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PNB fraud: Nirav Modi’s passport revoked, Explore Out Circular issued, says Ravi Shankar Prasad

PNB fraud: Nirav Modi’s passport revoked, Explore Out Circular issued, says Ravi Shankar Prasad
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Union Minister Ravi Shankar Prasad talked about on Thursday that PNB (Punjab National Bank) fraud accused jewellery dressmaker Nirav Modi became as soon as now not portion of the Prime Minister Modi’s delegation at the World Financial Dialogue board in Davos. “He became as soon as portion of the CII [Confederation of Indian Industry] delegation,” he asserted.

He talked about Nirav Modi’s passport had been revoked and a Explore Out Circular (LOC) issued against him. The businessman’s resources worth ₹1,300 crore enjoy also been seized, he added.

Apply the most contemporary updates on the venture from right here:

No person will be spared, says BJP

Under attack from the Congress over a ₹eleven,400 crore scam allegedly inspiring dressmaker Nirav Modi, the BJP on Thursday talked about no one focused on the PNB fraud case would possibly possibly well well be spared and the investigation became as soon as proceeding at a hasty tempo.

Union Minister Ravi Shankar Prasad also clarified that Mr. Nirav Modi became as soon as now not portion of the delegation to Davos led by Prime Minister Narendra Modi and had reached there on his enjoy.

 

Nirav Modi gave imprecise affords to repay money, says PNB chief Sunil Mehta

Punjab National Bank (PNB) on Thursday talked about Nirav Modi, who allegedly defrauded the bank of about ₹eleven,400 crore, has map up with “some imprecise affords” to repay the amount, at the same time as the Enforcement Directorate (ED) persevered raids at properties linked with the jeweller dressmaker.

The nation’s 2d supreme PSU bank has detected a $1.Seventy seven billion (about ₹eleven,400 crore) scam where billionaire jeweller Nirav Modi allegedly got untrue Letters of Venture (LoU) from a department in Mumbai to stable in a international nation credit from other Indian lenders.

The ED on Thursday performed a few searches in reference to a money laundering case against jewellery dressmaker Mr. Nirav Modi and others following a complaint by Punjab National Bank.

 

Congress targets PM

Congress president Rahul Gandhi has centered Prime Minister Narendra Modi for the presence of Nirav Modi in a Indian enterprise delegation in Davos. He talked about “being considered with the Prime Minister helped the businessman hover the nation.”

“Guide to Looting India by Nirav MODI. 1. Hug PM Modi 2. Be considered with him in DAVOS Exhaust that clout to: A. Desire 12,000Cr B. Walk out of the nation like Mallya, whereas the Govt appears to be the unsuitable manner. From1MODI2another,” tweeted Mr. Gandhi moments sooner than the Congress held a press conference on the venture.

 

‘Businessmen now not portion of PM’s delegation’

Responding to the accusations a few Davos describe, authorities sources talked about that businessmen were now not an ingredient of the Prime Minister’s delegation. Easiest the legit delegation and accompanying media were portion of his entourage.

 “Moderately a lot of different folks tear to Davos, we don’t facilitate them. There became as soon as a 10-2d describe-op and the Prime Minister stood for it but he left without lengthen after. DIPP/Invest India organised the describe-op, but the Prime Minister failed to meet any individual in the neighborhood,” the sources talked about.

Prime Minister Narendra Modi with Mr. Nirav Modi (2d row, fourth from left), along with other high Indian businessmen at Davos in January 2018
 
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Shares of PNB nosedive

Shares of the PNB persevered their free fall for the 2d consecutive day. On BSE, PNB shares misplaced nearly eight.5% at some stage in intra-day trades to the contact a low of ₹133.45. At 2:15pm, the shares were shopping and selling at ₹135.35, down 7.17% or ₹10.45.

In a letter dated February 12, to the CEOs of different banks, PNB talked about it became as soon as learned that the SWIFT plot had been misused by a junior-level department legit.
 
| Describe Credit score: R.V. Moorthy


 

ED conducts searches on Nirav Modi’s premises

The Enforcement Directorate (ED) on Thursday performed searches on premises linked to Nirav Modi in three States, in reference to his untrue transactions with the PNB.

“Searches are underway at Four locations in Mumbai, including Mr. Modi’s place of work and showroom in Kala Ghodathree; in Surat; and two in Delhi,” an ED officer talked about.

The premises of a senior bank legit became as soon as also searched.

 

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