PNB Fraud: Stocks of gold, diamond & stones worth Rs 5100 crore seized
PNB Fraud: Stocks of gold, diamond & stones worth Rs 5100 crore seized. ED searches at 17 premises across India of Nirav Modi & Geetanjali Gems in Punjab National Bank (PNB) Fraud Case on Thursday evening. Stocks of gold, diamond & precious stones worth Rs 5100 crore have been seized, as per official reports.
The Punjab National Bank detected a 1.77 billion dollars scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.
The finance ministry today said the assets in the Nirav Modi fraud case involving state-owned Punjab National Bank (PNB) will be recovered and nobody will be spared.
Talking to reporters on the PNB fraud case, Financial Services Secretary Rajiv Kumar said the bank will make the required provisioning and it has sufficient funds for it. "Whole lot of assets will be recovered. Nobody will be spared," Kumar said.
The PNB suspended 10 officers involved in this scam and referred the matter to CBI for investigation.
The scam was started in 2011 and was detected in the third week of January 2018, after which the PNB officials reported it to the concerned agencies.
-PTC News
