Published: Mon, February 19, 2018
Markets | By Erika Turner

CBI arrests three people in $1.8 billion PNB fraud case

CBI arrests three people in $1.8 billion PNB fraud case

The Congress today launched an all-out attack on the NDA government over the alleged multi-crore PNB fraud involving Nirav Modi, saying a scam of such magnitude could not have taken place without "top-level protection", and questioned the prime minister's silence on the issue. Stop behaving as if you're guilty!

"However, just recently (last week of January), this gentleman was seen and photographed with prime minister Narendra Modi in Davos (Switzerland)", the Sena said in stinging editorials in the party mouthpieces "Saamana" and "Dopahar Ka Saamana" on Saturday. Mocking the prime minister, Gandhi said, "Modi ji (Nirav Modi) withdraws Rs 22,000 crore and runs away, the prime minister spent almost one-and-half-hour teaching students how to appear for exams, but he did not tell us who's responsible for the loot of ordinary public's Rs 22,000 crore that Nirav Modi ran away with".

While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on LoUs issued by PNB.

Rating agency Crisil has put the scam-ridden Punjab National Bank's ratings on "watch", following the Rs 11,400-crore fraud detected by the lender at one of its Mumbai branches.

While authorities said they did not know their whereabouts, broadcaster NDTV had tracked Modi to a hotel in NY.

The advertisement presents PNB and Nirav Modi as frauds in a funniest way.

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Cruz's court-appointed lawyer said her client had expressed remorse for his crimes. "He's sad, he's mournful, he's remorseful". The suspect was armed with an AR-15-style semiautomatic assault rifle and numerous ammunition cartridges.

The country's largest lender, SBI, said it has an exposure of United States dollars 212 million (about Rs 1,360 crore) in respect to LoU issued by PNB to Nirav Modi, but does not have any direct exposure to the jeweller. The ED has seized diamonds, gold jewellery and other precious stones worth Rs 5,674 crores till now.

Six properties in Mumbai belonging to the jeweller have also been sealed.

Searches at various other properties linked to Modi and his wife Ami, including two residences, were conducted earlier.

Leaders from the opposition and the ruling party have already started the blame game since the fraud came in light for the first time.

Security guards stand inside a Nirav Modi showroom during a raid by the Enforcement Directorate, a government agency that fights financial crime, in New Delhi February 15, 2018.

Stressing that people voted for the BJP in the 2014 Lok Sabha elections as they wanted a change from the Congress, Delhi Chief Minister Arvind Kejriwal on Sunday accused the BJP of "rather taking forward the scams" initiated during the previous regime.

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