What's Nirav Modi's relation with the Ambanis?

Nirav Modi-PNB fraud

Mumbai: The two detained Punjab National Bank (PNB) officials who are under the Central Bureau of Investigation's (CBI) custody have revealed that Nirav Modi's team was given "unauthorised access" to PNB's computer systems for a "commission" on every letter of understanding ( LoU) issued, said a probe agency source.

State-owned PNB has been rocked by a Dollars 1.77 billion scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertakings (LoUs) from the Brady House branch in south Mumbai to secure overseas credit from other lenders.

Nirav Modi, a diamond broker and luxury jeweller to celebrities, is being investigated in a $44m (£31m) fraud case at Punjab National Bank (PNB).

The official added that the agency had also filed complaint against Choksi's Gitanjali gems company.

Nirav Modi, 46, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and Gitanjali Group promoter Mehul Choksi on January 31, for allegedly cheating the state-run PNB to the tune of Rs 280 crore.

They said the agency is also analysing records recovered from a huge server seized during searches after registration of the second FIR specially against Choksi for his involvement in Rs 4,886.72 crore fraud. In all, 143 LoUs were issued starting on March 1, 2017, and the last set six LoUs are to come up for payment on April 23, 2018 - in less than a year.

At the political scene, the Congress president said at the party Steering Committee meeting that Modi should come out and say what has happened, why it happened and what was he doing about it.

As per the FIR lodged with the CBI, Shetty and Kharat had transmitted SWIFT instructions to the above-mentioned banks for raising buyers credit and for funding the Nostro accounts of PNB, without due procedure. It is up to the bank to ensure that only qualified employees can send messages over SWIFT. Branches of Allahabad Bank, UCO Bank, Union Bank of India, Axis Bank, SBI, Bank of India, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, and Indian Overseas Bank are present in the city state. When a reporter asked reminded him about the alleged 2G scam, an angry Sibal lashed out at the BJP saying that the saffron party should be ashamed for having misled the country when there was no scam.

An alarmed bank dug out all such LoUs and LCs showing a mammoth liability towards other banks. Once the formalities are complete, the request would be moved, the officer also noted.

The officials at the branch were asked by CBI sleuths about the process of sending Swift messages - notifications sent by banks to transfer funds internationally, and the functioning of internal software of the bank, they said.

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