FAQs: What is the PNB scam? | India News – Times of India


What is the PNB rip-offThe
This pertains to fraudulent Letters of Enterprise (LOUs) value over Rs 11,000cr issued by Punjab Nationwide Financial institution’s Brady Home department in Mumbai.
Who’re the foremost accused?
Diamond retailers Nirav Modi and his uncle Mehul Choksi are believed to be have masterminded the rip-off, in connivance with some financial institution officers.
Why had been the LOUs issued?
LOUs had been purportedly issued for abroad funds by corporations linked to Nirav Modi and Mehul Choksi.
How was the fraud perpetrated?
Some corrupt financial institution workers bypassed PNB’s core system to concern the LOUs to abroad branches of different Indian banks, utilizing the worldwide monetary communication system, SWIFT.
When did the fraud come to mild?
PNB approached CBI in January 2018, naming two financial institution officers, Nirav Modi, Mehul Choksi and others related to their companies of ‘dishonest’ the financial institution.
Motion in opposition to Nirav Modi in India
Nirav Modi’s properties in India, together with jewelery, work, and actual property, value about Rs 523 crore have been hooked up by ED.
The place is Nirav Modi now?
Nirav Modi is now in a UK jail after being arrested in March 2019. He is combating an extradition to India to face trial.
The place is Mehul Choksi now?
By newest studies, Choksi has fled Antigua and Barbuda from the place the Indian authorities was making an attempt to have hm extradited.

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