIFT autopsy : How Nirav Modi defrauded PNB
CBI quizzes PNB officials
Diamond trader Mehul Choksi asks his employees to find other jobs
Jaitley hints at tightening of laws
PNB fraud: ED attaches Nirav Modi group property worth ₹523 crore
Priyanka Chopra terminates contract with Nirav Modi brand
PNB fraud due to failure of internal control, says RBI
PNB fraud: ED summons Nirav Modi, Mehul Choksi
CBI approaches Interpol to locate Nirav Modi, family
The rise and fall of Nirav Modi
PNB, Nirav Modi and a fraud that went undetected for 7 years
PNB fraud: ₹5,100 cr. assets seized from Nirav Modi’s firms
PNB fraud: Loans recalled from Nirav Modi, Mehul Choksi firms
PNB fraud: ED suspects similar frauds in other banks
PNB fraud may wipe out profit
PNB fraud: We will remove this cancer, says bank head Sunil Mehta
You are reading
PNB fraud: Explain Nirav Modi’s escape, says Congress
PNB fraud: Nirav Modi came to Davos on his own, says Ravi Shankar Prasad
₹11,500 crore fraud rocks state-run PNB
All you need to know about Nirav Modi and the $1.77-billion PNB fraud
Mamata demands thorough inquiry into PNB fraud
Punjab National Bank alerts other lenders about perpetrators’ modus operandi
Post PNB swindle, ED conducts searches on premises linked to diamond merchant Nirav Modi
PNB tanks 9% on ₹ 11,400-crore scam
Next Story