June 24, 2018

After Minister Alleges Nirav Modi Link, Congress Leader Threatens To Sue

18 February 2018, 05:46 | Lionel James

Punjab National Bank has suspended 10 officers over the scam and referred the matter to CBI for investigation

Punjab National Bank fraud case PNB stock Nirav Modi

Choksi, managing director of Gitanjali Gems, along with billionaire jeweler and diamond merchant Nirav Modi are accused of being at the centre of the fraud involving PNB, the country second-largest state-run lender.

Sebi and the exchanges are also probing Choksi and his listed entity Gitanjali Gems for any disclosure lapses.

He also said that no one from his family has anything to do with Gitanjali or Nirav Modi companies.

The BJP also tried to distance itself from the scam saying it was a banking scam and not an issue of government corruption as it was in the case of 2G, CWG and coal block allocation. "I can say with confidence that this gentleman is not in touch with any of our officials", Kumar told reporters during a press conference on Friday evening.

"The amount is big".

The ministry said that it had asked them to respond within a week and explain why their passports should not be impounded or revoked.

The bank had named Modi and several others in an earlier complaint to authorities on January 31, accusing them of "cheating" the bank of around 2.8 billion rupees ($44 million). Neither has been charged with any offense. Authorities have registered a money laundering case against Modi, one of India´s richest men and jeweller to top Hollywood stars including Kate Winslet and Naomi Watts.

'My house shook!' - residents in shock as natural disaster hits region
However, movement was felt much further north at around 2.30pm, including in Oldham, according to a number of Facebook posts. Thousands across South Cheshire felt tremors today after a 4.4 natural disaster affected parts of Wales and England .

While market regulator Sebi has launched a probe into trading and disclosure related issues in connection with PNB and Gitanjali Gems, the Institute of Chartered Accountants of India (ICAI) will examine whether there have been lapses on the part of auditors.

The Congress leader said he reserved the right to take appropriate legal action against Sitharaman and a section of the media "which carry such false and maliciously defamatory allegations".

Modi has not spoken about the case so far. "What is important is that the premises has been used by Firestar Diamond International", she said.

A few years ago, former IPL Chairman Lalit Modi fled from India when the Enforcement Directorate (ED) launched an investigation into the accusations of his financial irregularities.

Sibal also questioned why the HRD Minister and the Social Justice Minister were fielded by the government to defend it on the matter.

"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.

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