PNB scam: Congress attacks PM Modi, calls it ‘biggest bank loot’
The Congress on Friday attacked on Prime Minister Narendra Modi and said that the PNB fraud of over Rs 11,000 crore was India's biggest "bank loot scam". Congress questioned why the government was silent on the scam and how did it along with the agencies permit Nirav Modi, his uncle Mehul Choksi and others to leave India. "Punjab National Bank has already admitted exposure of Rs 11,400 crore in the 293 'Letters of Undertaking' (LoUs). "In addition, exposure of 30 banks in loans extended to four companies -- Firestar International Private Limited, Firestar Diamond Fze, Gitanjali Gems Limited and Gitanjali Exports Corporation -- is Rs 9.906 crore," Congress spokesperson Randeep Singh Surjewala told media persons. "Thus, total exposure comes to Rs 21,306 crore." "In addition to this, PNB stock has depreciated eroding Rs 7,000 crore in value. Incidentally, government owns 57 per cent shares in PNB and the remaining is owned by financial institutions/common investors. If you add the erosion of value, total exposure comes to Rs 28,306 crore," Surjewala added. "Experts estimate this exposure to be in the range of Rs 3,000/Rs 5,000 crore. This will further enhance the total figure of the scam," he added. "Did the Prime Minister, PMO, ED, Corporate Affairs Ministry, SFIO, SEBI and governments of Maharashtra and Gujarat have prior knowledge of the scam as early as on May 7, 2015? Why did they not take action? Does Prime Minister know accused Mehul Choksi? If yes, why is Modi government denying it? Did the PMO, PIB and MEA not tweet the picture of Business Delegation comprising of Nirav Modi with Prime Minister?” were among the other questions asked. -PTC News
