PNB is one of the top bank of India. When fraud had founded in transaction about $ 1.77 billion (11,400 crore) from Mumbai branch of PNB bank. The bank has filed complaint with RBI and afterwards to CBI. Complaint filed against 3 companies and 4 people and In his complaint, bank says that few staff is also indulge in this scam and bank also alleged that the former deputy general manager also indulge in it because that time, he was foreign exchange department of Mumbai branch. But this scam is light on when the firm of Nirav Modi requested to PNB Mumbai branch to allow buyers credit  for making payment to the overseas suppliers then branch official said that please furnish the security for issue of LOUs but firms denied and said that they are doing transaction from many years. After the inquiry by the bank he discovered that LOUs were issue to the Nirav Modi and  companies linked with Nirav Modi through internal messaging system of bank. Which helps the Nirav Modi and  companies linked with Nirav Modi to take loans from overseas banks. PNB bank also filed another case of fraud of Rs. 279 crore against Nirav Modi and companies linked with Nirav Modi. In this case, Cyril Amarchand Mangaldas’ Mumbai office has also raided by the CBI on this scam. Firm cooperated in investigation with CBI and firm also reveal of involvement in one banking assignment with Nirav Modi and his companies before scam but after scam it have been terminated. In CBI investigation, it discovered that there is lots of law firm like Luthra & Luthra, Khaitan & Co, DSK Legal, who have worked with Nirav Modi and his companies.


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