Nirav Modi allegedly involved in PNB's fraud case; ED investigation to follow

Industrialist and diamond trader Nirav Modi has been suspected in Punjab National Bank's case. A complaint has been registered against A complaint has been registered with the CBI against him, his brother, and his wife in a scam worth Rs 280 crore.

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Public sector Punjab National Bank (PNB) Bank had made a disclosure on Wednesday stating a 1.8 billion dollars (11,330 crore rupees) fraud was transferred as an unauthorized transaction from the bank's Mumbai branch. Owing to this, the shares of the bank fell by 7.82 percent, once the information came out.

The bank's internal committee is investigating this issue thoroughly, as reports say that this has caused investors to lose at least INR 3,000 crores.

The bank has not disclosed the names of the account holders involved in the scam, but reports confirm that the entire information in this regard has been provided to the Central Investigation Agency. However, it is suspected that an industrialist and a diamond trader Nirav Modi, may be involved in the case. A complaint has been registered with the CBI against him, his brother, his wife and another partner in a scam worth Rs 280 crore.

Bank Secretary Rajiv Kumar commented on the issue stating that 10 employees of PNB officials were suspended in this regard and orders for CBI probe have also been given.

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