What’s the PNB scam? This relates to deceptive Letters of Undertaking (LOUs) value over Rs 11,000cr issued by Punjab National Bank’s Brady House division in Mumbai. Who will be the primary accused? Diamond retailers Nirav Modi and his uncle Mehul Choksi are all thought to be have masterminded the scam, in connivance with several bank officials. Why would be the LOUs issued? LOUs were supposedly issued for international payments by companies related to Nirav Modi and Mehul Choksi. What was the fraud committed? Some tainted bank personnel jumped PNB’s core method to issue using the LOUs to international branches of Indian banks, utilizing the global financial communication platform, SWIFT. So when did the fraud come to light? PNB approached CBI at January 2018, naming two bank officers, Nirav Modi, Mehul Choksi along with many others connected with their companies ‘cheating’ the lender. Action from Nirav Modi at India Nirav Modi’s possessions in India, such as jewelry, paintings, along with property, worth roughly Rs 523 crore are connected by ED. Where’s Nirav Modi currently? Nirav Modi is currently in a UK prison after being arrested in March 2019. He’s fighting an extradition to India to face trial. Where’s Mehul Choksi currently? By brand new reports, the Choksi has fled Antigua and Barbuda from in which the Indian government has been hoping to get hm extradited.
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