Report By Rudra Investment Pvt. Ltd.
In PNB, 11,400 crore scams have raised questions over the entire banking system. This is not the first time when the name of PNB came in a scam. Earlier, in Winsome Diamonds case, the wire of crime went up to PNB. After this, the latest case of Neerv Modi shows that there are several loopholes in the banking system, which exploit the scam. There are many levels of auditing from branch level to head office in any bank. Apart from this, the Reserve Bank also claims to have a strict audit of banks itself. But then things like Neerav Modi lose by all eyes.
After the disclosure of the PNB scandal, the main accused Neerav Modi, Mehul Choksi is absconding from the country. Here, the ED has seized diamonds worth Rs. 5100 crores by raiding the locations of the people associated with the scandal involving Nirav Modi. ED has registered a case on the basis of CBI's FIR.
There are 6 other banks in the PNB scam of Rs 11,000 crore. Based on the letter of the endowment of these six banks, these banks had lent to the companies of Nirav Modi, on the basis of which foreign banks of Union Bank, Axis Bank, SBI have given loans. Among the lenders, Canara Bank, Bank of India, Allahabad Bank are also included.
On the Letter of Understanding of PNB, Union Bank gave a loan of Rs 2300 crore, Allahabad Bank's foreign branch of Rs 2000 crore, a foreign branch of SBI to the tune of Rs 960 crore. This money was sent to PNB's foreign currency (nostro) account. Banks demanded liability for PNB. Axis Bank gave Rs 2,000 after which the entire exposure was sold.
How did Nirav Modi scam? Let's know. Nirav of the officials of PNB Mumbai Branch was in agreement with Modi. PNB Junior Officer wrongly released the Letter of Understanding in the names of companies of Nirav Modi. Then PNB issued the bank guarantee on the basis of the Letter of Understanding. Based on the Letter of Understanding, banks were taken from foreign branches. All transactions were not done through the centralized banking system. The case came up in an attempt to take the Letter of Understanding of Neerav Modi's company again. Fraud was caught on the retired officer's retirement.
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