In total 18 employees till now has been suspended in a major development of Punjab National Bank Fraud case, 8 employees of the bank have been suspended on Friday.
The suspension of employees include from clerk to General Manager level officers, still, the investigation is going on, it is said to be one of the biggest corporate scams in India.
The suspension comes following the bank uncovering fraudulent and unauthorised transactions worth USD 1771.69 million from its branch in Mumbai.
Economic Times mentioned, a banker who didn’t want to be named said:
“Any business activity undertaken by the bank is audited not only by the internal audit team of the bank, but also the concurrent auditors auditing a single branch, it is shocking that such an incident went unnoticed by not only auditors but also the senior bank staff as well,”
Earlier in the day, the Interpol had issued diffusion notice against billionaire jeweller Nirav Modi, his wife Ami Modi, brother Nishal Modi and his business partner and uncle Mehul Choksi.
Raid is continued in Nirav Modi’s boutique in Kala Ghoda in Mumbai almost after 24 hours.
The CBI has sought the revocation of Passports of billionaire jewellery designer Nirav Modi and his partner Mehul Choski, who is the main accused in the alleged fraudulent transaction of over 11,400 crores through 150 letters of understanding issued by the Punjab National Bank, officials said.
It is alleged that Modi and his associate companies fraudulently acquired PNB guarantees worth USD 1.7 billion that they later used to obtain overseas loans., as stated in ANI.
Yesterday, the agency also conducted searches at 17 premises of Nirav Modi and Geetanjali Gems across India in connection with the same case.
The probe agency also seized stocks of gold, diamond and other precious stones worth Rs 5100 crore.
A few days ago, the Central Bureau of Investigation (CBI) had booked the noted jewellery designer Nirav Modi, his brother Nishal Modi and some PNB officials for allegedly cheating the bank to the tune of more than Rs. 280 crore.
He made frequent appearances in glossy magazines for his A-lister parties in cities and enrolled top actresses and models as the brand ambassador for his jwellery, mentuioned in NDTV.
According to NDTV, In 1999, he founded Firestone — now called Firestar — a diamond giant currently boasting revenues of $2.3 billion and he set up the eponymous Nirav Modi brand in 2010. The high-end chain has showrooms in some of the world’s major cities, including London, Beijing and Hong Kong.
(Inputs from ANI)