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PNB Fraud Case: Punjab National Bank declares Gitanjali Gems as fraud entity

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Nimrat Kaur
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PNB Fraud Case: Punjab National Bank declares Gitanjali Gems as fraud entity
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PNB Fraud Case: Punjab National Bank declares Gitanjali Gems fraud. Punjab National Bank (PNB) has declared Gitanjali Group a fraud  after it discovered that group companies, along with jeweller Nirav Modi, were involved in fraudulent transactions worth Rs 11,4000 crore. At the end of September, Gitanjali had a net debt of Rs6,874.97 crore. Its lenders include ICICI Bank and IDBI Bank, according to information in its 2016-17 annual report. PNB Fraud Case: Punjab National Bank declares Gitanjali Gems fraud PNB Fraud Case: Punjab National Bank declares Gitanjali Gems fraud Gitanjali Group said in an emailed statement on Wednesday that it had not had any “unauthorised” dealings with PNB or its officials. “All allegations being directed at us seem premature considering the matter is still under investigation,” the note said. In a late-night stock exchange notification on Wednesday, PNB said it submitted a fraud report on 7 February to RBI after confirming the liability of Gitanjali Group companies. It also said that it had filed a criminal complaint for registering a first information report (FIR) against the accused for the offences of cheating and fraud. The CBI on Friday had sought revocation of the passports of billionaire jewellery designer Nirav Modi and his partner Mehul Choksi who are the main accused in alleged fraudulent transactions of over Rs 11,400 crore through 150 letters of understanding issued by the Punjab National Bank, officials said. The PNB had claimed in the complaint that overseas branch of banks used the funds to clear their own liabilities, the officials said. During searches conducted by the agency which included the residences of Nirav Modi and the other accused along with companies, the CBI recovered 95 crucial documents related to import bills, they said. -PTC News-
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