Nirav Modi | Biggest banking scam in India : Full details

“Nirav Modi | Biggest banking scam in India: Full details”

What is the whole case?

The news of hurting the economic development of our country has come out.The country’s second-largest bank has become the victim of the biggest banking fraud in India. The higher authorities of PNB based on Delhi said on Wednesday, that a one of the biggest diamond merchant Nirav Modi along with his Maternal uncle and two Officials of Punjab National Bank was found Guilty for defrauding of about Rs.115 billion. This scam jolted the foundation of the socio-economic structure of the nation.

The Enforcement Directorate (ED) Filled a money laundering case against the Nirav Modi and PNB officials as well as Retired Deputy Manager of Punjab National Bank. According to a Report of Central Bureau of Investigation Nirav’s uncle Mehul Choksi’s company is also on the scammer list of CBI. The Enforcement Directorate (ED) raided at Nirav Modi’s offices and houses located across all over India, which seems to have a connection with this scam. The property of senior officials was also Searched by ED.

According to the report when this Scam became a highlighted issue, Due to a dread of being Arrested Mr. Nirav Modi left the country on 1 Jan 2018 his wife an American citizen also flew on 6th Jan 2018 While, His maternal uncle flew on 4th of January.

How did this matter come to notice?

The fraud was started in 2011 and at the Mid Of 2017, the Scammer Nirav Modi borrow huge money from different national and international banks with the help of LoU granted by PNB but this LoU was issued in an illegal way with the help of bank’s employee, but when lenders banks came to PNB to recovered his loan money then PNB officials find some jumble up , then PNB registered the complaint against it in CBI.

So lets us know how much money the Nirav Modi has to pay to different banks,

Allahabad Bank has the largest one, over Rs4,000 crore, Union Bank has lend Rs1,000 crore, The State Bank of India is about Rs1,000 crore., Axis Bank has over Rs2,000 crore.

It causes a loss of public attitudes towards PNB. A bunch of National Bank faced a massive loss due to the unpaid loan. According to RBI guidelines, the PNB has to repay all the dues from which they were borrowed money. PNB may face many problems in near future. Becuase most of the Indian banks facing NPA problem right.

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Report: Navneet Sinha

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